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

Related Posts

RISI/Fastmarkets Names Anthony Pratt as CEO of the year

Visy/Pratt Industries Exec chmn Anthony Pratt is leading a recycling resurgence. His US company Pratt Industries was the fifth largest US boxmaker in 2019 with a 7% market share and an estimated 27.5 billion ft2 of shipments. The US boxes are made mostly out of lowcost mixed paper. His five containerboard mills with 1.91 million tons/yr of 100% recycled content containerboard capacity are nearly fully integrated to 70 Pratt corrugated plants, including 30 sheet plants. Pratt US last year generated more than $3 billion in sales and $550 million in EBITDA, in a year of record-low mixed paper pricing at a negative-$2/ton average and containerboard prices an estimated 175-200% more than the firm’s production cost.

Atlantic Packaging Joins The Conservation Alliance

Atlantic Packaging is pleased to announce that it has joined The Conservation Alliance, an organization that harnesses the collective power of business and outdoor communities to advocate for the protection of North America’s wild places. Atlantic Packaging is the first packaging company to join the more than 270 member companies whose collective annual membership dues are dispersed to grassroots environmental organizations that contribute to the long-term health of outdoor recreation and help ensure access for future generations. Family owned-and-operated for 75 years, Atlantic Packaging is committed to supporting the intelligent transition to a circular packaging supply chain and a waste-free world. With packaging accounting for over 40 percent of plastic waste according to 2018 EPA data, Atlantic Packaging has recognized its corporate responsibility to have a positive impact on sustainability. “By joining The Conservation Alliance, Atlantic Packaging is aligning with like-minded businesses collaborating around a common purpose and proudly investing in a wide range of the most compelling conservation projects in North America,” said Atlantic Packaging President Wes Carter.

UPM Raflatac and Mus Verpakkingen collaborate to test a biobased film solution for can labeling

UPM Raflatac and Mus Verpakkingen, a Dutch supplier of metal packaging and closures, have partnered to find a more sustainable alternative for can labeling. Historically, Mus's products have primarily been used in the paint and chemical markets, but today Mus provides a wide assortment of cans, closures and aerosols for the cosmetic and food industries, too. Together with UPM Raflatac, Mus has tested the new RafBio PE material in application. RafBio PE is a sustainable alternative to standard PE film and is made from sugarcane ethanol containing more than 80 % renewable plant-based raw material. This ecodesigned film material reduces greenhouse gas emissions and is recyclable within the same recycling streams as fossil-based PE. For the test series, Mus has labeled 1 liter cylindrical cans with RafBio PE Clear FTC 85 film. The plan is to use RafBio label material for other sizes, too, as the labeled range of cans goes from 125 mm to 5 liters. Click Read More below for additional information.
Back To Top
×Close search
Search