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Jan 01, 2022
Berry Plastics Q1 2022 Earnings Report
Berry Global Group reported first fiscal quarter 2022 results with a revenue increase of 14% and reaffirmed fiscal 2022 adjusted EPS guidance.
Key Takeaways
Berry Global Group reported a 14% increase in revenue to $3.6 billion for the first fiscal quarter of 2022. The company reaffirmed its fiscal 2022 adjusted EPS guidance of $7.20 to $7.70 and expects a 2% organic volume growth. Supply chain disruptions and inflation were noted as challenges, but the company anticipates improvements in the second half of the fiscal year.
Net sales increased by 14% to $3.6 billion.
Diluted net income per share was $0.87, and adjusted diluted net income per share was $1.25.
A new share repurchase plan of $1 billion was authorized, with at least $350 million of shares expected to be repurchased in fiscal 2022.
Fiscal 2022 adjusted EPS guidance of $7.20 to $7.70 was reaffirmed along with expectation of +2% organic volume growth.
Revenue by Segment
Forward Guidance
Berry Global reaffirmed its fiscal year 2022 guidance of adjusted earnings per share of $7.20 to $7.70 and organic volume growth of 2%. The company also reaffirmed the full-year free cash flow range of $900 million to $1 billion.
Positive Outlook
- Teams are performing well and business is resilient.
- Supply chains are expected to improve as the year progresses.
- Inflation is expected to moderate as the year progresses.
- Committed to recovering the significant cost inflation witnessed in fiscal 2021 and early fiscal 2022.
- Expect a stronger second half of the fiscal year as inflation is recovered, supply chains improve, and new business and capital investments ramp up.
Challenges Ahead
- Persistent inflation
- Supply chain disruptions
- Labor constraints
- Volume decline is primarily attributed to supply chain disruptions
Revenue & Expenses
Visualization of income flow from segment revenue to net income
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