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Berry Global Reports 3Q Fiscal 2018 Results

Reaffirmed adjusted free cash flow guidance of $630 million for fiscal year 2018.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Berry Global Group, Inc. reported results for its third fiscal 2018 quarter, referred to in the following as the June 2018 quarter.
 
The company reported net income per diluted share up 3% to $0.81 and adjusted net income per diluted share are up 7% to $0.96. Net sales increased 9% to $2.1 billion. Operating income increased by 2% to $216 million. Operating EBITDA was $374 million, an increase of 3%.
 
Berry reaffirmed adjusted free cash flow guidance of $630 million for fiscal year 2018, including cash flow from operations of $987 million partially offset by net capital expenditures of $320 million and tax receivable payment of $37 million.
 
“During the quarter we reported record net sales of $2.1 billion, growth of 9% compared to the prior year quarter,” Tom Salmon, chairman and CEO of Berry, said. “Additionally, we had quarterly records for operating EBITDA and adjusted earnings per share of $374 million and $0.96, respectively.
 
“Specifically by segment, Consumer Packaging reported strong net sales and organic volume growth of 7% and 4%, respectively in the quarter, which was led by our foodservice products driven by stronger demand at quick service restaurants and convenience stores,” Salmon added. “Within our Health, Hygiene & Specialties division we recorded strong revenue growth of 20% as well as an 11% improvement in operating EBITDA, including the impact of the recently completed acquisition of Clopay. Inside our Engineered Materials division, we recorded modest positive organic volume growth in our legacy business led by our tape and flexible packaging products.”

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