Berry Announces Third Quarter 2024 Results

Kevin Kwilinski, Berry’s CEO said, “Our strong financial results in the quarter were consistent with our expectations and our teams executed very well. Notably, we achieved a 2% increase in overall organic volumes, with each four operating segments delivering low-single digit volume growth. At the same time, we delivered a solid increase in our operating EBITDA margins, which were 110 basis points higher than the previous year. We place a high value on honoring our commitments and excellence in execution. This quarter, I’d like to emphasize our team’s outstanding performance in achieving volume and earnings growth, as well as our progression in reducing our leverage and optimizing our portfolio.

We are confident in the strength of our underlying businesses, our customer value proposition, and our execution capabilities. We expect business momentum to continue as we demonstrated in the June quarter, including delivering, low-single digit volume growth in the fiscal fourth quarter and exiting fiscal 2024 at or below our 3.5x leverage target.

I am excited by the attainable growth and operational excellence opportunities ahead. We’re focusing on three key efforts: optimizing our portfolio to accelerate growth and deleveraging, implementing our lean transformation, and driving growth by enhancing our commercial excellence.”

Third Quarter Highlights
*GAAP: Net sales of $3.2 billion; Operating income of $303 million; Earnings per share of $1.65
*Non-GAAP: Operating EBITDA of $546 million; Adjusted earnings per share of $2.18 (up 16% vs PY)
*Third quarter volume and earning results in-line with expectations; +2% organic volume growth
*Continued progress in portfolio optimization; HHNF spin/merger on track
details at: https://ir.berryglobal.com/news-releases/news-release-details/berry-announces-third-quarter-2024-results

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