Berry Announces Return of Capital to Shareholders
Berry Global Group, Inc. (NYSE:BERY) has announced a quarterly cash dividend of $0.25 per share, starting on December 15, 2022, for shareholders on record as of December 1, 2022. Additionally, the company's stock repurchase program has been increased to $1.0 billion, up from approximately $340 million. CEO Tom Salmon highlighted this move as a major milestone, emphasizing the company's focus on returning capital to shareholders and its belief that shares are undervalued.
- Initiation of a quarterly cash dividend of $0.25 per share.
- Increase in stock repurchase program capacity to $1.0 billion from $340 million.
- CEO emphasizes strong cash flow and commitment to shareholder value.
- None.
Additionally, the Company’s Board of Directors authorized an increase of the capacity under the Company’s existing stock repurchase program to
Berry anticipates that the repurchase of shares under the share repurchase program will be funded with a combination of existing cash, cash flow, and borrowings under existing credit facilities. Berry may repurchase shares, from time to time, through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, and any other purchase techniques deemed appropriate in accordance with applicable securities laws. The repurchase program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The timing and amount of any transactions will be subject to the discretion of Berry and may be based upon market conditions, as well as, other opportunities that Berry may have for the use or investment of its capital.
The Company intends to pay cash dividends on a quarterly basis. All subsequent dividends, if any, are subject to review and approval by Berry’s Board of Directors in its discretion. The decision whether to pay any future dividends and the amount of any such dividends will be based on, among other things, the Company's financial position, results of operations, cash flows, capital requirements, the requirements of applicable law, and any other factors the Board of Directors may deem relevant. Berry anticipates that the dividends, if any, will be funded with available cash on hand.
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