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Amcor (AMCR) to Conduct Research to Use Nanotech in Packaging
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Amcor plc (AMCR - Free Report) announced a collaboration agreement with Nfinite Nanotechnology Inc. to conduct research on the use of nanotechnology in recyclable and compostable packaging. This agreement on a joint research project is a vital step that demonstrates Amcor's solution-based commitment to sustainability and innovation.
The companies aim to provide an oxygen barrier in order to improve the performance of recyclable and compostable packaging. Nfinite's coating technology will be applied to Amcor's existing recyclable and compostable packaging material during the project's proof-of-concept phase.
After the first stage is validated, the next plan of action is to attempt to guarantee that the product is optimized for Amcor's manufacturing processes. The team will further analyze substrates like bio-based materials to create more sustainable applications.
The collaboration between Amcor and Nfinite began in 2022 when Nfinite was chosen as an Amcor Lift-Off winner. Amcor-Lift-Off start-ups receive $250,000 in seed funding, as well as the opportunity to collaborate with Amcor's Research & Development team. The companies collaborate to create applications that promote circularity for both.
Amcor is constantly striving to get an edge over its competition and to meet ever-evolving consumer needs through innovation. The company invests around $100 million annually in Research & Development.
As of the end of second-quarter fiscal 2023, Amcor had $837 million of cash and cash equivalents compared with $775 million at fiscal 2022-end. The company generated $145 million of cash from operating activities in the first half of fiscal 2023 compared with $323 million in the prior-year period. AMCR reported an adjusted free cash outflow of $61 million in the first half of fiscal 2023 against an inflow of $105 million in the comparable period of the last year. As of Dec 31, 2022, Amcor’s net debt totaled $6.07 billion.
In second-quarter fiscal 2023, AMCR reported adjusted earnings per share of 19 cents, which beat the Zacks Consensus Estimate of 18 cents. The bottom line improved 6% from the prior-year quarter. Total revenues improved 4% year over year to $3,642 million for the reported quarter and beat the Zacks Consensus Estimate of $3,635 million.
Price Performance
Over the past year, Amcor’s shares have lost 3.7% compared with the industry’s fall of 5.5%.
OI Glass has an average trailing four-quarter earnings surprise of 16.4%. The Zacks Consensus Estimate for OI’s 2023 earnings is pegged at $2.57 per share. This indicates an 11.7% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 16% north in the past 60 days. OI’s shares gained 70.2% in the last year.
Alamo has an average trailing four-quarter earnings surprise of 6%. The Zacks Consensus Estimate for ALG’s 2023 earnings is pegged at $9.79 per share. This indicates a 13.6% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 7.5% in the past 60 days. Its shares gained 20.6% in the last year.
The Zacks Consensus Estimate for Illinois Tool Works’ fiscal 2023 earnings per share is pegged at $9.61, suggesting an increase of 4.8% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 4% upward in the last 60 days. ITW has a trailing four-quarter average earnings surprise of 0.9%. Its shares gained 9% in the last year.
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Amcor (AMCR) to Conduct Research to Use Nanotech in Packaging
Amcor plc (AMCR - Free Report) announced a collaboration agreement with Nfinite Nanotechnology Inc. to conduct research on the use of nanotechnology in recyclable and compostable packaging. This agreement on a joint research project is a vital step that demonstrates Amcor's solution-based commitment to sustainability and innovation.
The companies aim to provide an oxygen barrier in order to improve the performance of recyclable and compostable packaging. Nfinite's coating technology will be applied to Amcor's existing recyclable and compostable packaging material during the project's proof-of-concept phase.
After the first stage is validated, the next plan of action is to attempt to guarantee that the product is optimized for Amcor's manufacturing processes. The team will further analyze substrates like bio-based materials to create more sustainable applications.
The collaboration between Amcor and Nfinite began in 2022 when Nfinite was chosen as an Amcor Lift-Off winner. Amcor-Lift-Off start-ups receive $250,000 in seed funding, as well as the opportunity to collaborate with Amcor's Research & Development team. The companies collaborate to create applications that promote circularity for both.
Amcor is constantly striving to get an edge over its competition and to meet ever-evolving consumer needs through innovation. The company invests around $100 million annually in Research & Development.
As of the end of second-quarter fiscal 2023, Amcor had $837 million of cash and cash equivalents compared with $775 million at fiscal 2022-end. The company generated $145 million of cash from operating activities in the first half of fiscal 2023 compared with $323 million in the prior-year period. AMCR reported an adjusted free cash outflow of $61 million in the first half of fiscal 2023 against an inflow of $105 million in the comparable period of the last year. As of Dec 31, 2022, Amcor’s net debt totaled $6.07 billion.
In second-quarter fiscal 2023, AMCR reported adjusted earnings per share of 19 cents, which beat the Zacks Consensus Estimate of 18 cents. The bottom line improved 6% from the prior-year quarter. Total revenues improved 4% year over year to $3,642 million for the reported quarter and beat the Zacks Consensus Estimate of $3,635 million.
Price Performance
Over the past year, Amcor’s shares have lost 3.7% compared with the industry’s fall of 5.5%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Amcor currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are OI Glass (OI - Free Report) , Alamo Group (ALG - Free Report) , and Illinois Tool Works (ITW - Free Report) . OI and ALG flaunt a Zacks Rank #1 (Strong Buy) at present, and ITW has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
OI Glass has an average trailing four-quarter earnings surprise of 16.4%. The Zacks Consensus Estimate for OI’s 2023 earnings is pegged at $2.57 per share. This indicates an 11.7% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 16% north in the past 60 days. OI’s shares gained 70.2% in the last year.
Alamo has an average trailing four-quarter earnings surprise of 6%. The Zacks Consensus Estimate for ALG’s 2023 earnings is pegged at $9.79 per share. This indicates a 13.6% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 7.5% in the past 60 days. Its shares gained 20.6% in the last year.
The Zacks Consensus Estimate for Illinois Tool Works’ fiscal 2023 earnings per share is pegged at $9.61, suggesting an increase of 4.8% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 4% upward in the last 60 days. ITW has a trailing four-quarter average earnings surprise of 0.9%. Its shares gained 9% in the last year.