Berry (BERY) - 2025 Q1 - Quarterly Report

Financial Performance - Net sales for the quarter ended December 28, 2024, were $2,385 million, a 2$2,333 million, driven by organic volume growth of 2% and increased selling prices of $34 million [77]. - Operating income decreased to$152 million, down 8% from $165 million in the prior quarter, primarily due to a$23 million increase in business integration costs related to the proposed merger with Amcor [79]. - Comprehensive income declined by $258 million from the prior quarter, mainly due to a$113 million favorable change in the fair value of derivative instruments and a $45 million decline in net income [87]. Cash Flow - Free cash flow for the quarter was$(506) million, a decline from $(336) million in the prior quarter, reflecting increased operating cash used in continuing operations [94]. - Projected cash flow from operations for fiscal 2025 is estimated to be between$1.125 billion and $1.225 billion, with free cash flow projected between$600 million and $700 million, assuming$525 million of capital spending [75]. - The company had a cash balance of $1,181 million at the end of the quarter, with approximately 77$769 million, a 10% increase from $699 million in the prior quarter, attributed to 4$731 million, a 2% rise from $718 million in the prior quarter, primarily due to increased selling prices of$7 million and 1% organic volume growth [84]. Other Financial Activities - Other expenses decreased by $37 million, primarily due to foreign currency gains related to the remeasurement of euro bonds [86]. - The company declared and paid cash dividends of$36 million during the quarter [92].