Berry Announces Third Quarter 2023 Results

*GAAP: Net sales of $3.2 billion; Operating income of $267 million; Earnings per share of $1.18
*Non-GAAP: Operating EBITDA of $522 million; Adjusted earnings per share of $1.90
*Returned $115 million to shareholders in the quarter ($83 million via share repurchases and $32 million in dividends)
*Fiscal 2023 outlook: Guidance within our previous announced ranges for adjusted EPS and free cash flow

Berry’s Chairman and CEO Tom Salmon shared, “We continue to prioritize structural cost improvements, enhance operating efficiencies, and successfully shift our portfolio toward high-value growth products across all of our businesses. Our cost actions, including site rationalizations, moving business to more cost-efficient facilities, and labor cost reductions, have resulted in significant annualized cost savings of now $140 million.. We expect to realize $75 million in fiscal 2023, with the majority of the balance being realized in fiscal 2024. These internal initiatives have been instrumental in driving 3% growth in adjusted earnings per share in the face of a 7% volume decline caused by destocking and overall market softness. Moreover, we are dedicated to delivering long-term value for our shareholders, as evident by our repurchases in fiscal 2023 of $416 million, or another 5.6% of shares outstanding, alongside our quarterly dividend payments. Furthermore, and in line with this commitment, we expect to repurchase nearly 3 million shares, or 2.5% of our total shares outstanding, during our fourth fiscal quarter. Looking ahead, we expect a transition to a more normal operating environment with the easing of inflationary pressures on consumers, and we anticipate sequential volume growth improvement across all four segments in the fourth fiscal quarter.”
details at: https://ir.berryglobal.com/news-releases/news-release-details/berry-announces-third-quarter-2023-results

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