08.10.16
Berry Plastics Group, Inc. reported results for its third fiscal 2016 quarter, referred to in the following as the June 2016 quarter.
For the June 2016 quarter, the company recorded net sales of $1,645 million compared to $1,241 million in the same prior year period. The year-over-year increase was primarily attributed to net sales from the acquisition of AVINTIV, Inc., partially offset by a $31 million decline in selling prices, a decrease in base volumes and a $4 million negative impact from foreign currency changes.
For the June 2016 quarter, the company had operating income of $179 million compared to $121 million in the same prior year quarter. The 48% year-over-year increase was primarily attributed to the acquisition of Avintiv and a $32 million improvement in product mix and price/cost spread.
For the June 2016 fiscal year to date, the company recorded net sales of $4,871 million compared to $3,685 million in the same prior fiscal year. The year-over-year increase was primarily attributed to the acquisition of Avintiv, partially offset by a $237 million decline in selling prices due to the pass-through of lower resin prices and $56 million negative impact from foreign currency changes.
For the June 2016 fiscal year to date, the company had operating income of $430 million compared to $301 million in the same prior fiscal year, a 43% year-over-year increase.
“The third fiscal quarter was another strong performance period for Berry during which we achieved record net sales for any quarterly period while Operating EBITDA surpassed any June ending quarter in the company’s history. I am pleased to report that Operating EBITDA margins also increased by 160 basis points to 19.2% in the current quarter. Additionally we generated solid adjusted free cash flow in the quarter of $151 million bringing our adjusted free cash flow for the last four quarters to $475 million,” said Jon Rich, chairman and CEO of Berry Plastics.
The ratio of net debt of $5,642 million to Adjusted EBITDA of $1,212 million for the four quarters ended July 2, 2016 was 4.7, representing a 0.4 improvement (reduction) since the close of the Avintiv acquisition nine months ago. The company’s adjusted free cash flow for the June 2016 quarter was $151 million, an increase of 8%, compared to $140 million in the prior year period.
For the June 2016 quarter, the company recorded net sales of $1,645 million compared to $1,241 million in the same prior year period. The year-over-year increase was primarily attributed to net sales from the acquisition of AVINTIV, Inc., partially offset by a $31 million decline in selling prices, a decrease in base volumes and a $4 million negative impact from foreign currency changes.
For the June 2016 quarter, the company had operating income of $179 million compared to $121 million in the same prior year quarter. The 48% year-over-year increase was primarily attributed to the acquisition of Avintiv and a $32 million improvement in product mix and price/cost spread.
For the June 2016 fiscal year to date, the company recorded net sales of $4,871 million compared to $3,685 million in the same prior fiscal year. The year-over-year increase was primarily attributed to the acquisition of Avintiv, partially offset by a $237 million decline in selling prices due to the pass-through of lower resin prices and $56 million negative impact from foreign currency changes.
For the June 2016 fiscal year to date, the company had operating income of $430 million compared to $301 million in the same prior fiscal year, a 43% year-over-year increase.
“The third fiscal quarter was another strong performance period for Berry during which we achieved record net sales for any quarterly period while Operating EBITDA surpassed any June ending quarter in the company’s history. I am pleased to report that Operating EBITDA margins also increased by 160 basis points to 19.2% in the current quarter. Additionally we generated solid adjusted free cash flow in the quarter of $151 million bringing our adjusted free cash flow for the last four quarters to $475 million,” said Jon Rich, chairman and CEO of Berry Plastics.
The ratio of net debt of $5,642 million to Adjusted EBITDA of $1,212 million for the four quarters ended July 2, 2016 was 4.7, representing a 0.4 improvement (reduction) since the close of the Avintiv acquisition nine months ago. The company’s adjusted free cash flow for the June 2016 quarter was $151 million, an increase of 8%, compared to $140 million in the prior year period.