Berry Global Q3 Report 2023
- GAAP: Net sales of $3.2 billion; Operating income of $267 million; Earnings per share of $1.18
- Non-GAAP: Operating EBITDA of $522 million; Adjusted earnings per share of $1.90
- Returned $115 million to shareholders in the quarter ($83 million via share repurchases and $32 million in dividends)
- Fiscal 2023 outlook: Guidance within our previous announced ranges for adjusted EPS and free cash flow
The net sales decline is primarily attributed to decreased selling prices of $250 million due to the pass-through of lower resin costs and a 7% volume decline. The volume decline is primarily attributed to softer demand in our consumer and industrial markets, including destocking, partially offset by strong growth in foodservice.
The operating income decrease is primarily attributed to a $44 million unfavorable impact from the volume decline, a $30 million increase in business integration costs and a $10 million expense related to a third-party warehouse fire.