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August 4, 2022

Berry Global registers 6% increase in net sales for Q3 2022

The company primarily attributed its growth in net sales to increased selling prices due to inflation.

US-based plastic packaging company Berry Global has reported $3.7bn in net sales for the third quarter (Q3) of the fiscal year 2022 (FY22).

The figure represents a 6% and 1% increase from the same period of the fiscal year 2021 (FY21) on a comparable and reported basis respectively.

Berry has primarily attributed the growth in net sales during the quarter to increased selling prices of $301m because of the pass-through of inflation.

The firm’s operating income for the three months to 2 July was $336m, down from $343m in the same period of FY21.

Its operating earnings before interest, tax, depreciation and amortisation (EBITDA) were $550m, up by 2% on a comparable basis from Q3 2021.

Berry’s diluted earnings per share (EPS) grew from $1.40 to $1.58 year-on-year, while its adjusted EPS was $2.03, up by 10% on a comparable basis from a year earlier.

Berry Global chairman and CEO Tom Salmon said: “For the third fiscal quarter, we reported solid quarterly results, including record revenues for any June quarter in our history as underlying demand for our products remained resilient.

“As we continue to navigate the current environment, we remain focused on cost productivity and working collaboratively with our customers to increase prices to offset rising costs.

“Adjusted earnings per share came in better than our expectation and was a quarterly record for any period in our history, increasing by 10% versus the prior year on a comparable basis.”

For the full year, Berry has forecast adjusted EPS of $7.40 and operating EBITDA of $2.15bn.

The company also expects to return $700m to shareholders via share repurchases.

Salmon added: “We believe we are well-positioned for continued value creation and returning capital to our shareholders through our dependable and consistent free cash generation along with strategic divestiture opportunities which will allow us additional opportunistic share repurchases and further debt repayment.”

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