Amcor, a global leader in developing and producing responsible packaging solutions, has released its financial results for the second quarter and first half of fiscal 2025, along with reaffirming its fiscal 2025 outlook. The company reported a sequential improvement in year-over-year volume growth, with net sales of $3,241 million for the December 2024 quarter.
Furthermore, Amcor's GAAP net income for the quarter was $163 million, with GAAP diluted earnings per share (EPS) of 11.3 cents. Adjusted EBIT for the quarter was $363 million, reflecting a 5% increase on a comparable constant currency basis. Adjusted EPS also saw a 5% increase on a comparable constant currency basis, reaching 16.1 cents.
For the first half of fiscal 2025, Amcor reported net sales of $6,594 million, with GAAP net income of $354 million and GAAP diluted EPS of 24.4 cents. Adjusted EBIT for the period was $728 million, up 4% on a comparable constant currency basis. Similarly, adjusted EPS saw a 5% increase on a comparable constant currency basis, reaching 32.2 cents.
The company also provided a reaffirmed outlook for fiscal 2025, with adjusted EPS expected to be in the range of 72-76 cents per share and adjusted free cash flow estimated to be $900-1,000 million.
Amcor's Flexibles segment reported net sales of $2,511 million for the December 2024 quarter, indicating a 1% increase from the previous year on a reported basis. Adjusted EBIT for the segment was $322 million, reflecting a 4% increase on a comparable constant currency basis. The Flexibles segment also saw a 3% increase in adjusted EBIT for the first half of fiscal 2025, reaching $651 million.
In the Rigid Packaging segment, net sales for the December 2024 quarter were reported at $730 million, marking a 5% decrease from the previous year on a reported basis. However, the segment's adjusted EBIT increased by 10% on a comparable constant currency basis, reaching $53 million. For the first half of fiscal 2025, the Rigid Packaging segment reported net sales of $1,532 million, a 7% decrease from the previous year on a reported basis, with adjusted EBIT reaching $115 million, reflecting a 6% increase on a comparable constant currency basis.
Amcor's financials also revealed an effective tax rate of 18.6% for the six months ended December 31, 2024, compared with 18.0% in the prior year. Additionally, the company reported an adjusted free cash outflow of $38 million for the same period, compared to an inflow of $52 million in the previous year.
The company's net debt stood at $6,496 million at December 31, 2024, with a leverage ratio of 3.3 times, in line with expectations. Amcor expects its leverage to be at or below 3.0x at June 30, 2025.
Amcor's dividend for the quarter was declared at 12.75 cents per share, compared to 12.5 cents per share in the same quarter last year. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE.
Today the company's shares have moved 3.9% to a price of $9.93. Check out the company's full 8-K submission here.
