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Benzinga
Benzinga
Business
Shivani Kumaresan

Berry Global Q2 Earnings Beat Estimates

Berry (Organization) BERY Inflation Pandemic Supply chain
  • Berry Global Group Inc (NYSE:BERY) reported second-quarter FY22 sales growth of 12% year-on-year to $3.78 billion, beating the consensus of $3.70 billion.
  • The net sales growth is primarily attributed to increased selling prices of $576 million due to the pass-through of inflation. 
  • Organic volumes were down 2% in the quarter, primarily due to supply chain disruptions and the moderation of advantaged products related to the COVID-19 pandemic.
  • Selling, general and administrative expenses declined 5.9%. The operating margin was 9%, and operating income for the quarter rose 2.4% to $341 million.
  • Adjusted EPS of $1.93 beat the analyst consensus of $1.77.
  • The operating EBITDA declined 5.9% to $555 million in Q2.
  • The company held $622 million in cash and equivalents as of April 2, 2022.
  • Outlook: Berry reaffirmed its FY22 adjusted EPS outlook of $7.20 - $7.70, against the consensus of $7.23. It targets flat to 1% organic volume growth for FY22.
  • Price Action: BERY shares are trading lower by 3.75% at $57.52 on the last check Thursday.
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