AMCCF - Amcor plc (AMCR) Q2 2024 Earnings Call Transcript
2024-02-06 23:37:03 ET
Amcor plc (AMCR)
Q2 2024 Earnings Conference Call
February 6, 2024 05:30 PM ET
Company Participants
Tracey Whitehead - Head, IR
Ron Delia - CEO
Michael Casamento - CFO
Conference Call Participants
Ghansham Panjabi - Baird
Anthony Longo - JPMorgan
Sam Seow - Citi
Adam Samuelson - Goldman Sachs
Richard Johnson - Jefferies
Brook Campbell - Barrenjoey
Jakob Cakarnis - Jarden Australia
Cameron McDonald - E&P
Mike Roxland - Truist Securities
John Purtell - Macquarie
Daniel Kang - CLSA
Keith Chau - MST Marquee
Presentation
Operator
Good afternoon. My name is Christa and I'll be your conference operator today. At this time, I would like to welcome everyone to the Amcor's First Half and Second Quarter 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
Thank you. I would now like to turn the conference over to Tracey Whitehead, Head of Investor Relations. Tracey, you may begin your conference.
Tracey Whitehead
Thank you, operator and thank you everyone, for joining Amcor's fiscal 2024 first half and second quarter earnings call. Joining today is Ron Delia, our Chief Executive Officer; and Michael Casamento, Chief Financial Officer.
Before I hand over, let me note a few items. On our website, amcor.com, under the Investors section, you'll find today's press release and presentation, which we will discuss on this call. Please be aware that we'll also discuss non-GAAP financial measures and related reconciliations can be found in the press release and the presentation.
Remarks will also include forward-looking statements that are based on management's current views and assumptions. The second slide in today's presentation lists several factors that could cause future results to be different than current estimates and reference can be made to Amcor's SEC filings, including our statements on Form 10-K and 10-Q for further details.
Please note that during the question-and-answer session, we request that you limit yourself to a single question and one follow-up and then rejoin the queue if you have additional questions.
With that, over to you, Ron.
Ron Delia
Thanks Tracey and thanks everyone for joining Michael and myself today to discuss Amcor's second quarter and first half results for fiscal 2024. We'll begin with some prepared remarks before opening for Q&A.
As seen on Slide 3, our focus on safety remains unwavering, and our significant commitment to providing a safe and healthy work environment continues to be rewarded.
70% of our sites have been injury-free for the past 12 months or longer, and we've experienced a 17% reduction in injuries when compared to the first half of fiscal 2023. Safety is deeply embedded in Amcor's culture and is the number one priority for our global teams.
Turning to our key messages on Slide 4. First, our reported earnings per share for the second quarter and first half were modestly better than the expectations we set out in October and improved working capital performance helped drive a year-over-year increase of more than $100 million in adjusted free cash flow.
Second, our financial performance through the half was supported by strong and proactive, focus on controlling costs. This helped us offset second quarter volumes that were a couple of percentage points lower than we anticipated. Our teams around the world continue to respond doing an excellent job proactively taking further cost actions....
Amcor plc (AMCR) Q2 2024 Earnings Call Transcript