Berry Announces Second Quarter 2023 Results

Second Quarter Highlights:
*GAAP: Net sales of $3.3 billion; Operating income of $301 million; Earnings per share of $1.42
*Non-GAAP: Operating EBITDA of $541 million; Adjusted earnings per share of $1.96
*Returned $187 million to shareholders in the quarter ($155 million via share repurchases and $32 million in dividends)
*Fiscal 2023 outlook: Reaffirmed adjusted EPS and free cash flow ranges

Chairman and CEO Tom Salmon said, “Our business delivered solid second quarter and first half results with adjusted earnings per share growth of 4% and 7%, respectively. During the past several quarters, we have seen supply chain constraints continue to ease, prioritized structural cost improvements and continued our efforts to pivot our portfolio to high-value growth products across all of our businesses. Our cost actions include the rationalizing of 15 facilities across the world, moving business to more efficient cost facilities, and other labor cost reductions from improved productivity. These cost savings initiatives are expected to provide annualized cost savings of $115 million and we expect to realize $70 million in fiscal 2023. These internal actions helped to offset a 6% volume decline driven by destocking and general market softness. We continued our focus on driving long-term value for our shareholders and repurchased $155 million of shares, or another 2.1% of shares outstanding, in the second quarter, while also paying our quarterly dividend. We believe our shares remain undervalued and our repurchases reflect our confidence in the outlook of our business, our long-term strategy, and the strength of our operating model and cash flows.

“We will continue to target key end markets which offer greater potential for differentiation and long-term growth, such as healthcare, beauty, and foodservice. Additionally, we will continue to invest and expand our emerging market exposure while delivering highly desired innovative and sustainability-focused customer-linked products. Together, with these growth drivers, we are making long-lasting structural cost improvements while advancing our strategic initiatives to exit 2023 a much stronger and more focused Company.”
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