Amcor (AMCR) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 ended with strong financial performance, including net sales of $13,640 million, adjusted EPS of 70.2 cents, and broad-based Q4 volume growth exceeding expectations.

• Adjusted free cash flow reached $952 million, up 12% year-over-year and at the top end of guidance.

• $750 million was returned to shareholders via increased dividends and share repurchases.

• Cost discipline, productivity initiatives, and restructuring delivered significant margin expansion and earnings leverage.

• Strategic focus remains on organic growth, M&A, and maintaining an investment-grade credit rating.

Financial highlights

• FY24 net sales were $13,640 million, down 7% year-over-year; Q4 net sales $3,535 million, down 1% vs prior year.

• Q4 overall volumes grew 1% year-over-year, reversing anticipated declines.

• Adjusted EBIT for FY24 was $1,560 million, down 3–4% year-over-year; Q4 adjusted EBIT up 4% year-over-year.

• Adjusted EPS for FY24 was 70.2 cents, down 4% year-over-year; Q4 adjusted EPS up 9% year-over-year.

• Adjusted free cash flow for FY24 was $952 million, up $104 million or 12% from the prior year.

Outlook and guidance

• Fiscal 2025 adjusted EPS guidance is $0.72–$0.76, representing 3%–8% constant currency growth.

• Adjusted free cash flow for 2025 is projected at $900 million to $1 billion.

• Guidance includes a 4% EPS headwind from normalized incentive compensation and assumes no material FX impact.

• Net interest expense for 2025 expected between $290 million and $305 million; effective tax rate 19%–20%.

• Leverage expected to return to 2.5–3x management range by year-end.