Berry Global Group (BERY) Tops Q3 EPS by 2c
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Berry Global Group (NYSE: BERY) reported Q3 EPS of $1.53, $0.02 better than the analyst estimate of $1.51. Revenue for the quarter came in at $3.68 billion versus the consensus estimate of $3.23 billion.
Fiscal 2021 Guidance:
Given our continued strength and stable demand outlook across our businesses, we are increasing our operating EBITDA guidance to $2.26 billion and reaffirming our organic volume growth assumption for fiscal 2021 of 5%, which assumes low-single digit volume growth in the September 2021 quarter. This guidance builds on last year’s strong performance and is supported by our robust and growing pipeline, increased level of capital expenditures, and the positive trends and momentum we are seeing in each of our businesses. While we remain committed to recovering cost inflation, we have assumed the timing lag of recovery continuing in the September quarter. Our expected free cash flow for fiscal 2021 is in-line with our prior guidance at $875 million dollars in a period of significant cost inflation, which is expected to negatively impact working capital. The targeted free cash flow includes $1.575 billion dollars of cash flow from operations, partially offset by capital expenditures of $700 million dollars. We also continue to anticipate further strengthening our balance sheet and expect to be further inside our targeted range of 3.0 to 3.9 times net debt to adjusted EBITDA at the end of fiscal 2021.
For earnings history and earnings-related data on Berry Global Group (BERY) click here.
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