Berry (US:BERY)2024-05-09 20:01Financial Performance - Net sales for the quarter ended March 30, 2024, decreased by $153 million, primarily due to lower selling prices and a 2% volume decline, partially offset by favorable foreign currency impacts [23]. - Operating income decreased by $15 million due to volume decline, a $57 million loss from divestitures, and a $15 million increase in depreciation and amortization expenses [24]. - Comprehensive income declined by $139 million, mainly due to a $130 million unfavorable change in currency translation and a $58 million decline in net income [27]. Cash and Investments - The Company had no outstanding balance on its $1,000 million asset-based revolving line of credit as of the end of the quarter [33]. - Net cash used in investing activities decreased by $187 million compared to the prior year-to-date, attributed to business divestitures [34]. - The Company’s cash balance was $494 million as of March 30, 2024, primarily located outside the U.S. [39]. Shareholder Returns - The Company declared and paid a cash dividend of $0.2755 per share during the first and second fiscal quarters [36]. - Approximately 1.5 million shares were repurchased for $88 million in the year-to-date fiscal 2024, with $353 million remaining for authorized share repurchases [37]. Debt and Interest - The senior secured credit facilities include $2.3 billion in term loans and a $1.0 billion revolving credit facility, with no borrowings outstanding [43]. - A 0.25% change in floating interest rates would increase annual interest expenses by approximately $1 million [43].