Berry Global Half-Year Report 2022
- GAAP: Net sales of $3.3 billion; Operating income of $301 million; Earnings per share of $1.42
- Non-GAAP: Operating EBITDA of $541 million; Adjusted earnings per share of $1.96
- Returned $187 million to shareholders in the quarter ($155 million via share repurchases and $32 million in dividends)
- Fiscal 2023 outlook: Reaffirmed adjusted EPS and free cash flow ranges
The net sales decline is primarily attributed to a 6% volume decline, decreased selling prices of $143 million due to the pass-through of lower resin costs, an $80 million unfavorable impact from foreign currency changes, and prior quarter divestiture sales of $42 million. The volume decline is primarily attributed to general market softness and ongoing inventory destocking.
The operating income decrease is primarily attributed to a $35 million unfavorable impact from the volume decline, an $18 million increase in business integration costs, a $15 million unfavorable impact from foreign currency changes, and an unfavorable impact from increased selling, general, and administrative expenses. These declines are partially offset by a $40 million favorable impact from price cost spread as a result of cost reduction and improved product mix.