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Jul 02, 2022
Berry Plastics Q3 2022 Earnings Report
Berry Global Group reported solid quarterly results with record revenues and adjusted earnings per share.
Key Takeaways
Berry Global Group reported a 6% increase in net sales to $3.7 billion. EPS was $1.58 and adjusted EPS was $2.03, up 10%. The company repurchased $286 million of shares in the quarter and expects to repurchase at least $700 million in fiscal 2022.
Net sales increased by 6% to $3.7 billion on a comparable basis.
Operating income was $336 million, and Operating EBITDA was $550 million, up 2% on a comparable basis.
Earnings per share reached $1.58, with adjusted earnings per share at $2.03, a 10% increase on a comparable basis.
The company repurchased $637 million of shares year-to-date, reducing total shares outstanding by 8%.
Berry Plastics
Berry Plastics
Berry Plastics Revenue by Segment
Revenue by Segment
Consumer Packaging - Intl Revenue
CapyFin.comConsumer Packaging - NA Revenue
CapyFin.comFlexibles Revenue
CapyFin.com Forward Guidance
Berry Global Group is targeting adjusted earnings per diluted share of $7.40 and free cash flow of $750 million for fiscal year 2022.
Positive Outlook
- Committed to recovering inflation.
- Seeing supply chain improvements.
- Onboarding new business
- Making capital investments
- Returning $700 million to shareholders via share repurchases
Challenges Ahead
- Persistently higher operating costs
- Continuously changing economy
- General market softness in industrial markets
- Moderation of advantaged products related to the easing of the COVID-19 pandemic.
- Volume decline is primarily attributed to pivoting the sales mix to higher-value categories and general market softness.
Revenue & Expenses
Visualization of income flow from segment revenue to net income