AMC delivered a solid second-quarter result, modestly ahead on earnings and with guidance reaffirmed, reinforcing the defensive qualities of the business, while allaying some concerns around the integration of the Berry acquisition.
- Q2 adjusted EPS: 86c, ahead of consensus 84c (vs 80c last year)
- Q2 net sales: $5.45bn, slightly below consensus $5.53bn
- Quarterly dividend lifted to $0.65/sh (from $0.6375)
FY26 adjusted EPS reaffirmed at $4.00–$4.15, above consensus (~$4.02) which implies 12–17% constant-currency EPS growth. Management highlighted disciplined execution and Berry acquisition synergies, tracking at the upper end of expectations.
This was the key for us; evidence that the earnings uplift is increasingly attributable to the successful integration of the Berry acquisition, which is a positive signal given the scale of the deal. Rather than simply boosting headline sales, it’s the cost efficiencies, pricing discipline and combined scale that are flowing through to the bottom line, helping Amcor deliver adjusted EPS ahead of consensus despite a challenging volume environment.
While sales were a touch light, earnings resilience is holding up thanks to execution and integration benefits. In a market increasingly focused on uncertainty and valuation risk, AMC’s defensive earnings profile and growing dividend remain attractive.
MM remains long & bullish AMC ~$65
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