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 from $3,443 million to $3,353 million. Excluding currency impacts and pass-through of lower raw material costs, net sales decreased by $54 million, or 2%, due to unfavorable price/mix.
Net income attributable to Amcor plc increased from $152 million to $191 million. The increase was mainly due to higher gross profit, lower restructuring expenses, higher other income, partially offset by higher selling, general, and administrative expenses, and higher income tax expenses.
Gross profit margin increased from 18.7% to 19.7%. The increase was primarily driven by the impact of cost savings initiatives.