Berry Global Group, Inc. Reports Fourth Quarter and Fiscal Year 2022 Results

Fourth Quarter Highlights:
*Net sales of $3.4 billion
*Operating income of $336 million; Operating EBITDA of $539 million, a 9% increase
*Earnings per share of $1.85; record adjusted earnings per share of $2.19, an 18% increase

Fiscal Year Highlights:
*Record net sales of $14.5 billion, a 10% increase
*Operating income of $1.2 billion; Operating EBITDA of $2.1 billion
*Record earnings per share of $5.77; record adjusted earnings per share of $7.40, a 7% increase
*Cash flow from operations of $1.56 billion; free cash flow of $876 million, +$125 million above guidance
*$709 million of share repurchases, a 9% reduction in total shares outstanding

Berry Global Group, Inc. (NYSE:BERY), a leading supplier of sustainable packaging solutions for consumer goods and industrial products, today reported its fourth quarter and fiscal year 2022 results, referred to in the following as the September 2022 quarter and fiscal 2022.

Berry’s Chairman and CEO Tom Salmon said, “Our businesses delivered fiscal year record results, including 10% revenue growth and 7% adjusted earnings per share growth, coming off of another record year in fiscal 2021. Over the past few years we have seen persistent inflation and have taken proactive pricing actions while investing in cost reduction efforts. I am also proud of the teams’ efforts enabling us to generate another year of substantial free cash flow, ending the year with $876 million, allowing us to return $709 million to shareholders via share repurchases taking in 9% of our total shares outstanding. Additionally, our Board of Directors’ authorization of both a new quarterly cash dividend and increasing our share repurchase authorization underscores our commitment to enhancing long-term shareholder value. We believe our shares are significantly undervalued and the increased authorization reflects our confidence in the outlook of our business, our long-term strategy, and the strength of our operating model and cash flows.

“In both the near- and long-term, we remain focused on driving consistent, dependable, and sustainable growth, supported by our robust free cash flow and accompanied by our large-scale and diverse portfolio. Innovation and sustainability are increasingly embedded in everything we do and we continue to believe this represents a great opportunity for both growth and differentiation. As we navigate through fiscal 2023, we will continue our efforts on inflation recovery while taking the necessary actions to drive cost benefits through automation and asset optimization across our global footprint.”
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