1H Rebound in Rigid Volumes Helps Offset Flexibles Weakness for Amcor; FVE Unchanged
Weak flexibles volumes in developed markets led to a softer first-half result for narrow-moat Amcor than we’d anticipated. Amcor’s constant currency sales were accordingly soft at 4.3% in the first half. Resurgent volumes in the rigid segment were pleasing, however, and provided some offset. We’ve moderated our full-year flexibles volume expectations and now expect full-year fiscal 2019 top-line growth of 5.8% to USD 9,861 million, down from prior expected growth of 6.2%. Nonetheless, with our f...Amcor is a packaging company. Co. has the following reportable segments: Amcor Rigid Plastics, which manufactures rigid plastic containers for a range of primarily beverage and food products; Amcor Flexibles, which represents the aggregation of four operating segments of which each manufactures flexible and film packaging for their respective industries; as well as Other/Investments, which holds Co.'s equity accounted investments in the associate AMVIG Holdings Limited (AMVIG) and the joint venture Discma AG (Discma). AMVIG is mainly involved in the manufacture of tobacco packaging while Discma's operations primarily relate to the development and licensing of packaging product development.
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