First Impression: Amcor (AMC) 1H17
Divisional performance: Flexibles: revenue up 3.5% to US$3090m and PBIT up 5.3% to US$373m; operating margin 12.1%; Rigids: revenue down 11.8% to US$1377m and PBIT down 6.5% to US$143.5m; operating margin 10.4%. | Net operating cash flow down 18% US$214.9m. | Outlook: “The Company is very well positioned for continued growth and the outlook for profit after tax in the 2016/17 year has not changed. In constant currency terms, we expect profit after tax to be higher than the US$671.1 million delivered in the 2015/16 year.” | Today’s share price reaction: Up 4.3% to $15.17 (10.42 am).
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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.