Berry Global Group, Inc. Reports Fourth Quarter and Fiscal Year 2022 Results
Berry Global Group, Inc. (NYSE:BERY) reported record results for the fourth quarter and fiscal year 2022, with net sales of $3.4 billion and operating income of $336 million. For the fiscal year, net sales reached $14.5 billion, a 10% increase, and adjusted earnings per share (EPS) rose to $7.40, a 7% increase. The company also generated $1.56 billion in cash flow from operations. Berry announced a quarterly cash dividend of $0.25 per share and plans to return at least $700 million to shareholders through buybacks and dividends in fiscal 2023.
- Record net sales of $14.5 billion, a 10% increase.
- Operating income increased to $1.2 billion.
- Free cash flow of $876 million, exceeding guidance by $125 million.
- Initiated a $0.25 per share quarterly dividend.
- Authorized $1 billion for share repurchases.
- Net sales declined by 2% in the September quarter.
- Organic volume decline of 2% for fiscal year 2022.
- Operating income decreased by $49 million compared to last year.
Fourth Quarter Highlights
(all comparisons made to the
-
Net sales of
$3.4 billion -
Operating income of
; Operating EBITDA of$336 million , a$539 million 9% increase -
Earnings per share of
; record adjusted earnings per share of$1.85 , an$2.19 18% increase
Fiscal Year Highlights
(all comparisons made to fiscal year 2021, adjusted for currency and divestitures)
-
Record net sales of
, a$14.5 billion 10% increase -
Operating income of
; Operating EBITDA of$1.2 billion $2.1 billion -
Record earnings per share of
; record adjusted earnings per share of$5.77 , a$7.40 7% increase -
Cash flow from operations of
; free cash flow of$1.56 billion ,$876 million + above guidance$125 million -
of share repurchases, a$709 million 9% reduction in total shares outstanding
Fiscal Year 2023 Guidance
(based on information available as of
-
Adjusted earnings per share range of
-$7.30 ,$7.80 8% expected mid-point growth versus comparable prior year -
Cash flow from operations range of
-$1.4 ; free cash flow range of$1.5 billion -$800 expected$900 million -
Initiated
per share quarterly cash dividend, capital allocation milestone$0.25 -
Anticipate returning at least
of capital to shareholders through share repurchases and dividends$700 million
Berry’s Chairman and CEO
“In both the near- and long-term, we remain focused on driving consistent, dependable, and sustainable growth, supported by our robust free cash flow and accompanied by our large-scale and diverse portfolio. Innovation and sustainability are increasingly embedded in everything we do and we continue to believe this represents a great opportunity for both growth and differentiation. As we navigate through fiscal 2023, we will continue our efforts on inflation recovery while taking the necessary actions to drive cost benefits through automation and asset optimization across our global footprint.”
|
||||||
Key Financials (1) |
|
Quarterly Periods Ended |
Fiscal Year Ended |
|||
GAAP results (in millions, except per share data) |
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
Operating income |
|
|
336 |
312 |
1,242 |
1,292 |
EPS (diluted) |
|
|
1.85 |
1.64 |
5.77 |
5.30 |
|
Quarterly Periods Ended |
As reported change |
Comparable
|
||
|
|
|
|
||
Adjusted non-GAAP results |
|
Reported |
Comparable |
||
Net sales |
|
|
|
( |
( |
Operating EBITDA |
539 |
530 |
494 |
|
|
Adjusted EPS (diluted) |
2.19 |
1.89 |
1.85 |
|
|
|
Fiscal Year Ended |
As reported change |
Comparable
|
||
|
|
|
|
||
Adjusted non-GAAP results |
|
Reported |
Comparable |
||
Net sales |
|
|
|
|
|
Operating EBITDA |
2,101 |
2,224 |
2,118 |
( |
( |
Adjusted EPS (diluted) |
7.40 |
7.21 |
6.92 |
|
|
(1) |
Adjusted non-GAAP results exclude items not considered to be ongoing operations. In addition, comparable basis change excludes the impacts of foreign currency and recent divestitures. Further details related to non-GAAP measures and reconciliations can be found under our “Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. |
Consolidated Overview
Net sales were flat as a
The operating income increase of
The net sales growth of
Operating income was essentially flat as a
Net sales were modestly higher as increased selling prices offset essentially flat demand.
