Berry Global Reports 2Q Fiscal 2018 Results

Berry Global Group, Inc. reported results for its second fiscal 2018 quarter, referred to in the following as the March 2018 quarter.
 
Net income per diluted share increased 22% to $0.66 compared to 2Q 2017. Adjusted net income per diluted share up 12% to $0.84. Net sales increased 9% to $2.0 billion in 2Q 2017, while operating income increased by 7% to $188 million. Operating EBITDA was $350 million, an increase of 4%.
 
The company reaffirmed guidance for fiscal year 2018 cash flow from operations of $1,007 million and adjusted free cash flow of $630 million.
 
“I am proud to report we had March quarterly records for net sales, operating EBITDA, and adjusted earnings per share of $1 billion $967 million, $350 million and $0.84, respectively,” said Tom Salmon, chairman and CEO of Berry.
 
Berry’s cash flow from operating activities was $132 million and $927 million for the quarter and last four quarters ended March 2018, respectively. The company’s adjusted free cash flow for the quarter and last four quarters ended March 2018 was $42 million and $526 million, respectively. Total debt less cash and cash equivalents at the end of the March 2018 quarter was $5,735 million. Adjusted EBITDA for the four quarters ended March 31, 2018 was $1,464 million.