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Apr 01, 2023
Berry Plastics Q2 2023 Earnings Report
Berry reported second quarter results with adjusted earnings per share growth, offset by volume decline due to destocking and market softness.
Key Takeaways
Berry Global Group reported mixed results for Q2 2023. While adjusted earnings per share increased, net sales and operating income decreased due to volume decline, unfavorable foreign currency changes, and prior quarter divestiture sales. The company is focusing on cost improvements and high-value growth markets.
Net sales reached $3.3 billion, while operating income was $301 million, and EPS was $1.42.
Non-GAAP measures included Operating EBITDA of $541 million and Adjusted EPS of $1.96.
The company returned $187 million to shareholders through share repurchases and dividends.
Fiscal 2023 outlook reaffirmed adjusted EPS and free cash flow ranges.
Revenue by Segment
Forward Guidance
Berry Global Group anticipates adjusted earnings per share to be in the range of $7.30 to $7.80 and free cash flow to be in the range of $800 million to $900 million for fiscal year 2023.
Positive Outlook
- 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
- 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
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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