Berry (US:BERY)2020-01-31 13:56Financial Performance Highlights - Net sales for Fiscal Quarter 1 2020 were $2816 million, a 43% increase compared to $1972 million in 2019[6] - Operating income for Fiscal Quarter 1 2020 was $199 million, a 13% increase compared to $176 million in 2019[6] - Operating EBITDA for Fiscal Quarter 1 2020 was $451 million, a 36% increase compared to $331 million in 2019[6] - The company reaffirmed free cash flow guidance of $800 million[5] Segment Performance - Consumer Packaging, North America, achieved seven consecutive quarters of volume growth, with a +3% increase in the current December quarter[7, 11] - Consumer Packaging, International, showed solid performance, with legacy RPC recording +2% operating EBITDA growth on a constant currency basis since acquisition[7, 10] - Health, Hygiene & Specialties reported flat organic volume during the quarter, excluding a customer product transition[12] - Engineered Materials experienced organic volume and operating EBITDA declines consistent with expectations[13] Financial Outlook and Strategy - The company is targeting leverage below 4x through debt paydown[19] - Positive organic base volumes are anticipated in the March '20 quarter[5, 19] - Free cash flow for fiscal year 2020 is guided at $800 million[5, 19]