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Amcor (AMCR) Sells Russia Unit to HS Investments for 370M Euro
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Amcor (AMCR - Free Report) announced that it sold three Russia factories to HS Investments based in the same country. In August, Amcor initially announced the sale of its Russia business, following its March announcement about scaling down operations and exploring options for its business in the country. The statement was released in March as Russia launched an unprovoked invasion of Ukraine.
The deal was closed for cash and debt-free consideration value of €370 million ($395 million approx). The company will use the cash proceeds mainly for debt repayment and share repurchases. The transaction is not likely to have a significant impact on Amcor’s fiscal 2023 outlook.
The sale was completed after the company received all required regulatory approvals and cash proceeds (including the receipt of the closing cash balance).
The Russia business accounted for around 2% of Amcor’s total sales in fiscal 2022. The three factories — one in St. Petersburg and two in Novgorod — manufacture flexible and carton packaging. The three sites employ approximately 900 people. In the previous announcement, the company stated that it would continue to support its employees and customers, and preserve the value for shareholders while pursuing the sale of its Russia business.
Amcor is a global leader in the development and production of sustainable packaging for a variety of products, including food, beverages, pharmaceuticals, medical devices, and home and personal care items.
In the first quarter of fiscal 2023, AMCR reported adjusted earnings per share of 18 cents. The bottom line was in line with the year-ago quarter. However, the same missed the Zacks Consensus Estimate of 19 cents. Total revenues were $3.7 billion in the reported quarter, beating the Zacks Consensus Estimate of $3.5 billion. This compared favorably with the prior-year quarter’s $3.4 billion.
The company expects adjusted comparable constant-currency EPS growth of 3-8% for fiscal 2023. Amcor revised the adjusted EPS expectation to 77-81 cents from the previously stated 80-84 cents.
The Zacks Consensus Estimate for current-year earnings is pegged at 78 cents per share, indicating a decline of 3.7% from the year-ago reported figure. The Zacks Consensus Estimate for current-year revenues is pegged at $15 billion, suggesting year-over-year growth of 3.2%.
Price Performance
In the past year, Amcor’s shares have gained 1.7% against the industry’s fall of 2.9%.
KnowBe4’s earnings surprise in the last four quarters was 216.7%, on average. The Zacks Consensus Estimate for the company’s 2022 earnings is pegged at 24 cents, indicating a year-over-year increase of 118.2%. The consensus estimate has moved up 20% in the past 60 days. KNBE’s shares have gained 6% in a year.
The Zacks Consensus Estimate for Hudson’s current-year earnings per share is pegged at $2.16, suggesting an increase of 213% from that reported in the last year. The consensus estimate moved 20.7% upward in the last 60 days. Hudson has a trailing four-quarter average earnings surprise of 297%. HDSN’s shares surged 128% in the last year.
Hubbell has an average trailing four-quarter earnings surprise of 10.6%. The Zacks Consensus Estimate for HUBB’s current-year earnings is pegged at $10.41 per share. This indicates a 29.3% increase from the prior-year reported figure. The consensus estimate has been revised 4.8% north in the past 60 days. HUBB’s shares gained 12.6% in the last year.
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Amcor (AMCR) Sells Russia Unit to HS Investments for 370M Euro
Amcor (AMCR - Free Report) announced that it sold three Russia factories to HS Investments based in the same country. In August, Amcor initially announced the sale of its Russia business, following its March announcement about scaling down operations and exploring options for its business in the country. The statement was released in March as Russia launched an unprovoked invasion of Ukraine.
The deal was closed for cash and debt-free consideration value of €370 million ($395 million approx). The company will use the cash proceeds mainly for debt repayment and share repurchases. The transaction is not likely to have a significant impact on Amcor’s fiscal 2023 outlook.
The sale was completed after the company received all required regulatory approvals and cash proceeds (including the receipt of the closing cash balance).
The Russia business accounted for around 2% of Amcor’s total sales in fiscal 2022. The three factories — one in St. Petersburg and two in Novgorod — manufacture flexible and carton packaging. The three sites employ approximately 900 people. In the previous announcement, the company stated that it would continue to support its employees and customers, and preserve the value for shareholders while pursuing the sale of its Russia business.
Amcor is a global leader in the development and production of sustainable packaging for a variety of products, including food, beverages, pharmaceuticals, medical devices, and home and personal care items.
In the first quarter of fiscal 2023, AMCR reported adjusted earnings per share of 18 cents. The bottom line was in line with the year-ago quarter. However, the same missed the Zacks Consensus Estimate of 19 cents. Total revenues were $3.7 billion in the reported quarter, beating the Zacks Consensus Estimate of $3.5 billion. This compared favorably with the prior-year quarter’s $3.4 billion.
The company expects adjusted comparable constant-currency EPS growth of 3-8% for fiscal 2023. Amcor revised the adjusted EPS expectation to 77-81 cents from the previously stated 80-84 cents.
The Zacks Consensus Estimate for current-year earnings is pegged at 78 cents per share, indicating a decline of 3.7% from the year-ago reported figure. The Zacks Consensus Estimate for current-year revenues is pegged at $15 billion, suggesting year-over-year growth of 3.2%.
Price Performance
In the past year, Amcor’s shares have gained 1.7% against the industry’s fall of 2.9%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Amcor currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the Industrial Products sector are KnowBe4 , Hudson Technologies (HDSN - Free Report) , and Hubbell (HUBB - Free Report) . KNBE and HDSN flaunt a Zacks Rank #1 (Strong Buy) at present, while HUBB has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
KnowBe4’s earnings surprise in the last four quarters was 216.7%, on average. The Zacks Consensus Estimate for the company’s 2022 earnings is pegged at 24 cents, indicating a year-over-year increase of 118.2%. The consensus estimate has moved up 20% in the past 60 days. KNBE’s shares have gained 6% in a year.
The Zacks Consensus Estimate for Hudson’s current-year earnings per share is pegged at $2.16, suggesting an increase of 213% from that reported in the last year. The consensus estimate moved 20.7% upward in the last 60 days. Hudson has a trailing four-quarter average earnings surprise of 297%. HDSN’s shares surged 128% in the last year.
Hubbell has an average trailing four-quarter earnings surprise of 10.6%. The Zacks Consensus Estimate for HUBB’s current-year earnings is pegged at $10.41 per share. This indicates a 29.3% increase from the prior-year reported figure. The consensus estimate has been revised 4.8% north in the past 60 days. HUBB’s shares gained 12.6% in the last year.