Berry Global Group, Inc. - BERY STOCK NEWS

Berry Global Group (NYSE:BERY) reported strong results for the June 2021 quarter, boosting its fiscal 2021 operating EBITDA outlook to $2.26 billion. The company reduced its net debt to adjusted EBITDA ratio from 4.3 to 3.9, demonstrating improved financial health. Net sales surged by 26% to $3.675 billion, driven by price increases and organic volume growth of 5%. However, operating income slightly dipped by 1% to $343 million, mainly due to inflation impacting price cost spread and rising operational expenses.

Berry Global Group (NYSE: BERY) announced new projects to achieve a goal of eliminating 100 million kilowatt hours (kWh) of electricity from operations, surpassing its previous target of 1 million kWh set in 2020. The company has already approved initiatives and is ahead of its original deadline. These energy reductions will significantly lower Berry's scope 1 and 2 emissions, also impacting customers’ scope 3 emissions. The total saved energy could power over 8,500 homes for a year, showcasing Berry's commitment to sustainability and reducing carbon footprints.

Berry Global Group (NYSE: BERY) will announce its third fiscal quarter 2021 results on August 5, 2021, before the New York Stock Exchange opens. The quarterly conference call is scheduled for 10 a.m. Eastern Time on the same day, providing insights into the company's performance. Interested parties can access the call via telephone or live webcast on the company's website. A recorded replay will be available starting 1 p.m. Eastern Time on August 5 until August 19, 2021.

Berry Global Group, Inc. (NYSE: BERY) has announced the pricing of a private placement for $400 million in first priority senior secured notes due January 15, 2027. The notes, which will carry a 1.65% interest rate paid semiannually, are expected to close around June 14, 2021. Proceeds will be used to prepay existing term loans and cover offering expenses. The notes are guaranteed by Berry and its domestic subsidiaries, and are being offered solely to qualified institutional buyers and non-U.S. investors. They have not been registered under applicable securities laws.

Berry Global Group (NYSE: BERY) has entered into a long-term virtual power purchase agreement (VPPA) to meet the electricity needs of its Spanish operations. This aligns with its Impact 2025 sustainability strategy, aiming for a 25% reduction in absolute Scope 1 and 2 emissions by 2025 from a 2019 baseline. The VPPA will facilitate the construction of a solar park in Guadalajara, decreasing carbon emissions by around 20,000 tons annually. Berry aims to contribute to a net-zero economy by 2050 and strengthen local renewable energy infrastructure.

Berry Global Group, Inc. (BERY) reported second fiscal quarter 2021 results with net sales of $3.4 billion, marking a 13% increase. Operating income rose 17% to $333 million, while net income per diluted share increased 40% to $1.32. The company raised its operating EBITDA guidance for fiscal 2021 by $50 million to $2.25 billion. Organic volume growth improved to 5%. Strong demand across segments, especially health and hygiene products, contributed to positive performance amid challenges from resin price inflation.

Berry Global Group (NYSE: BERY) has announced significant investments in circular polyolefins derived from advanced recycling technologies, collaborating with Borealis to secure access to in-demand materials. This initiative aims to support customer sustainability goals, with a target of accessing 600 million pounds of post-consumer recycled content by 2025. Berry plans to utilize the polypropylene from this chemical recycling for food packaging, enhancing product sustainability. This strategy reinforces Berry's commitment to a circular economy and achieving net-zero emissions by 2050.

Berry Global Group, Inc. (NYSE: BERY) announced a significant investment exceeding $70 million aimed at enhancing its consumer packaging films operations. This investment will facilitate the implementation of new multi-layer blown film lines and infrastructure upgrades across various North American manufacturing sites, set to become operational in 2021 and 2022. The initiative aligns with Berry's commitment to sustainability by increasing the production of recycled content and supporting customers' sustainability goals through innovative, circular economy-focused products.

Berry Global Group, Inc. (NYSE: BERY) has committed to ambitious Science-Based Targets aimed at fostering a circular economy. The company plans to reduce operational emissions by 25% and scope 3 supply chain emissions by 8% by 2025, using 2019 as a baseline. This makes Berry the first North American plastic packaging converter to receive validation for a 1.5-degree Celsius target from the Science-Based Target Initiative. Berry has also reported a 19% reduction in its market-based GHG emissions intensity since 2016, aligning its strategies with global sustainability goals.