Berry Plastics Group (BERY) Tops Q1 EPS by 5c; Reaffirms

Berry Plastics Group (NYSE: BERY) reported Q1 EPS of $0.50, $0.05 better than the analyst estimate of $0.45. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.55 billion.

• Net income for the December 2016 quarter was $51 million ($0.40 per diluted share) compared to $4 million ($0.03 per diluted share) in the prior year quarter. Adjusted net income in the December 2016 quarter was over 40 percent higher at $0.50 per diluted share compared to $0.35 per diluted share in the prior year quarter.
• Operating income for the quarter increased by 70 percent to $146 million compared to $86 million in the prior year quarter. Operating EBITDA was a record for any December quarter in the Company’s history at $277 million (18.4% of net sales) compared to $276 million (17.1% of net sales) in the December 2015 quarter.
• Cash flow from operations for the last four quarters ended December 2016 was $809 million. Adjusted free cash flow for the last four quarters ended was $492 million.
• We are reaffirming our fiscal 2017 guidance of projected cash flow from operations of $925 million and adjusted free cash flow guidance of $550.

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

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