Sector: Consumer Discretionary|Industry: Packaging & Containers|Market Cap: $13.58B|Employees: 41K
Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, and the Asia Pacific. The company operates in two segments, Flexibles and Rigid Packaging. The Flexibles segment offers flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries. The Rigid Packaging segment provides rigid containers for various beverage and food products, including carbonated soft drinks, water, juices, sports drinks, milk-based beverages, spirits and beer, sauces, dressings, spreads, and personal care items; and plastic caps for various applications. It sells its products through its direct sales force. The company was incorporated in 1926 and is headquartered in Zurich, Switzerland.
Net sales decreased by $256 million, or 7%, for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. Excluding currency impacts, the remaining variation was a decrease of 6%, reflecting sales from acquired businesses, price/mix impact, and lower sales volumes.
Net income attributable to Amcor plc increased by $10 million, or 6%, mainly due to an increase in gross profit of $19 million with lower restructuring and related expenses, net, of $20 million, offset by higher selling, general, and administrative expenses of $13 million, higher net interest expense of $8 million, and higher income tax expenses of $6 million.
Gross profit increased by $19 million, growing 3%, for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. The increase was primarily driven by the impact of cost savings initiatives, which also drove an increase in gross profit as a percentage of sales to 20.3% for the three months ended March 31, 2024.