Berry Global Group, Inc. Reports Record Fourth Quarter and Fiscal Year 2020 Results

Berry Global Group, Inc. (NYSE:BERY) today reported its fourth quarter and fiscal year 2020 results, referred to in the following as the September 2020 quarter and fiscal 2020.

Fourth Quarter Highlights (all comparisons made to the September 2019 quarter):
*Net sales of $3 billion with 4 percent organic volume growth
*Operating income of $349 million
*Operating EBITDA up 18 percent to $586 million
*Net income per diluted share of $1.44

Fiscal Year Highlights (all comparisons made to fiscal year 2019):
*Net sales of $11.7 billion with 2 percent organic volume growth
*Operating income up 21 percent to $1.2 billion
*Operating EBITDA up 41 percent to $2.2 billion
*Net income per diluted share up 38 percent to $4.14
*RPC Group Plc (“RPC”) integration and synergy realization progressing better than plan
*Exceeded guidance for both cash flow from operations and free cash flow, recording $1.5 billion and $947 million, respectively.

Berry’s Chairman and CEO, Tom Salmon said, “Fiscal 2020 was a terrific year for Berry, during which we delivered record financial results that exceeded our expectations. Our key strategic priorities for fiscal 2020 were to generate profitable organic growth, integrate the business acquired with RPC, and further strengthen our balance sheet. I am pleased to report success in all three strategic priorities.

“The execution from our front-line team members, for not only achieving our financial performance results, but also in helping keep each other safe, while meeting the critical needs of our communities and customers, was nothing short of outstanding. In the face of significant adversity and complexity across the globe, our business continued to demonstrate our financial and operational stability throughout the year.

“We enter fiscal 2021 with confidence in our ability to grow organically as we have demonstrated this past year. I believe we are well positioned to see long-term, predictable, and sustainable growth with customer-linked capital investments that target continued expansion into both faster growing end markets and developing emerging markets.”
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