Berry Global Q1 Report 2024

Kevin Kwilinski, Berry’s CEO said, “Berry delivered a solid first quarter result, in line with our expectations, as our teams executed well despite a challenging macro demand environment. Free cash flow was ahead of last year’s first quarter, putting us on track to deliver against our fiscal 2024 guidance, which we reaffirmed today. Our global teams have executed exceptionally well, implementing robust cost reductions and optimizing our product mix across our businesses.

We will continue to focus on driving long-term shareholder value in fiscal 2024 and expect to prioritize repayment of debt, to meet our leverage target commitment, along with returning capital to shareholders via further share repurchases and dividend payments. We continue to believe our shares are undervalued and our repurchases reflect our confidence in the outlook for our business and long-term strategy.”

Highlights

• GAAP: Net sales of $2.9 billion; Operating income of $157 million; Earnings per share of $0.50
• Non-GAAP: Operating EBITDA of $431 million; Adjusted earnings per share of $1.22
• Fiscal 2024 outlook: Reaffirmed adjusted EPS guidance of $7.35 – $7.85 and free cash flow of $800 – $900 million
• Announced plans for a tax-free spin-off and merger of the majority of our HH&S segment to include its global nonwovens and films business with Glatfelter, creating a global specialty materials leader, in a transaction expected to be valued at $3.6 billion