Amcor (AMCR) Q2 FY2022 earnings: revenue $3.5 billion, up 13.0% on the year

Amcor plc (AMCR) reported revenue of $3.5 billion for Q2 FY2022, the quarter ended 31 December 2021, up 13.0% on the same quarter a year earlier as this quarter's filing gives it. Net income was $225 million, up 2.7% on the year as this quarter's filing gives it, and diluted earnings per share $0.74. The figures are the company's own, from the 10-Q it filed with the SEC on 3 February 2022.

Revenue

$3.5 billion

+13.0% on the year · +2.5% on the quarter

Q3 FY2020Q2 FY2022

Operating margin

9.2%

9.9% a year earlier

Q3 FY2020Q2 FY2022

Net income

$225 million

+2.7% on the year · +11.4% on the quarter

Q3 FY2020Q2 FY2022

Diluted EPS

$0.74

+6.5% on the year · +13.0% on the quarter

Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Revenue	3,507	3,420	3,103	+2.5%	+13.0%
Cost of revenue	2,862	n/a	n/a
Gross profit	645	n/a	n/a
Gross margin	18.4%	n/a	n/a
Research and development	23.0	n/a	n/a
Selling, general and administrative	303	n/a	n/a
Operating income	322	296	307	+8.8%	+4.9%
Operating margin	9.2%	8.7%	9.9%
Interest expense	39.0	n/a	n/a
Pre-tax income	290	n/a	n/a
Income tax	61.0	n/a	n/a
Effective tax rate	21.0%	n/a	n/a
Net income	225	202	219	+11.4%	+2.7%
Net margin	6.4%	n/a	n/a
Diluted EPS	$0.74	$0.66	$0.69	+13.0%	+6.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Operating cash flow	435	n/a	n/a
Capital expenditure	110	n/a	n/a
Free cash flow	325	n/a	n/a
Free cash flow margin	9.3%	n/a	n/a
Cash from investing	-120	n/a	n/a
Cash from financing	-302	n/a	n/a
Depreciation and amortisation	155	177	142	-12.4%	+9.2%
Share-based compensation	16.0	n/a	n/a
Buybacks	231	n/a	n/a
Dividends paid	185	n/a	n/a
Dividend per share	$0.60	n/a	n/a
Diluted shares, weighted	305m	307m	314m	-0.7%	-2.9%
Shares outstanding at period end	303m	307m	312m	-1.3%	-3.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Shareholders' equity	4,462	4,650	4,792	-4.0%	-6.9%
Non-controlling interest	57.0	n/a	n/a
Debt	6,669	6,592	6,432	+1.2%	+3.7%
Operating lease liabilities	467	n/a	n/a
Other liabilities	5,483	n/a	n/a
Total liabilities and equity	17,138	n/a	n/a
Fixed assets	3,695	n/a	n/a
Goodwill	5,370	n/a	n/a
Intangible assets	1,749	n/a	n/a
Cash and equivalents	626	633	755	-1.1%	-17.1%
Receivables	1,889	n/a	n/a
Inventory	2,273	n/a	n/a
Other assets	1,536	n/a	n/a
Total assets	17,138	n/a	n/a

Questions

What was Amcor's revenue in Q2 FY2022?

Amcor (AMCR) reported revenue of $3.5 billion for Q2 FY2022, the quarter ended 31 December 2021, up 13.0% on the same quarter a year earlier as the company restated it.

How much did Amcor earn in Q2 FY2022?

Net income for Q2 FY2022 was $225 million, up 2.7% on the year, and diluted earnings per share $0.74.

When did Amcor report Q2 FY2022 results?

Amcor filed its 10-Q for the quarter ended 31 December 2021 with the SEC on 3 February 2022.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	3,507	3,708	3,909	3,712	3,642	3,667	3,673	3,443	3,251	3,411	3,535	3,353	3,241	3,333	5,082	5,745	5,449	5,914	6,398	6,129
Cost of revenue	2,862	2,977	3,115	3,044	2,980	2,994	2,951	2,798	2,630	2,719	2,781	2,694	2,615	2,679	n/a	4,621	4,410	4,724	5,061	4,970
Gross profit	645	731	794	668	662	673	722	645	621	692	754	659	626	654	895	1,124	1,039	1,190	1,337	1,159
Gross margin	18%	20%	20%	18%	18%	18%	20%	19%	19%	20%	21%	20%	19%	20%	18%	20%	19%	20%	21%	19%
R&D	23.0	24.0	24.0	25.0	24.0	27.0	25.0	27.0	28.0	25.0	26.0	28.0	27.0	27.0	n/a	46.0	38.0	44.0	42.0	41.0
SG&A	303	326	342	302	298	317	329	302	299	330	329	276	255	266	n/a	435	440	488	568	468
Operating income	322	369	252	342	559	282	325	270	242	307	395	312	297	313	n/a	461	331	461	646	454
Operating margin	9%	10%	6%	9%	15%	8%	9%	8%	7%	9%	11%	9%	9%	9%	n/a	8%	6%	8%	10%	7%
Interest expense	39.0	36.0	44.0	59.0	79.0	86.0	66.0	85.0	89.0	89.0	85.0	86.0	81.0	85.0	144	168	169	170	169	166
Pre-tax income	290	343	216	292	494	213	252	194	165	230	318	236	224	237	n/a	309	178	310	485	299
Tax rate	21%	21%	48%	20%	7%	16%	27%	20%	17%	17%	18%	18%	26%	17%	n/a	16%	2%	10%	20%	19%
Net income	225	269	109	232	459	177	180	152	134	187	257	191	163	196	-39.0	262	177	278	389	242
Net margin	6%	7%	3%	6%	13%	5%	5%	4%	4%	5%	7%	6%	5%	6%	-1%	5%	3%	5%	6%	4%
Diluted EPS	$0.74	$0.89	$0.36	$0.78	$1.53	$0.59	$0.61	$0.53	$0.46	$0.65	$0.89 basic	$0.66	$0.56	$0.68	-$0.10 basic	$0.56	$0.38	$0.60	$0.83	$0.52
Operating cash flow	435	266	937	-260	405	184	932	-135	363	150	943	-269	428	117	n/a	-133	503	186	1,595	-527
Capital expenditure	110	118	154	152	98.0	132	144	124	121	113	134	145	98.0	117	n/a	238	221	228	235	301
Free cash flow	325	148	783	-412	307	52.0	788	-259	242	37.0	809	-414	330	0.0	n/a	-371	282	-42.0	1,360	-828
Buybacks	231	128	178	0.0	40.0	160	232	30.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	185	182	182	181	184	180	178	176	185	181	180	180	186	184	n/a	294	300	300	301	300
Shares outstanding	303m	301m	298m	298m	297m	294m	290m	289m	289m	289m	461m	289m	289m	289m	461m	462m	462m	462m	462m	462m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2021, filed 3 February 2022: the filing.