Feb 4 (Reuters) - Amcor PLC ( AMCCF ) missed Wall
Street estimates for quarterly revenue on Tuesday on weak demand
for its containers and cartons from consumer goods companies
amid a challenging macroeconomic environment.
Consumers have been pulling back on non-essential spending
amid high inflation and low wage growth, forcing packaged goods
companies to trim their inventories.
Weak demand for packaging from the healthcare industry and
the beverage business in North America hit overall volumes by
more than 1%, the company said.
The company, which supplies to consumer goods giants like
PepsiCo ( PEP ) and Procter & Gamble ( PG ), reported a
second-quarter revenue of $3.24 billion, missing the average of
analysts' estimates of $3.35 billion, according to data compiled
by LSEG.
The weak sales come on the back of comments from peers
Packaging Corp of America ( PKG ) and International Paper ( IP )
who posted disappointing fourth-quarter results last week.
Amcor's ( AMCCF ) adjusted profit for the quarter was 16.1 cents per
share, in line with market expectations.
The company reaffirmed its 2025 adjusted earnings per share
forecast of 72 to 76 cents per share. The impact of its
$8.43-billion deal for Berry Global was not factored in the
outlook, Amcor ( AMCCF ) said.