Berry Global Group, Inc. Reports Third Quarter Fiscal 2017 Results

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

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170803005287/en/

  • Net income for the June 2017 quarter was $107 million ($0.79 per diluted share) compared to $96 million ($0.76 per diluted share) in the prior year quarter. Adjusted net income per diluted share in the June 2017 quarter was 13 percent higher at $0.93 compared to $0.82 in the prior year quarter.
  • Net sales increased 16 percent over the prior year quarter and was a quarterly record at $1 billion 906 million. Operating income for the quarter increased by 18 percent to a quarterly record of $212 million compared to $179 million in the prior year quarter. Operating EBITDA was also a quarterly record at $364 million (19.1 percent of net sales), an increase of 15 percent compared to the June 2016 quarter.
  • Cash flow from operations for the last four quarters ended June 2017 was $870 million, and adjusted free cash flow for the same period was $554 million.
  • We are reaffirming our fiscal 2017 guidance of projected cash flow from operations of $925 million and adjusted free cash flow of $550 million.
  • Increased our annual cost synergies for the AEP acquisition again from our initial guidance of $50 million to $80 million

“This continues to be an exciting year for Berry as we celebrate our 50th year in business while also achieving a milestone in the quarter with our placement into the Fortune 500. We achieved quarterly records for net sales and operating EBITDA and continued our work integrating the AEP acquisition. Adjusted free cash flow improved 20 percent, and adjusted net income per diluted share was also 13% higher at 93 cents,” said Tom Salmon, CEO of Berry.

read more/source: http://ir.berryplastics.com/phoenix.zhtml?c=192781&p=irol-newsArticle&ID=2291528

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