Shares of packaging company Amcor plc (AMCR) climbed 2.67% on Monday before closing at $10.77. The stock has been trading in a range of $9.18- $11.77 in the past one year.
Amcor provides a vast range of flexible and rigid packaging, specialty cartons, closures, and services for food, beverage, pharmaceutical, and medical sectors.
In June last year, Amcor had bought flexible packaging products manufacturer Bemis Company, Inc. Amcor expects to have pre-tax synergy benefits of $180 million by this acquisition by the end of the 2022 fiscal year, with $65 million of those benefits expected in the 2020 fiscal year.
When the company reported first-quarter 2020 results in November last year sales rose to $3.141 billion from $2.262 billion in the corresponding quarter last year. EPS, on an adjusted basis, also increased to $0.13 from $0.12 last year.
For fiscal 2020, the company expects EPS to be in the range of 0.61 to $0.64. Analysts see earnings of $0.61 per share.
Second quarter earnings results are expected to be reported on January 30.