Berry Global Group, Inc. Reports First Fiscal Quarter 2022 Results

First Fiscal Quarter Highlights (all comparisons made to the December 2020 quarter)
*Net sales of $3.6 billion, a 14% increase
*Operating income of $229 million; Operating EBITDA of $457 million
*Diluted net income per share of $0.87; Adjusted diluted net income per share of $1.25
*Authorized new share repurchase plan of $1 billion; expect to repurchase at least $350 million of shares outstanding in fiscal 2022
*Reaffirmed fiscal 2022 adjusted EPS guidance of $7.20 to $7.70
*Expect +2% organic volume growth in fiscal 2022
*Reaffirmed cash flow from operations and free cash flow guidance

Berry Global Group, Inc. (NYSE:BERY), a leading supplier of sustainable packaging solutions for consumer goods and industrial products, today reported its first fiscal quarter 2022 results, referred to in the following as the December 2021 quarter.

Berry’s Chairman and CEO Tom Salmon said, “For the first fiscal quarter, we reported revenue of $3.6 billion, an increase of 14% compared to the prior year, as underlying demand for our products remained resilient. We delivered two-year organic volume growth of 4% compared to pre-pandemic levels of the 2020 first fiscal quarter led by our Health, Hygiene & Specialties and Consumer Packaging segments primarily driven by market growth supported by our organic investments. Organic volume and cash flow both finished in line with our expectation, but could have been stronger had we seen improvements in supply chains. On a two-year basis, adjusted earnings per share increased by 33%. These strong results over the past two years are driven by our focused strategy to invest organically in each of our businesses despite significant cost increases in resin, our primary raw material, as well as inflation in other raw materials, freight, and labor, compounded by supply chain-related challenges. This strategy has delivered 2% organic volume growth in fiscal 2020, 4% in fiscal 2021 and we expect another 2% in fiscal 2022. My deepest thanks go to our 47,000 employees who delivered these results in what was a challenging and unpredictable last few years.

“We continue to prudently invest in each of our businesses to maintain and grow our world-class, low-cost, manufacturing base, with an emphasis on key growth markets and regions. We also see incremental opportunity to invest organically in support of our unwavering commitment to global growth. The continued positive momentum from our investments in areas such as health and wellness, e-commerce, and food safety, drive our business toward more sustainable packaging solutions, and provide us with a path to deliver long-term, consistent, volume and earnings growth, just as we have done over the last several years.”
details at: https://ir.berryglobal.com/news-releases/news-release-details/berry-global-group-inc-reports-first-fiscal-quarter-2022-results

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