Berry Plastics Group (BERY) Tops Q1 EPS by 2c, Revenues Beat

Berry Plastics Group (NYSE: BERY) reported Q1 EPS of $0.77, $0.02 better than the analyst estimate of $0.75. Revenue for the quarter came in at $1.97 billion versus the consensus estimate of $1.94 billion.

• Net sales increased 11 percent to $2 billion
• Organic sales growth, which excludes currency and acquisition effects, up 3 percent
• Operating income up 8 percent to $176 million
• Operating EBITDA up 7 percent to $331 million
• Net income per diluted share of $0.66
• Adjusted net income per diluted share up 15 percent to $0.77

Commenting on the quarter, Tom Salmon, Chairman and Chief Executive Officer of Berry stated, “I am proud to report we had another quarter of solid financial results as we generated record results for any December quarterly period for most of our primary operating metrics. Net sales increased 11 percent to $2 billion, with organic sales growth of 3 percent. Additionally Operating EBITDA was also a quarterly record at $331 million up 7 percent from the prior year and our adjusted net income per diluted share December quarterly record of $0.77 was an increase of 15 percent compared to the prior year quarter."

“Specifically by segment, our Consumer Packaging division delivered strong organic sales growth of 9 percent in the quarter, which was led by our foodservice products. Within our Health, Hygiene & Specialties division we recorded strong quarterly sales dollar growth of 22 percent as well as a 21 percent improvement in Operating EBITDA, including the impact of the Clopay acquisition. Inside our Engineered Materials division, we recorded quarterly sales dollar growth of 3 percent as well as a 7 percent improvement in Operating EBITDA, including the impact of the recently completed acquisition of Laddawn.”

For earnings history and earnings-related data on Berry Plastics Group (BERY) click here.

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