Berry Global Group, Inc. Reports Second Fiscal Quarter 2022 Results

Second Fiscal Quarter Highlights
Net sales of $3.8 billion, a 12% increase
Operating income of $341 million; Operating EBITDA of $555 million
Diluted earnings per share of $1.50; Adj. diluted earnings per share of $1.93
$350 million of share repurchases in 1H fiscal ‘22; Expect further opportunistic repurchases in 2H
Reaffirms fiscal 2022 adjusted earnings per share and free cash flow guidance

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

Berry’s Chairman and CEO Tom Salmon said, “For the second fiscal quarter, we reported record revenue of $3.8 billion, an increase of 31% on a two-year basis, as underlying demand for our products remained resilient. We delivered two-year organic volume growth of 3% led primarily by market growth and supported by our organic investments in our Health, Hygiene, & Specialties and Consumer Packaging segments. Adjusted earnings per share came in better than our expectation in the quarter and increased by an impressive 21% on a two-year basis. Organic volumes, operating EBITDA, and cash flow, all finished in line with expectations, despite being impacted by considerable inflation in many of our input costs.

“As we navigate the current environment, we remain highly focused on cost productivity and are continuing to increase prices to offset rising input costs. We continue to prudently invest in each of our businesses to maintain and grow our world-class, low-cost manufacturing base, with an emphasis on organic growth and key growth markets and regions. The continued positive momentum from our investments in areas such as health and wellness, e-commerce, and food safety drive our business toward more sustainable packaging solutions and provide us with a path to deliver long-term, consistent, volume and earnings growth.”
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