Aug 15 (Reuters) - Packaging company Amcor ( AMCCF )
reported a more-than-expected decline in fourth-quarter
sales on Thursday, hurt by weaker demand for its containers and
cartons.
Volumes for the company's products in rigid packaging fell
due to persistent destocking in healthcare categories in North
America - a major revenue-generating region.
Sales were also hurt by lower volumes in North American
beverage business through the quarter ended June 30.
Quarterly sales at Amcor ( AMCCF ) - which counts Cadbury parent
Mondelez International ( MDLZ ) and beverage maker PepsiCo ( PEP )
as its customers - dropped 4% to $3.54 billion. Analysts
on average estimated 1% decline to $3.64 billion, according to
LSEG data.
Peer International Paper ( IP ) also saw a slowdown in
demand for its corrugated packaging containers in the latest
quarter.
Amcor's ( AMCCF ) adjusted earnings for the fourth quarter were at
21.1 cents per share, edging past analysts' estimate of 20
cents, aided by easing raw material costs.
The company expects adjusted earnings per share for fiscal
2025 to be between 72 and 76 cents, the midpoint of which was in
line with analysts' estimate of 74 cents.
It posted adjusted profit of 70.2 cents per share for fiscal
2024.