11.20.18
Berry Global Group, Inc. reported its fourth quarter and fiscal year 2018 results.
In the fourth quarter of 2018, net sales increased 9% to $2.1 billion, with organic sales growth, excluding currency and acquisition effects, up 3%. Operating income was down 3% to $194 million, with operating EBITDA down 1% to $346 million. Net income per diluted share was up 22% to $0.99; adjusted net income per diluted share was up 3% to $0.90.
Cash flow from operations increased by 13% to $448 million, with adjusted free cash flow increasing by 37% to $382 million. Berry completed the strategic acquisition of Laddawn, Inc. during the fourth quarter.
For the fiscal year 2018, net sales increased 11% to an annual record of $7.9 billion. Organic sales, excluding currency and acquisition effects, increased 1%; operating income was up 4% to $761 million, and operating EBITDA also increased 4% to $1,380 million.
Net income per diluted share was up 43% to $3.67, while adjusted net income per diluted share rose 10% to $3.37. Cash flow from operations increased by 3% to $1,004 million and adjusted free cash flow increased by 5% to $634 million. Berry Global expects the fiscal year 2019 cash flow from operations to be $1.04 billion and adjusted free cash flow to reach $670 million.
“Net sales increased 9% to $2.1 billion, compared to the prior year quarter. Additionally, we generated quarterly and annual records for the free cash flow of $382 million and $634 million, respectively,” Tom Salmon, chairman and CEO of Berry, said.
“Specifically by segment, our Consumer Packaging division delivered strong organic sales growth of 8% in the quarter, which was led by our foodservice products,” Salmon added. “These results were driven by stronger demand at quick service restaurants and convenience stores along with stronger overall end market demand for certain products. Within our Health, Hygiene & Specialties division we recorded strong quarterly sales growth of 21% as well as a 16% improvement in operating EBITDA, including the impact of the recently completed acquisition of Clopay. Inside our Engineered Materials division, we successfully completed the acquisition of Laddawn, which enhances our ability to service the faster growing small and medium-size customer base.”
In the fourth quarter of 2018, net sales increased 9% to $2.1 billion, with organic sales growth, excluding currency and acquisition effects, up 3%. Operating income was down 3% to $194 million, with operating EBITDA down 1% to $346 million. Net income per diluted share was up 22% to $0.99; adjusted net income per diluted share was up 3% to $0.90.
Cash flow from operations increased by 13% to $448 million, with adjusted free cash flow increasing by 37% to $382 million. Berry completed the strategic acquisition of Laddawn, Inc. during the fourth quarter.
For the fiscal year 2018, net sales increased 11% to an annual record of $7.9 billion. Organic sales, excluding currency and acquisition effects, increased 1%; operating income was up 4% to $761 million, and operating EBITDA also increased 4% to $1,380 million.
Net income per diluted share was up 43% to $3.67, while adjusted net income per diluted share rose 10% to $3.37. Cash flow from operations increased by 3% to $1,004 million and adjusted free cash flow increased by 5% to $634 million. Berry Global expects the fiscal year 2019 cash flow from operations to be $1.04 billion and adjusted free cash flow to reach $670 million.
“Net sales increased 9% to $2.1 billion, compared to the prior year quarter. Additionally, we generated quarterly and annual records for the free cash flow of $382 million and $634 million, respectively,” Tom Salmon, chairman and CEO of Berry, said.
“Specifically by segment, our Consumer Packaging division delivered strong organic sales growth of 8% in the quarter, which was led by our foodservice products,” Salmon added. “These results were driven by stronger demand at quick service restaurants and convenience stores along with stronger overall end market demand for certain products. Within our Health, Hygiene & Specialties division we recorded strong quarterly sales growth of 21% as well as a 16% improvement in operating EBITDA, including the impact of the recently completed acquisition of Clopay. Inside our Engineered Materials division, we successfully completed the acquisition of Laddawn, which enhances our ability to service the faster growing small and medium-size customer base.”