Amcor PLC (NYSE:AMCR) stock fell 5.51% (As on February 8, 11:04:03 AM UTC-4, Source: Google Finance) after the company posted mixed result for the second quarter of FY 23. The sale of Amcor’s Russian business was completed on December 23, 2022, with the Company receiving cash proceeds of approximately $365 million, in addition to approximately $65 million of cash on hand in Russia which was repatriated upon close. Approximately $120 million of the cash received is expected to be invested in a range of additional cost saving initiatives to partly offset divested earnings. Of the remaining cash received, Amcor plans to repurchase up to $100 million in additional shares with the balance expected to be used to reduce net debt. On January 16, 2023, the Company announced it had entered into an agreement to acquire Shanghai-based MDK. MDK is a leading provider of flexible packaging for the medical device segment generating annual sales of approximately $50 million. The acquisition is expected to close by the end of the third quarter of fiscal 2023.

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AMCR in the second quarter of FY 23 has reported the adjusted earnings per share of 19 cents, beating the analysts’ estimates for the adjusted earnings per share of 17 cents. The company had reported the adjusted revenue growth of 6 percent to $3.51 billion in the second quarter of FY 23, missing the analysts’ estimates for revenue of $3.63 billion. Net sales on a comparable constant currency basis were 1% higher than the same quarter last year reflecting price/mix benefits of approximately 3%, partly offset by approximately 2% lower volumes. GAAP Net Income was $459 million and includes a $215 million gain on the sale of the business in Russia. Adjusted EBIT of $399 million was 7% higher than the same quarter last year on a comparable constant currency basis

During the six months ended December 31, 2022, the Company returned approximately $400 million to shareholders through cash dividends and share repurchases. The company has y declared a quarterly cash dividend of 12.25 cents per share (compared with 12.00 cents per share in the same quarter last year). Amcor repurchased approximately 3 million shares during the six months ended December 31, 2022 for a total cost of approximately $40 million.

For fiscal 2023, the company expects adjusted EPS on a reported basis of 77 to 81 cents per share, however, entering the second half of the year the Company is more cautious in relation to the demand environment.