Amcor Updates FY24 EPS From $0.67-$0.71 To $0.685-$0.71 Vs $0.69 Est.; Expects Q4 2024 Adjusted EPS To Be Up Mid Single Digit % Higher Than Q4 2023
Portfolio Pulse from Benzinga Newsdesk
Amcor (AMCR) has updated its FY24 EPS guidance from $0.67-$0.71 to $0.685-$0.71, slightly above the $0.69 estimate. The company expects Q4 2024 adjusted EPS to increase by a mid-single-digit percentage compared to Q4 2023. Factors affecting the guidance include underlying business performance, share repurchases, higher net interest and tax expenses, the sale of its Russian business, and currency translation effects. Amcor anticipates adjusted free cash flow of $850 million to $950 million and plans to allocate approximately $70 million towards share repurchases.
April 30, 2024 | 8:25 pm
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Amcor updates FY24 EPS guidance to $0.685-$0.71, above the $0.69 estimate, and expects Q4 2024 adjusted EPS to increase mid-single-digit % over Q4 2023. Adjusted free cash flow is projected between $850M-$950M, with $70M allocated for share repurchases.
The upward revision in EPS guidance, especially being above the analyst estimate, is typically viewed positively by the market. The commitment to share repurchases can also be seen as a sign of confidence in the company's financial health and future prospects. However, the impact of the sale of the Russian business and higher estimated net interest and tax expense could be areas of concern for investors.
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