02.08.18
Berry Global Group, Inc. reported results for its first fiscal 2018 quarter, ending in December 2017.
Net income was $163 million, and net income per diluted share increased to $1.20 compared to $0.40 in the prior year quarter. Adjusted net income per diluted share was up 34% to $0.67.
Net sales increased 18% to $1.8 billion. Operating income increased by 12% to $163 million. Operating EBITDA was $310 million (17.5% of net sales), an increase of 12%. Cash flow from operations increased by 7% to $153 million. Increased guidance for fiscal year 2018 cash flow from operations is up to $1,007 million and adjusted free cash flow to $630 million.
“I am proud to report we had another solid quarter of improved financial results. Milestones for both revenue and operating EBITDA were achieved for any December ended quarter,” said Tom Salmon, chairman and CEO of Berry.
The net sales increase of $274 million from the prior year quarter is primarily attributed to acquisition net sales of $267 million, an $18 million favorable impact from currency translation, and increases in selling prices due to the pass through of higher resin prices. These increases are partially offset by a 1% base volume decline.
Cash flow from operating activities was $153 million and $985 million for the quarter and last four quarters ended December 2017, respectively. The company’s adjusted free cash flow for the quarter and last four quarters ended December 2017 was $25 million and $606 million, respectively. Total debt less cash and cash equivalents at the end of the December 2017 quarter was $5,308 million. Adjusted EBITDA for the four quarters ended December 30, 2017 was $1,390 million.
Net income was $163 million, and net income per diluted share increased to $1.20 compared to $0.40 in the prior year quarter. Adjusted net income per diluted share was up 34% to $0.67.
Net sales increased 18% to $1.8 billion. Operating income increased by 12% to $163 million. Operating EBITDA was $310 million (17.5% of net sales), an increase of 12%. Cash flow from operations increased by 7% to $153 million. Increased guidance for fiscal year 2018 cash flow from operations is up to $1,007 million and adjusted free cash flow to $630 million.
“I am proud to report we had another solid quarter of improved financial results. Milestones for both revenue and operating EBITDA were achieved for any December ended quarter,” said Tom Salmon, chairman and CEO of Berry.
The net sales increase of $274 million from the prior year quarter is primarily attributed to acquisition net sales of $267 million, an $18 million favorable impact from currency translation, and increases in selling prices due to the pass through of higher resin prices. These increases are partially offset by a 1% base volume decline.
Cash flow from operating activities was $153 million and $985 million for the quarter and last four quarters ended December 2017, respectively. The company’s adjusted free cash flow for the quarter and last four quarters ended December 2017 was $25 million and $606 million, respectively. Total debt less cash and cash equivalents at the end of the December 2017 quarter was $5,308 million. Adjusted EBITDA for the four quarters ended December 30, 2017 was $1,390 million.