The operating income increase of
Health, Hygiene, & Specialties
Net sales were down by
The operating income decrease is primarily attributed to a
Engineered Materials
The net sales decline of
The operating income increase of
Fiscal Year
Consolidated Overview
The net sales growth is primarily attributed to increased selling prices of
The operating income decrease is primarily attributed to a
The net sales growth is primarily attributed to increased selling prices of
The operating income increase is primarily attributed to a
The net sales growth is primarily attributed to increased selling prices of
The operating income increase is primarily attributed to a
Health, Hygiene, & Specialties
The net sales growth is primarily attributed to increased selling prices of
The operating income decrease is primarily attributed to a
Engineered Materials
The net sales growth is primarily attributed to increased selling prices of
The operating income increase is primarily attributed to a
Capital Allocation
Today, Berry announced the initiation of a quarterly cash dividend on its common stock and increased the capacity available under the Company’s existing stock repurchase program to
Berry repurchased 12.2 million shares (
Fiscal Year 2023 Outlook
|
Fiscal 2023 |
|
Adjusted earnings per diluted share |
|
|
Free cash flow |
|
|
Berry expects fiscal 2023 adjusted earnings per share to be in the range of
Investor Conference Call
The Company will host a conference call today,
By Telephone
Participants may register for the call here now or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.
Via the Internet
The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click on the following link: https://ir.berryglobal.com/financials. A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.
About Berry
At
Non-GAAP Financial Measures and Estimates
This press release includes non-GAAP financial measures such as Operating EBITDA, Adjusted EBITDA, Adjusted net income, Adjusted earnings per share, free cash flow, and comparable basis net sales, and adjusted EPS. A reconciliation of these non-GAAP financial measures to comparable measures determined in accordance with accounting principles generally accepted in
Forward Looking Statements
Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered “forward looking” within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “anticipates” or “looking forward,” or similar expressions that relate to our strategy, plans, intentions, or expectations. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments.
Our actual results may differ materially from those that we expected due to a variety of factors, including without limitation: (1) risks associated with our substantial indebtedness and debt service; (2) changes in prices and availability of resin and other raw materials and our ability to pass on changes in raw material prices to our customers on a timely basis; (3) risks related to acquisitions or divestitures and integration of acquired businesses and their operations, and realization of anticipated cost savings and synergies; (4) risks related to international business, including transactional and translational foreign currency exchange rate risk and the risks of