Amcor plc Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Amcor plc filed its Q2 2024 10-Q report detailing financial performance for the six months ending December 31, 2023.</b>

AI Summary

Amcor plc (AMCCF) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Amcor plc filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing includes data from July 1, 2023, to December 31, 2023. Key financial statement items such as revenue, net income, and EPS are expected to be detailed within the full report.

Why It Matters

For investors and stakeholders tracking Amcor plc, this filing contains several important signals. This filing provides investors with an updated view of Amcor's financial health and operational performance for the second half of the calendar year 2023. The 10-Q report is crucial for understanding the company's revenue, profitability, and any significant changes in its financial position, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Amcor plc shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not inherently signal significant positive or negative events beyond routine business operations. Specific financial performance details are not yet available in this summary.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Amcor's performance trends and identify any material changes.

Key Numbers

• 20231231 — Period of Report End Date (Conformed Period of Report)
• 20240207 — Filed As Of Date (Filed As Of Date)
• 20231231 — Report Date (Date As Of Change)
• 20240207 — Filing Date (Filing Date)
• 0630 — Fiscal Year End (Fiscal Year End)
• 2023-07-01 — Fiscal Period Start Date (Fiscal Period Start Date)
• 2023-12-31 — Fiscal Period End Date (Fiscal Period End Date)
• 2022-12-31 — Prior Year Period End Date (Prior Year Period End Date)

Key Players & Entities

• Amcor plc (company) — Filer
• 0001748790 (company) — Central Index Key
• 3990 (industry) — Standard Industrial Classification
• Y9 (state) — State of Incorporation
• 000000000 (company) — IRS Number
• 83 TOWER ROAD NORTH (address) — Business Address Street 1
• WARMLEY, BRISTOL (address) — Business Address City
• BS30 8XP (address) — Business Address ZIP

Forward-Looking Statements

• Amcor will continue to manage its debt obligations effectively, particularly the 1.125% Guaranteed Senior Notes due 2027. (Amcor plc) — medium confidence, target: 2027

FAQ

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-07: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-07-01: Start of Fiscal Period — Beginning of the six-month period covered by the report.
• 2022-12-31: Prior Year Period End — End date of the comparable prior year period for financial comparison.

Key Financial Figures

• $0.01 — registered Ordinary Shares, Par Value $0.01 Per Share AMCR New York Stock Exchange

Filing Documents

• amcr-20231231.htm (10-Q) — 1711KB
• exhibit22q22024.htm (EX-22) — 13KB
• exhibit311q22024.htm (EX-31.1) — 10KB
• exhibit312q22024.htm (EX-31.2) — 10KB
• exhibit32q22024.htm (EX-32) — 5KB
• amcr-20231231_g1.jpg (GRAPHIC) — 41KB
• 0001748790-24-000006.txt (&nbsp;) — 8793KB
• amcr-20231231.xsd (EX-101.SCH) — 44KB
• amcr-20231231_cal.xml (EX-101.CAL) — 73KB
• amcr-20231231_def.xml (EX-101.DEF) — 231KB
• amcr-20231231_lab.xml (EX-101.LAB) — 647KB
• amcr-20231231_pre.xml (EX-101.PRE) — 435KB
• amcr-20231231_htm.xml (XML) — 1603KB

Financial Statements (unaudited)

Financial Statements (unaudited) 5 Condensed Consolidated Statements of Income 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Cash Flows 8 Condensed Consolidated Statements of Equity 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Summary of Financial Results 32 Overview 33 Significant Developments Affecting the Periods Presented 33 Results of Operations 35 Presentation of Non-GAAP Information 41 Supplemental Guarantor Information 43 New Accounting Pronouncements 45 Critical Accounting Estimates and Judgments 45 Liquidity and Capital Resources 46 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 49 Part II Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51

Signatures

Signatures 52 3 Cautionary Statement Regarding Forward-Looking Statements Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this Quarterly Report on Form 10-Q refer to Amcor plc and its consolidated subsidiaries. This Quarterly Report on Form 10-Q contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future ex pectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: Changes in consumer demand patterns and customer requirements in numerous industries; the loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging current and future global economic conditions, in

- Financial Information

Part I - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Amcor plc and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three Months Ended December 31, Six Months Ended December 31, ($ in millions, except per share data) 2023 2022 2023 2022 Net sales $ 3,251 $ 3,642 $ 6,694 $ 7,354 Cost of sales ( 2,630 ) ( 2,980 ) ( 5,428 ) ( 6,024 ) Gross profit 621 662 1,266 1,330 Selling, general, and administrative expenses ( 299 ) ( 298 ) ( 601 ) ( 600 ) Research and development expenses ( 28 ) ( 24 ) ( 55 ) ( 49 ) Restructuring and other related activities, net ( 24 ) 213 ( 52 ) 212 Other income/(expenses), net ( 28 ) 6 ( 46 ) 8 Operating income 242 559 512 901 Interest income 11 11 21 20 Interest expense ( 89 ) ( 79 ) ( 174 ) ( 138 ) Other non-operating income, net 1 3 — 3 Income before income taxes and equity in loss of affiliated companies 165 494 359 786 Income tax expense ( 28 ) ( 33 ) ( 67 ) ( 91 ) Equity in loss of affiliated companies, net of tax ( 1 ) — ( 2 ) — Net income $ 136 $ 461 $ 290 $ 695 Net income attributable to non-controlling interests ( 2 ) ( 2 ) ( 4 ) ( 4 ) Net income attributable to Amcor plc $ 134 $ 459 $ 286 $ 691 Basic earnings per share: $ 0.093 $ 0.309 $ 0.198 $ 0.465 Diluted earnings per share: $ 0.092 $ 0.307 $ 0.198 $ 0.461 Note: Per share amounts may not add due to rounding. See accompanying notes to condensed consolidated financial statements. 5 Amcor plc and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended December 31, Six Months Ended December 31, ($ in millions) 2023 2022 2023 2022 Net income $ 136 $ 461 $ 290 $ 695 Other comprehensive income/(loss): Net gains/(losses) on cash flow hedges, net of tax (a) 2 4 3 ( 3 ) Foreign currency translation adjustments, net of tax (b) 99 144 31 ( 17 ) Pension, net of tax (c) — ( 1 ) 1 ( 1 ) Other comprehensive income/(loss) 101 147 35 ( 21 ) Total comprehensive income 237 608 325 674 Compr

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View this 10-Q filing on SEC EDGAR