Second Quarter 2017 Summary: • Reported sales were in line with the prior year. • Excluding the negative impact from changes in foreign currency exchange rates, core sales increased 1% as robust core sales growth in the Pharma and Food + Beverage segments offset a decline in Beauty + Home. • Reported net income (11% of net sales) increased to $65 million (+10%) primarily due to a lower effective tax rate. • EBITDA (20% of net sales) decreased to $124 million (-7%) primarily due to decreases in business in certain markets and higher raw material costs. • Reported earnings per share were $1.01 compared to $0.91 reported in the prior year (+11%) and $0.90 in the prior year when adjusting for changes in currency exchange rates (+12%). Click Read More below for additional details.
Today, the Board of Directors of Berry Plastics Group, Inc. (NYSE: BERY) announced that Thomas E. (Tom) Salmon has been unanimously elected as Berry’s President and Chief Operating Officer effective October 3, 2016. As President and Chief Operating Officer, Salmon will be responsible for the Company’s operating businesses, operations, supply chain, and procurement. Salmon currently serves as President of the Company’s Consumer Packaging Division.
The Company also announced that its Chairman and Chief Executive Officer, Jonathan D. (Jon) Rich, has informed the Board of Directors of his intention to retire as Chief Executive Officer effective in February 2017. Upon his retirement, Rich will continue to serve as Executive Chairman of the Board.
“The creation of the President and Chief Operating Officer role is the next step in our ongoing succession process. Tom’s background, experience and track record of success leading multiple Berry divisions throughout his career with the Company make him eminently qualified to take on this important leadership role,” said Rich. “Berry is well positioned to continue the success we have achieved since our IPO in 2012. The Company has a strong leadership team and the time is right for the next generation to take Berry into the future. I look forward to continuing my role with the Company as Executive Chairman.”
Salmon, age 53, joined the Company in 2007 with Berry’s acquisition of Covalence Specialty Materials where he had led the Adhesives Division for four years. From 2007-14, he served as President of Berry’s Engineered Materials Division, prior to being appointed President of Berry’s Rigid Closed Top Division in 2014 and President of Berry’s Consumer Packaging Division in 2015. Before joining Covalence, Salmon was General Manager of Honeywell Plastics and Global Sales Director for Allied Signal’s Engineering Plastics and Films. He began his career with General Electric and held a variety of commercial positions during his 12 years in GE’s Plastics and Lighting divisions.