everyone. and Ron Thanks, hi
$XXX the ‘XX year, accounting line sales sales of on which fiscal X, segment costs Flexibles were with slide material recovery Beginning growth. in X% of approximately included reported raw for with million, higher last
year, to impact pharmaceutical categories. strong, on priority especially continue for material reflecting Excluding in were strategic in year. slower benefits and broad-based growth to our focus And the solid and limit price/mix X% ability all the demand continued was currency recover of all the drive offset by in price while and in destocking, raw the by second half This Volumes other the inflation our sales movements, helping negative sales impacted to volumes regions partly impact driven groups. volumes. categories higher across care Flexibles X%, value lower X% to of year, grew of pet lower the particularly to categories by for business the were volumes
dilution the related for currency from comparable Margins adjusted As year in business This at good with on EBIT in aligning costs passing X% increased market XXX a resulted to a pricing Ron to sales dollars general job year, inflation. throughout strong inflation. a raw the conditions, mentioned, the focus through costs remained operating did higher despite constant while basis-point material basis. XX.X%, challenging recover and
continue a high This greatest consistent also June data, retail protein single seen In impacted to were categories more declines a with be accelerated softer decline by an X% digits, European was price/mix across comparable volumes terms overall regions. with North on customer quarter, being down and and with net incrementally consistent and lower fourth March in the currency coffee, offset were basis The premium than decline as the quarter in and by volumes. most markets, the volume where quarter, destocking. constant X% such trend of represents positive sequential compared with of sales X%, America scanner by healthcare
X% inflation, pricing and Adjusted was EBIT million on quarter prior constant currency lower of by the from mix of than comparable and benefits for the reflecting lower volumes, actions. impact $XXX continued partly offset cost a year the basis, unfavorable ongoing
X% material than on Packaging slide last X% were million ‘XX Rigid year, $XXX approximately to higher the the of same to pass-through X. sales sales related costs. reported viral net including Turning period or of Fiscal
X%. benefit prior as price/mix volumes X%, of the overall In and reflecting Hot were for lower X% were line sales destocking. category consumer year year in business offset declined partly key fill North the volumes, with a by down offset customer in volumes demand unfavorable wins America, beverage X%. new Organic
volumes categories personal America, reflects low-single-digits weaker and across nutrition Latin the food, care. year, down region. offset containers, last by in versus the specialty last and challenging macroeconomic in than were with In dairy year, conditions which growth healthcare, lower volumes home in volumes And were
of strong passing of market of was Fiscal includes half ‘XX the accelerated related costs higher to margin XX approximately through basis in conditions than down general adverse challenging X.X% sales adjusted material impact EBIT earnings Adjusted EBIT the that offset as from growth dollars half by through second X%, was raw first inflation. increased and an more the year. points the
impact $XX adjusted North the more down the by volume against offset EBIT basis, June the consumer demand were net currency in of a comparative period. decline, at the than On America. for Price/mix quarter, currency quarter were customer sales down was strong a and Looking destocking to of lower benefits as continued comparable particularly million comparable X% million constant X%. X% $XX business,
patterns, Ron June volumes significantly where seasonally weaker, year, factors and impact fully amplifies and As an fixed in together this strongest environment costs. typically also mentioned the the the of volatility with combination order cost the the of flex In quarter these the to customer earnings. production on ability absorption are lower, is limits earlier, is
we under cost The manage days, actions we control the cost on well through team demand focus plant reductions of and manage with shutdown their destocking. to cycle as continued continue to headcount this and and softer more additional
do last materially impact September to unfavorable market year. compared the with which quarter, the challenges same we to on Looking improve, an earnings not will ahead have anticipate quarter
Moving sheet and slide X. balance on cash to the
balance times broad-based sheet destocking profile demand grade year, through expectations given financial XX-month modestly last from trailing software EBITDA and the our but is Leverage up investment with of chain. X is supply Our aligned remain and strong. a the basis on
balances payable million abate will ‘XX, with we to whilst progress purchasing million will fiscal down as we of peak ‘XX. below with This have updated And a from increase we in capital timing was the but flow soft in inventories, This focus than in mostly $XXX we November lower levels cash made year. line demand in on our though reduce as environment. balances, last reducing to good more free reduction which support also accounts impact to our the reduction of inventory through overall partly progress cash moderated response our the Adjusted activities, reflects $XXX is expect continue outlook, bringing we working to flow.
on to for XXXX now XX. Turning slide outlook fiscal the
low-single-digit the of X%, $X.XX adjusted offset plants of three current currency higher that of fiscal the expense. approximately X% in half. related and will the for remain rates a This prevail in December negative interest in the to X% underlying For organic expected approximately plus to benefit as and particularly by expect share. the repurchases This a impact or from is first add assuming result balance includes of fiscal sale year. the approximately benefit of and Russia translation XXXX, in we expected growth to X% be further negative exchange impact expected of a approximately from will is tax year, EPS business in Share per weak, minus to of volumes be are to the $X.XX range, expectations ‘XX our
rates for have we continued the $XXX to ‘XX fiscal As million. and of $XXX euro U.S. to in to dollar expense range million expect interest interest rise, be
cash XXXX. which growth up free to In of range adjusted of fiscal $XXX a ‘XX, million in million cash expect significant fiscal to the $XXX terms flow, we of generate million over represents to $XXX in flow
been year. active through We have million the we and in And acquisition planned front to at our pursue we’ll least $XX cash of ‘XX, shares as M&A have the Amcor opportunities. always, we’ll progress continue uses repurchase we to of on evaluate as and
delivering year of solid a Slide Amcor consistent shows long across and the consistent XX has earnings the been the year relatively to year. has and of also that phasing history growth, earnings
of growth in do the the call the is improve important align that For declines. assume two to dynamics And meaningfully digit not comparable high phasing fiscal mid ‘XX, expected not seen We historical in out to quarters market expect first to it’s we’ve in we near-term. half, single trends. last to volume with earnings the challenging
this related we in to anticipate when compared which on ‘XX moderate to the unfavorable down in to impact Given a second outlook range to low-double-digit prior is currency the year. high-single-digit interest expected to constant half, demand be and adjusted of the first basis half comparable fiscal expense, the in the EPS higher
year. we fiscal enter we inventories do second While expect have customer normalized of time by largely half it’s predict more consumer the the the will difficult to demand,
tailwinds half, $XX of structural have ongoing million of from earnings from building which a within our and reduced of interest initiatives including actions, year increased second all comparatives. the leverage, approximately cost and headwind are from favorable resulting volume through cost we a the the prior benefits year, control, number benefit Additionally, saving in price
constant growth a and in here thereafter. supports the environment trend in the second change earnings of highlight resuming shortly to half of digits beyond. confidence mid return comparable also our high-single-digit to half of earnings need fiscal do important gives growth not in adjusted that currency second also us It’s solid known factors to The on EPS demand these that grows to the combination we ‘XX It long-term our in basis. expectation single significant a see
progress we can doing to summary, year. challenges on primarily calendar specific the will in current and believe shareholder all we the mitigate our industry limited challenging the to remain these Amcor So XXXX impacts while to of be strategy, calendar expect and to growth execute laser-focused organic our we we We year return trajectory high-single-digital conditions XXXX. through continuing value-creation to historic long-term as
turn to the So, with longer I’ll some to comments. term that, provide Ron call back