compliance with applicable export controls, sanctions, anti-corruption laws and regulations; (5) increases in the cost of compliance with laws and regulations, including environmental, safety, and climate change laws and regulations; (6) labor issues, including the potential labor shortages, shutdowns or strikes, or the failure to renew effective bargaining agreements; (7) risks related to disruptions in the overall global economy, persistent inflation, supply chain disruptions, and the financial markets that may adversely impact our business, including as a result of the
Consolidated Statements of Income (Unaudited) (in millions of dollars, except per share data amounts) |
|||||||||||||||
|
Quarterly Period Ended |
|
Fiscal Year Ended |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
3,421 |
|
$ |
3,669 |
|
|
$ |
14,495 |
|
$ |
13,850 |
|||
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
2,834 |
|
|
3,078 |
|
|
|
12,123 |
|
|
11,352 |
|||
Selling, general and administrative |
|
185 |
|
|
199 |
|
|
|
850 |
|
|
867 |
|||
Amortization of intangibles |
|
61 |
|
|
69 |
|
|
|
257 |
|
|
288 |
|||
Restructuring and transaction activities |
|
5 |
|
|
11 |
|
|
|
23 |
|
|
51 |
|||
Operating income |
|
336 |
|
|
312 |
|
|
|
1,242 |
|
|
1,292 |
|||
|
|
|
|
|
|
|
|
||||||||
Other expense |
|
9 |
|
|
6 |
|
|
|
22 |
|
|
51 |
|||
Interest expense |
|
74 |
|
|
79 |
|
|
|
286 |
|
|
336 |
|||
Income before income taxes |
|
253 |
|
|
227 |
|
|
|
934 |
|
|
905 |
|||
Income tax expense (benefit) |
|
20 |
|
|
(1 |
) |
|
|
168 |
|
|
172 |
|||
Net income |
$ |
233 |
|
$ |
228 |
|
|
$ |
766 |
|
$ |
733 |
|||
|
|
|
|
|
|
|
|
||||||||
Net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.87 |
|
$ |
1.68 |
|
|
$ |
5.87 |
|
$ |
5.45 |
|||
Diluted |
|
1.85 |
|
|
1.64 |
|
|
|
5.77 |
|
|
5.30 |
|||
|
|
|
|
|
|
|
|
||||||||
Outstanding weighted-average shares: (in millions) |
|
|
|
|
|
|
|
||||||||
Basic |
|
124.7 |
|
|
135.4 |
|
|
|
130.6 |
|
|
134.6 |
|||
Diluted |
|
126.0 |
|
|
138.7 |
|
|
|
132.8 |
|
|
138.3 |
|||
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited) (in millions of dollars) |
||||||||||
|
|
|
|
|||||||
Assets: |
|
|
|
|||||||
Cash and cash equivalents |
$ |
1,410 |
|
$ |
1,091 |
|||||
Accounts receivable |
|
1,777 |
|
|
1,879 |
|||||
Inventories |
|
1,802 |
|
|
1,828 |
|||||
Other current assets |
|
175 |
|
|
217 |
|||||
Property, plant, and equipment |
|
4,342 |
|
|
4,756 |
|||||
|
|
7,450 |
|
|
8,111 |
|||||
Total assets |
$ |
16,956 |
|
$ |
17,882 |
|||||
|
|
|
|
|||||||
Liabilities and Stockholders' Equity: |
|
|
|
|||||||
Current liabilities, excluding current debt |
$ |
2,831 |
|
$ |
3,165 |
|||||
Current and long-term debt |
|
9,255 |
|
|
9,460 |
|||||
Other long-term liabilities |
|
1,674 |
|
|
2,077 |
|||||
Stockholders’ equity |
|
3,196 |
|
|
3,180 |
|||||
Total liabilities and stockholders' equity |
$ |
16,956 |
|
$ |
17,882 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions of dollars) |
|||||||
|
Fiscal Year Ended |
||||||
|
|
|
|
||||
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
766 |
|
|
$ |
733 |
|
Adjustments to reconcile net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
562 |
|
|
|
566 |
|
Amortization of intangibles |
|
257 |
|
|
|
288 |
|
