64% jump in Q1 profit at AMG

Profit at AMG Packaging climbed for the first quarter to November by a solid 64 percent to $39.86 million from $24.34 million in 2022, with profits for the quarter representing 44 percent of 2023 full year earnings of $89 million.
Much of the profit improvement arose from increased efficiency in the operations, following the introduction of new machinery.
The company, producers of cardboard carton boxes, reported revenues rising by just 7 percent to $272.5 million from $254 million in 2022. Manufacturing costs fell from $181 million to $171 million, with the cost of goods dropping by $14 million to $171 million and resulting in gross profit jumping 38 percent to $102 million from $73 million in 2022.
Pretax profit jumped 85 percent to $54.4 million, from $29.3 million but corporate taxes nearly tripled to $14.5 million from $5 million in 2022.