~ Kevin M. Fogarty to serve as Non-Executive Chair of the Board of Directors for the proposed newly combined company ~ James M. Till to serve as Executive Vice President, Chief Financial Officer & Treasurer ~ Tarun Manroa to serve as Executive Vice President, Chief Operating Officer CHARLOTTE, N.C., April 11, 2024 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE:GLT), a leading global supplier of engineered materials, in anticipation of the previously announced proposed merger of the majority of Berry Globa ...

EVANSVILLE, Ind.--(BUSINESS WIRE)--Berry Global, a leader in the design and manufacture of innovative, sustainable packaging solutions recently opened the doors to its “Circular Innovation and Training Center” in Tulsa, Oklahoma. The new 12,000 square foot center will accelerate the development of highly innovative products driven by superior materials science and engineering, foster a collaborative space for training, and incubate cutting-edge stretch film projects that help keep materials in use and out o ...

champpixs Introduction US packaging products maker Berry Global Group (NYSE:BERY) is the second largest position in my stock portfolio at the moment and February 7 was an eventful day for investors. Besides releasing its Q1 FY24 financial results, the company revealed that the spin-off and merger of the majority of its Health, Hygiene and Specialties segment in a transaction that values this business at $2.6 billion. Under the deal, Berry Global will receive $1 billion in cash and its global nonwovens a ...

Berry Global Group, Inc. (BERY) reported first-quarter fiscal 2024 (ended December 2023) adjusted earnings of $1.22 per share, which missed the Zacks Consensus Estimate of $1.29. The bottom line decreased 6% year over year.Net sales of $2.85 billion missed the Zacks Consensus Estimate of $2.99 billion. The top line decreased 7% year over year due to a 3% dip in volumes and lower selling prices, which declined $189 million due to the pass-through of lower resin costs. Reduced demand in the consumer and indus ...

Shares of Berry Global (BERY -11.78%) fell 11.8% on Wednesday after the plastic packaging solutions company announced weaker-than-expected quarterly results.A "solid" quarter for Berry Global amid macroheadwindsFor its fiscal first quarter ended Dec. 30, 2023, Berry's net sales declined 7% year over year to $2.85 billion, translating to a 6% drop in adjusted (non-GAAP) earnings to $1.22 per share. Most analysts were looking for higher earnings of $1.29 per share on revenue closer to $2.99 billion.Nonetheles ...

Financial Data and Key Metrics Changes - The company generated nearly $1 billion in free cash flow, reaching $988 million, a 10% increase from the prior-year period [4] - Adjusted earnings per share decreased by 9% versus the prior comparable year, while operating EBITDA was down 6% [26] - The company anticipates being within a reduced leverage target of 2.5 to 3.5 times by the end of fiscal '24 [4][20] Business Line Data and Key Metrics Changes - Revenue in the Consumer Packaging North America division was down 10%, primarily due to lower selling prices and softer overall customer demand [11] - Revenue in the Consumer Packaging International division was down 6%, driven by the pass-through of polymer costs and softer market demand [27] - Revenue in the Health, Hygiene and Specialties division was down 11%, primarily due to reduced selling prices and softer demand in hygiene markets [46] Market Data and Key Metrics Changes - The company expects a weighted market growth of around 3% and does not anticipate major shifts in consumer behavior to meet its numbers [6] - The company has seen improved sequential volumes over the past three quarters in certain markets, particularly in disinfectant wipes [46] Company Strategy and Development Direction - The company is focused on debt repayment, opportunistic share repurchases, and quarterly dividend payments in fiscal '24 [20] - A strategic review led to the announcement of a spin-off and merger of its Health, Hygiene and Specialties segment with Glatfelter, creating a scaled global franchise [41][51] - The company aims to increase its presence in stable, non-cyclical fast-moving consumer goods from 70% to over 80% of its portfolio [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a stronger second half of fiscal '24, driven by ongoing cost actions and favorable comparisons to the prior year's volume performance [2][48] - The company anticipates free cash flow in the range of $800 million to $900 million, assuming cash from operations of $1.35 billion to $1.45 billion [49] - Management noted that the easing of inflation and a return to more normalized customer promotional activity are expected to positively impact earnings [76] Other Important Information - The company has repaid $300 million on term loans in the first quarter and issued $800 million of senior secured notes to enhance its capital structure [30] - The company completed a divestiture of a European industrial automotive business, aligning with its strategy to simplify the portfolio [47] Q&A Session Summary Question: Can you talk about the growth you're seeing from a volume standpoint in some of the key markets? - Management indicated that they expect to see slightly down mid-single digits in the first half, with a slight increase in the second half, aligning with market growth expectations [58] Question: Can you provide specific examples of how the company is evolving to be more customer-centric? - Management highlighted the shift to customer-driven metrics and the integration of a Net Promoter Score process to ensure customer feedback is utilized for improvements [62] Question: How do you see volumes evolving over the course of the fiscal year? - Management expects volumes to improve as the year progresses, with signs of recovery in both industrial and consumer segments [72][126] Question: What is the intended use of the cash distribution from the transaction with Glatfelter? - The cash distribution of approximately $1 billion is primarily intended for debt repayment, with an active share repurchase program also in place [93] Question: How does the company plan to address pricing pressures in a softer demand environment? - Management noted that they have successfully communicated cost drivers to customers and expect to recover non-resin cost increases due to the overall lower net price customers are experiencing [100]

Berry Global (BERY) reported $2.85 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 6.8%. EPS of $1.22 for the same period compares to $1.30 a year ago.The reported revenue represents a surprise of -4.49% over the Zacks Consensus Estimate of $2.99 billion. With the consensus EPS estimate being $1.29, the EPS surprise was -5.43%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

Berry Global (BERY) came out with quarterly earnings of $1.22 per share, missing the Zacks Consensus Estimate of $1.29 per share. This compares to earnings of $1.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.43%. A quarter ago, it was expected that this packaging company would post earnings of $2.13 per share when it actually produced earnings of $2.28, delivering a surprise of 7.04%.Over the last four quarters, the co ...

EVANSVILLE, Ind. & CHARLOTTE, N.C.--(BUSINESS WIRE)--Berry Global Group, Inc. (NYSE:BERY) and Glatfelter Corporation (NYSE:GLT) announced today they have entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (“HHNF”) with Glatfelter, to create a leading, publicly-traded company in the specialty materials industry. The Boards of Directors of Berry and Glatfelter have unanimously approve ...

BERRY GLOBAL GROUP, INC. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company There were 115.9 million shares of common stock outstanding at February 7, 2024. 2 Berry Global Group, Inc. Consolidated Statements of Income (Unaudited) (in millions of dollars, except per share amounts) | --- | --- | --- | --- | --- | |---------------------------------------------------|-------|----------------------------------------|-------------------------- ...