Non-cash interest |
|
6 |
|
|
|
32 |
|
Deferred income tax |
|
(48 |
) |
|
|
(73 |
) |
Share-based compensation expense |
|
39 |
|
|
|
40 |
|
Settlement of derivatives |
|
201 |
|
|
|
- |
|
Other non-cash operating activities, net |
|
(22 |
) |
|
|
49 |
|
Changes in working capital |
|
(198 |
) |
|
|
(55 |
) |
Net cash from operating activities |
|
1,563 |
|
|
|
1,580 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant, and equipment, net |
|
(687 |
) |
|
|
(676 |
) |
Settlement of net investment hedges |
|
76 |
|
|
|
- |
|
Divestiture of businesses |
|
128 |
|
|
|
165 |
|
Net cash from investing activities |
|
(483 |
) |
|
|
(511 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Repayments on long-term borrowings |
|
(22 |
) |
|
|
(3,496 |
) |
Proceeds from long-term borrowings |
|
- |
|
|
|
2,716 |
|
Proceeds from issuance of common stock |
|
27 |
|
|
|
60 |
|
Debt financing costs |
|
- |
|
|
|
(21 |
) |
Repurchase of common stock |
|
(709 |
) |
|
|
- |
|
Net cash from financing activities |
|
(704 |
) |
|
|
(741 |
) |
Effect of currency translation on cash |
|
(57 |
) |
|
|
13 |
|
Net change in cash and cash equivalents |
|
319 |
|
|
|
341 |
|
Cash and cash equivalents at beginning of period |
|
1,091 |
|
|
|
750 |
|
Cash and cash equivalents at end of period |
$ |
1,410 |
|
|
$ |
1,091 |
Condensed Consolidated Financial Statements Segment and Supplemental Comparable Basis Information (Unaudited) (in millions of dollars) |
|||||||||||||||||||
|
Quarterly Period Ended |
||||||||||||||||||
|
|
|
|
|
Health, Hygiene & Specialties |
|
Engineered Materials |
|
Total |
||||||||||
Net sales |
$ |
1,003 |
|
|
$ |
888 |
|
$ |
738 |
|
$ |
792 |
|
$ |
3,421 |
|
|||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
$ |
98 |
|
|
$ |
103 |
|
$ |
44 |
|
$ |
91 |
|
$ |
336 |
|
|||
Depreciation and amortization |
|
75 |
|
|
|
53 |
|
|
43 |
|
|
28 |
|
|
199 |
|
|||
Restructuring and transaction activities (1) |
|
— |
|
|
|
2 |
|
|
3 |
|
|
— |
|
|
5 |
|
|||
Other non-cash charges |
|
(1 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
|||
Operating EBITDA |
$ |
172 |
|
|
$ |
158 |
|
$ |
90 |
|
$ |
119 |
|
$ |
539 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Quarterly Period Ended |
||||||||||||||||||
|
|
|
|
|
Health, Hygiene & Specialties |
|
Engineered Materials |
|
Total |
||||||||||
Reported net sales |
$ |
1,099 |
|
|
$ |
878 |
|
|
$ |
809 |
|
|
$ |
883 |
|
|
$ |
3,669 |
|
Foreign currency and divestitures |
|
(173 |
) |
|
|
— |
|
|
|
(24 |
) |
|
|
(31 |
) |
|
|
(228 |
) |
Comparable net sales (2) |
$ |
926 |
|
|
$ |
878 |
|
|
$ |
785 |
|
|
$ |
852 |
|
|
$ |
3,441 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
$ |
102 |
|
|
$ |
64 |
|
|
$ |
76 |
|
|
$ |
70 |
|
|
$ |
312 |
|
Depreciation and amortization |
|
83 |
|
|
|
60 |
|
|
|
47 |
|
|
|
25 |
|
|
|
215 |
|
Restructuring and transaction activities (1) |
|
12 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Other non-cash charges |
|
(11 |
) |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
(8 |
) |
Operating EBITDA (as reported) |
$ |
186 |
|
|
$ |
124 |
|
|
$ |
124 |
|
|
$ |
96 |
|
|
$ |
530 |
|
Foreign currency and divestitures |
|
(29 |
) |
|
|
— |
|
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(36 |
