Berry Global Half-Year Report 2022
- 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
The net sales growth is primarily attributed to increased selling prices of $576 million due to the pass through of inflation. This increase was partially offset by an organic volume decline of 2%, a $64 million unfavorable impact from foreign currency changes, extra shipping days in the prior quarter of $19 million, and prior quarter divestiture sales of $14 million. The volume decline is primarily attributed to supply chain disruptions and the moderation of advantaged products related to the COVID-19 pandemic.
The operating income increase is primarily attributed to a $37 million decrease in business integration expense, and a decrease in selling, general, and administrative expenses, partially offset by a $13 million unfavorable impact from price cost spread and negative product mix, a $12 million unfavorable impact from foreign currency, and a $10 million unfavorable impact from the volume decline.
