Amcor Upgrades Its Fiscal 2021 Outlook as the Coronavirus Pandemic Keeps Consumers At Home

Heightened at-home consumption of consumer staples categories--amid the ongoing coronavirus pandemic--drove strong demand for Amcor’s flexible and rigid plastic packaging in the first-half fiscal 2021. While flexible packaging volume growth of 2% tracked modestly ahead of our full-year expectations, first-half rigid packaging volume growth was incredibly strong at 6%. Having upgraded our full-year volume expectations--which had previously factored a modest coronavirus-related headwind to household consumption and related consumer packaging demand--we increase our full-year fiscal 2021 EBIT estimate by 5% to USD 1,638 million. As a result, our 6% upwardly revised fiscal 2021 EPS forecast of USD 72.8 cents sits toward the upper-end of Amcor’s upgraded full-year EPS guidance range of USD 70.6 cents-USD 73.2 cents.