Packaging firm Amcor boosts annual profit forecast on higher prices, easing costs
April 30 (Reuters) -Amcor 485.F, AMCR.N lifted the lower end of its prior annual profit forecast range on Tuesday, betting on higher pricing for its containers and cartons as well as easing input costs.
Packaging companies including Packaging Corp of America PKG.N and International Paper IP.N have been increasing product prices steadily over the past few years in a bid to protect margins.
The company, which provides consumer packaged goods to companies such as Cadbury maker Mondelez International MDLZ.N, is also seeing raw material costs ease from their peaks, helping it boost its profit.
It now expects adjusted earnings per share between 68.5 cents and 71 cents, compared with its previous forecast of a profit of 67 cents to 71 cents per share.
Adjusted earnings per share rose to 17.8 cents, from 17.5 cents per share year ago.
However, the company posted downbeat quarterly sales, hurt by consumer goods companies trimming their inventories amid a challenging macroeconomic environment, impacting Amcor's volumes.
Revenue for the quarter ended March 31 fell 7% to $3.41 billion from the year-ago period. The average analysts' estimate according to LSEG data was $3.50 billion.
Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Pooja Desai
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