Amcor Shares Slide After Company's Disappointing Outlook

The food packaging maker reported quarterly earnings of $109 million.

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Amcor plc

WARMLEY BRISTOL, Britain (AP) — Amcor plc on Wednesday reported fiscal fourth-quarter earnings of $109 million.

The U.S.-Australian food packaging maker said it had net income of $0.07 per share. Earnings, adjusted for non-recurring costs, came to $0.24 per share.

The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of $0.24 per share.

The company posted revenue of $3.91 billion in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $3.82 billion.

For the year, the company reported profit of $805 million, or $0.53 cents per share. Revenue was reported as $14.54 billion.

Amcor expects full-year earnings in the range of $0.80 cents to $0.84 cents per share. 

Amcor shares have risen slightly more than 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.01, a climb of 7.5% in the last 12 months. 

Shares fell $0.29 to $12.72 on Thursday.

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