Amcor's board set a $0.66 quarterly dividend and the company lowered its adjusted earnings range for the six-month reporting period ending Dec. 31 as it shifts to a calendar year-end.
The quarterly rate is 1 cent higher than a year earlier, a rise of about 1.5%. The comparison reflects Amcor’s 1-for-5 reverse stock split, which took effect Jan. 14.
Holders of Amcor ordinary shares traded on the New York Stock Exchange must be on the books by Nov. 25, which is also the ex-dividend date. Payment is scheduled for Dec. 16.
For July 1 through Dec. 31, Amcor now projects adjusted earnings per share of $1.70 to $1.80; its previous range was $1.80 to $1.90. The shorter reporting span bridges the company’s move from a June 30 fiscal year-end to Dec. 31.
Amcor attributed the lower range in part to the timing of passing higher energy and distribution costs on to customers. CEO Peter Konieczny said, “Energy and distribution costs accelerated late in the quarter.”
The company said the dividend reflects confidence in its growth trajectory and disciplined capital allocation. Shareholders who qualify on Nov. 25 are scheduled to receive the payment Dec. 16.
