Global packaging solutions provider Amcor has reported a 3% decrease in net sales for the first quarter (Q1) of fiscal year 2025 (FY25), with figures dropping to $3.35bn from $3.44bn in the corresponding period of FY24.
The company's net income as calculated on generally accepted accounting principles (GAAP) was $191m, increasing 25.6% from $152m in the prior year period.
GAAP diluted earnings per share (EPS) also increased to 13.2¢ in Q1 FY25, up from 10.5¢ in Q1 FY24.
Amcor's adjusted net income for the first quarter rose to $234m, marking a 3% increase on a reported basis from $226m in the same period of 2024.
The company's adjusted earnings before interest and taxes for Q1 FY25 stood at $365m, which is a 2% increase from $358m in Q1 FY24.
The adjusted EPS for the quarter was 16.2¢, showing a 5% rise from 15.6¢ in the previous year.
As of 30 September 2024, Amcor's net debt stood at $6.87bn with a leverage ratio of 3.5 times, slightly impacted by adverse currency exchange rates.
Amcor said net sales decreased at low single-digit rates in North America driven by an unfavourable price mix, partly offset by low single-digit volume growth. Europe also saw a drop in net sales at low single-digit rates due to an unfavourable price mix, partly offset by mid-single-digit volume growth.
The company also noted that sales and volumes increased at low single-digit rates across the Asian region with growth in India and China, partly offset by lower volumes in the Philippines.
Amcor CEO Peter Konieczny said: "These results are aligned with the expectations we set out in August, which gives us the confidence to reaffirm our guidance for the fiscal year.
"I am pleased with the overall performance trajectory of the business and I am excited about the significant opportunities we have ahead of us to enhance our profitable organic growth profile, continue to build earnings momentum and evolve into an even stronger company than we are today."
Looking ahead to the 12 months ending on 30 June 2025, Amcor anticipates an adjusted EPS of approximately 72¢ to 76¢, increasing between 3% and 8% on a constant currency basis.
Last week, Amcor entered into an agreement to sell its 50% interest in the Bericap North America joint venture for $122m.
