Packaging firm Amcor reports downbeat quarter on soft consumer demand

Oct 31 (Reuters) - Packaging company Amcor Plc on Tuesday reported a drop in first-quarter revenue and profit, hit by softer demand for its containers and cartons as consumer goods companies looked to trim inventories in a choppy macroeconomic environment.

The Zurich-headquartered company, which provides to consumer packaged goods companies like Cadbury-maker Mondelez International, took a hit from lower volumes in categories such as healthcare, meat and liquid beverages in North America, as well as snacks and coffee in Europe.

Overall beverage volumes in North America were down by 9% compared to last year as a result of lower consumer demand, the company said.

Still, the company maintained its annual adjusted profit forecast, with CEO Ron Delia saying in a statement that Amcor expects to benefit from price hikes and cost cutting measures, despite the strain on volumes continuing in the "near term."

Net sales for the quarter ended Sept. 30 fell 7% to $3.44 billion from a year ago. The average estimate of five analysts for net sales was $3.43 billion, as per LSEG data.

Adjusted earnings per share fell to 15 cents per share from 18 cents per share a year ago. (Reporting by Juveria Tabassum; Editing by Shailesh Kuber)