) |
Comparable operating EBITDA (2) |
$ |
157 |
|
|
$ |
124 |
|
|
$ |
120 |
|
|
$ |
93 |
|
|
$ |
494 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
Primarily includes transaction activity costs related to the RPC acquisition. |
(2) |
The prior year comparable basis change excludes the impacts of foreign currency and recent divestitures. Further details related to non-GAAP measures and reconciliations can be found under our “Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. |
Condensed Consolidated Financial Statements Segment and Supplemental Comparable Basis Information (Unaudited) (in millions of dollars) |
|||||||||||||||||||
|
Fiscal Year Ended |
||||||||||||||||||
|
|
|
|
|
Health, Hygiene & Specialties |
|
Engineered Materials |
|
Total |
||||||||||
Net sales |
$ |
4,293 |
|
|
$ |
3,548 |
|
$ |
3,166 |
|
$ |
3,488 |
|
$ |
14,495 |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
$ |
346 |
|
|
$ |
338 |
|
$ |
230 |
|
$ |
328 |
|
$ |
1,242 |
||||
Depreciation and amortization |
|
317 |
|
|
|
214 |
|
|
176 |
|
|
112 |
|
|
819 |
||||
Restructuring and transaction activities (1) |
|
10 |
|
|
|
5 |
|
|
6 |
|
|
2 |
|
|
23 |
||||
Other non-cash charges |
|
(5 |
) |
|
|
8 |
|
|
8 |
|
|
6 |
|
|
17 |
||||
Operating EBITDA |
$ |
668 |
|
|
$ |
565 |
|
$ |
420 |
|
$ |
448 |
|
$ |
2,101 |
||||
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
||||||||||||||||||
|
|
|
|
|
Health, Hygiene & Specialties |
|
Engineered Materials |
|
Total |
||||||||||
Reported net sales |
$ |
4,242 |
|
|
$ |
3,141 |
|
|
$ |
3,158 |
|
|
$ |
3,309 |
|
|
$ |
13,850 |
|
Foreign currency and divestitures |
|
(388 |
) |
|
|
(40 |
) |
|
|
(92 |
) |
|
|
(150 |
) |
|
|
(670 |
) |
Comparable net sales (2) |
$ |
3,854 |
|
|
$ |
3,101 |
|
|
$ |
3,066 |
|
|
$ |
3,159 |
|
|
$ |
13,180 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
$ |
317 |
|
|
$ |
276 |
|
|
$ |
398 |
|
|
$ |
301 |
|
|
$ |
1,292 |
|
Depreciation and amortization |
|
341 |
|
|
|
224 |
|
|
|
177 |
|
|
|
112 |
|
|
|
854 |
|
Restructuring and transaction activities (1) |
|
56 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(4 |
) |
|
|
51 |
|
Other non-cash charges |
|
— |
|
|
|
10 |
|
|
|
9 |
|
|
|
8 |
|
|
|
27 |
|
Operating EBITDA (as reported) |
$ |
714 |
|
|
$ |
510 |
|
|
$ |
583 |
|
|
$ |
417 |
|
|
$ |
2,224 |
|
Foreign currency and divestitures |
|
(60 |
) |
|
|
(8 |
) |
|
|
(17 |
) |
|
|
(21 |
) |
|
|
(106 |
) |
Comparable operating EBITDA (2) |
$ |
654 |
|
|
$ |
502 |
|
|
$ |
566 |
|
|
$ |
396 |
|
|
$ |
2,118 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
Primarily includes transaction activity costs related to the RPC acquisition. |
(2) |
The prior year comparable basis change excludes the impacts of foreign currency and recent divestitures. Further details related to non-GAAP measures and reconciliations can be found under our “Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. |
|
Note: For comparison purposes to the fiscal year 2021, Operating EBITDA margins for the fiscal year ended |
Reconciliation Schedules (Unaudited) (in millions of dollars, except per share data) |
||||||||||||||||
|
Quarterly Period Ended |
|
Fiscal Year Ended |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
233 |
|
|
$ |
228 |
|
|
