Berry Global Group, Inc. Reports First Quarter Fiscal 2018 Results

Berry Global Group, Inc. (NYSE:BERY) today reported results for its first fiscal 2018 quarter, referred to in the following as the December 2017 quarter.

» Net income was $163 million.
» Net income per diluted share increased to $1.20 compared to $0.40 in the prior year quarter.
» Adjusted net income per diluted share up 34 percent to $0.67.
» Net sales increased 18 percent to $1.8 billion.
» Operating income increased by 12 percent to $163 million.
» Operating EBITDA was $310 million (17.5 percent of net sales), an increase of 12 percent.
» Cash flow from operations increased by 7% to $153 million.
» Increased guidance for fiscal year 2018 cash flow from operations to $1,007 million and adjusted free cash flow to $630 million.

“I am proud to report we had another solid quarter of improved financial results. Milestones for both revenue and operating EBITDA were achieved for any December ended quarter. I am very proud of our employees who continually focus on building and strengthening our competitive advantages while providing high quality products and service to our customers,” said Tom Salmon, Chairman and Chief Executive Officer of Berry.

The net sales increase of $274 million from the prior year quarter is primarily attributed to acquisition net sales of $267 million, an $18 million favorable impact from currency translation, and increases in selling prices due to the pass through of higher resin prices. These increases are partially offset by a 1% base volume decline.

The operating income increase of $17 million from the prior year quarter is primarily attributed to acquisition operating income of $26 million, and an $11 million decrease in selling, general, and administrative expenses from cost reductions, and a $7 million decrease in depreciation and amortization. These increases are partially offset by an $18 million unfavorable impact from under recovery of higher cost of goods sold, a $5 million increase in business integration and restructuring costs, and a $4 million unfavorable impact from volume decline.
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