Packaging firm Amcor beats quarterly sales, profit estimates on higher prices

Here are some details:

• Amcor, which supplies packaging materials to companies such as PepsiCo and Procter & Gamble, has also benefited from last year's acquisition of smaller peer Berry Global.
• Amcor posted quarterly sales of $6.40 billion, beating analysts' estimates of $6.05 billion, according to data compiled by LSEG.
• Its adjusted profit of $1.23 per share for the quarter ended June 30 also topped estimates of $1.19 per share.
• Quarterly volumes in its flexible packaging segment — a major revenue contributor — rose about 1%, while volumes in rigid packaging business fell 1% after declining 4% a year ago.
• The company said its quarterly sales were boosted by about $280 million because of it passing on increase in raw material costs to customers.
• Amcor, which is transitioning the end of its financial year to Dec. 31 from June 30, forecast adjusted profit per share of $1.80 to $1.90 for the six-month period.

Shares of the company, which have risen nearly 14% this year, were down 2% at $46.50 in premarket trading.

Aug. 12 (Reuters) - Amcor beat Wall Street estimates for fourth-quarter results on Wednesday, as the packaging firm managed to pass along higher raw material costs to its customers and bettered volumes in categories including pet food and beauty.

The Switzerland-based firm has leaned on higher prices, cost-cutting and a focus on its key segments to protect margins as consumer-goods customers remain cautious on inventory restocking amid macroeconomic uncertainty.