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Dec 31, 2022
Berry Plastics Q1 2023 Earnings Report
Berry reported solid first quarter results with increased adjusted earnings per share and strategic capital allocation.
Key Takeaways
Berry Global Group reported first quarter results with operating income of $210 million and adjusted earnings per share of $1.30, up 11% on a comparable basis. The company reaffirmed its fiscal year 2023 adjusted EPS and free cash flow ranges. They returned $211 million to shareholders and reduced their long-term leverage target.
Operating income was $210 million.
Operating EBITDA increased by 3% on a comparable basis to $443 million.
Adjusted earnings per share increased by 11% on a comparable basis to $1.30.
Company returned $211 million to shareholders through share repurchases and dividends.
Revenue by Segment
Forward Guidance
Berry Global Group provided fiscal year 2023 guidance, including adjusted earnings per share range of $7.30 - $7.80, cash flow from operations range of $1.4 - $1.5 billion, free cash flow range of $800 - $900 million, and anticipate returning at least $700 million of capital to shareholders.
Positive Outlook
- Adjusted earnings per share range of $7.30 - $7.80
- 8% expected mid-point growth versus comparable prior year
- Cash flow from operations range of $1.4 - $1.5 billion
- Free cash flow range of $800 - $900 million
- Anticipate returning at least $700 million of capital to shareholders through share repurchases and dividends
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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