The last few weeks have been brilliant for the Amcor (ASX: AMC) share price. It’s hit seven all-time highs in that period, reaching as high as $18.98.
Interestingly, it all appears to have been spurred by a single release from the company earlier this month.
At the time of writing, the Amcor share price is $18.47, 1.15% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is also up 1.07% on Friday.
Let’s take a look at the release that seems to have kicked off the packaging manufacturer and supplier’s multi-week climb.
What drove the Amcor share price to new heights?
The Amcor share price’s first record high of the last month was reached on 5 May after the company released its earnings for the March quarter.
Within the release, it reported that, while it was impacted by supply shortages and price volatility of materials, energy, fuel, and labour, the quarter was a positive one.
Its sales increased US$501 million to around US$3.7 billion last quarter. That’s 15.6% higher than those it reported for the same quarter of 2021.
Amcor’s gross profit also lifted around 7.2% last quarter, reaching US$731 million.
Though, its operating income as a percentage of net sales dropped to 10% on the back of higher raw material costs.
Finally, Amcor’s diluted earnings per share (EPS) rose 2.9% to 17.8 US cents for the period while its outstanding share count fell 2.8% due to share buyback programs.
And making Amcor’s recent gains more impressive is the fact the company’s home sector has been struggling.
Over the last 30 days, the Amcor share price has surged almost 17%. Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) has tumbled by more than 9%.
The Amcor share price has gained 11% since the start of 2022 and 19% since this time last year.
The post The Amcor share price has racked up 7 all-time highs in the past month. What’s going on? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Amcor Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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