Amcor (AMCR Quick QuoteAMCR - Free Report) announced that it has signed a five-year deal with Exxon Mobil (XOM Quick QuoteXOM - Free Report) to purchase certified-circular polyethylene material. This deal marks a step forward toward AMCR’s target of achieving 30% recycled material across its portfolio by 2030.

 

According to the deal, the purchase volume of material will rise each year. The company expects the volume to reach 100,000 metric tons per year at the end of five years.

 

In April 2022, Amcor had announced that it was the first company to purchase recycled polyethylene material from XOM with the intent to use Exxon Mobil's ExxtendTM technology for advanced recycling. Amcor plans to use this material across its entire portfolio. However, the main focus will be on the healthcare and food industries as these adhere to strict safety standards for recycled plastic.

 

With this deal, many of Amcor's customers worldwide will be able to use ExxtendTM technology for advanced recycling. About 74% of AMCR’s total production by weight is already designed to be recycled. Amcor aims to create more sustainable packaging solutions in the future to meet increasing customer demand for recycled content.

 

AMCR reported adjusted earnings per share of 18 cents for the first quarter of fiscal 2023, missing the Zacks Consensus Estimate of 19 cents. The bottom line was flat year over year. Total revenues were $3.7 million in the reported quarter, beating the Zacks Consensus Estimate of $3.5 million. This compares favorably with the year-ago reported revenues of $3.4 million.

 

The company expects adjusted comparable constant currency EPS growth of approximately 3-8% in fiscal 2023. The Zacks Consensus Estimate for the current year's earnings is currently pegged at 78 cents, suggesting a decline of 3.7% from the year-ago reported figure. The Zacks Consensus Estimate for current year revenues is $15 billion, indicating growth of 3.2% year over year.

In the past year, Amcor’s shares have declined 6.1% compared with the industry’s decline of 0.5%.

 

 

Hubbell’s earnings surprise in the last four quarters was 10.6%, on average. In the past 60 days, its earnings estimates have increased 6.1% for 2022. For the ongoing year, the bottom line is estimated to be $10.40, suggesting growth of 29.3% from the previous-year’s level. HUBB stock has gained 20.3% in the past year.

 

Deere has an estimated year-over-year earnings growth rate of 17.2% for the current fiscal year. The Zacks Consensus Estimate is currently pegged at $27.28. The estimates have been revised 3% north in the past 60 days. DE has an average trailing four-quarter earnings surprise of 7.1%. Its shares have gained 23.3% over the past year.