$ |
766 |
|
$ |
733 |
|
||
Add: other expense |
|
9 |
|
|
|
6 |
|
|
|
22 |
|
|
51 |
|
||
Add: interest expense |
|
74 |
|
|
|
79 |
|
|
|
286 |
|
|
336 |
|
||
Add: income tax expense |
|
20 |
|
|
|
(1 |
) |
|
|
168 |
|
|
172 |
|
||
Operating income |
$ |
336 |
|
|
$ |
312 |
|
|
$ |
1,242 |
|
$ |
1,292 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Add: restructuring and transaction activities |
|
5 |
|
|
|
11 |
|
|
|
23 |
|
|
51 |
|
||
Add: other non-cash charges |
|
(1 |
) |
|
|
(8 |
) |
|
|
17 |
|
|
27 |
|
||
Adjusted operating income (4) |
$ |
340 |
|
|
$ |
315 |
|
|
$ |
1,282 |
|
$ |
1,370 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Add: depreciation |
|
138 |
|
|
|
146 |
|
|
|
562 |
|
|
566 |
|
||
Add: amortization of intangibles |
|
61 |
|
|
|
69 |
|
|
|
257 |
|
|
288 |
|
||
Operating EBITDA (4) |
$ |
539 |
|
|
$ |
530 |
|
|
$ |
2,101 |
|
$ |
2,224 |
|
||
|
|
|
|
|
|
|
|
|
Cash flow from operating activities |
$ |
1,218 |
|
|
$ |
668 |
|
|
$ |
1,563 |
|
|
$ |
1,580 |
|
|
Net additions to property, plant, and equipment |
(129 |
) |
(156 |
) |
|
(687 |
) |
|
|
(676 |
) |
|
||||
Free cash flow (4) |
$ |
1,089 |
|
|
$ |
512 |
|
|
$ |
876 |
|
|
$ |
904 |
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share |
$ |
1.85 |
|
|
$ |
1.64 |
|
|
$ |
5.77 |
|
|
$ |
5.30 |
|
|
Other expense, net |
|
0.07 |
|
|
|
0.04 |
|
|
|
0.17 |
|
|
|
0.37 |
|
|
Restructuring and transaction activities |
|
0.04 |
|
|
|
0.08 |
|
|
|
0.17 |
|
|
|
0.37 |
|
|
Amortization of intangibles from acquisitions (1) |
|
0.48 |
|
|
|
0.50 |
|
|
|
1.94 |
|
|
|
2.08 |
|
|
Non-comparable tax items (2) |
|
(0.14 |
) |
|
|
(0.22 |
) |
|
|
(0.13 |
) |
|
|
(0.24 |
) |
|
Income tax impact on items above |
|
(0.11 |
) |
|
|
(0.16 |
) |
|
|
(0.52 |
) |
|
|
(0.67 |
) |
|
Adjusted net income per diluted share (4) |
$ |
2.19 |
|
|
$ |
1.89 |
|
|
$ |
7.40 |
|
|
$ |
7.21 |
|
|
Foreign currency and divestitures |
|
|
|
(0.04 |
) |
|
|
|
|
(0.29 |
) |
|
||||
Comparable adjusted net income per diluted share (4) |
|
|
$ |
1.85 |
|
|
|
|
$ |
6.92 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
Estimated Fiscal 2023 |
|
||
Cash flow from operating activities |
|
|
||
Net additions to property, plant, and equipment |
(600) |
|
||
Free cash flow (4) |
|
|
||
|
|
|
||
Comparable Y-O-Y Growth (FY22 actual results to FY23 guidance mid-point) |
||||
|
Adj. EPS |
Op. EBITA |
||
FY’22 actual |
|
|
||
Foreign currency and divestitures (3) |
(0.40) |
(95) |
||
FY’22 comparable (4) |
|
|
||
|
|
|
||
FY’23 (at the mid-point of guidance expectation) |
|
|
||
Expected year-over-year comparable growth (4) |
~ |
~ |
||
|
(1) |
Amortization of intangibles from acquisition are added back to better align our calculation of adjusted EPS with peers. |
(2) |
During the 2022 and 2021 fiscal years, the Company obtained certain tax benefits of |
(3) |
The FY 2022 comparable basis change excludes the impacts of foreign currency (as of |
(4) |
Supplemental financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in |
(BERY-F)
View source version on businesswire.com: https://www.businesswire.com/news/home/20221115005618/en/
VP, Investor Relations
+1 (812) 306 2964
ir@berryglobal.com
Source:
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