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Mar 30, 2024
Berry Plastics Q2 2024 Earnings Report
Berry Global Group reported second quarter results inline with expectations, demonstrating solid financial performance amidst sluggish macroeconomic demand and persistent inflation.
Key Takeaways
Berry Global Group reported net sales of $3.1 billion and operating income of $208 million. The company's performance was consistent with expectations, offsetting sluggish macroeconomic demand and inflation. Berry increased its cost savings program target by 18% and reaffirmed its fiscal 2024 outlook, including adjusted EPS of $7.35 - $7.85 and free cash flow of $800 - $900 million.
Net sales reached $3.1 billion, with operating income at $208 million and EPS at $0.98.
Non-GAAP measures included operating EBITDA of $522 million and adjusted EPS of $1.95.
Cost savings program target increased by 18%, adding $25 million to the original target.
Fiscal 2024 outlook reaffirmed with adjusted EPS expected between $7.35 and $7.85 and free cash flow between $800 and $900 million.
Revenue by Segment
Forward Guidance
Berry Global reaffirmed its fiscal year 2024 guidance, including an adjusted earnings per share range of $7.35 to $7.85 and a free cash flow range of $800 million to $900 million.
Positive Outlook
- Adjusted earnings per share range of $7.35 - $7.85
- Cash flow from operations range of $1.35 - $1.45 billion
- Free cash flow range of $800-$900 million
- Committed to debt reduction
- Committed to returning 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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