Berry is aiming to give back at least $700m to its shareholders via share repurchases and dividends. Credit: Roberto Sorin via Unsplash.

Plastic packaging provider Berry Global Group has posted a net income of $143m for the third quarter (Q3) of 2023, a dip of 30.9% when compared with $207m in last year’s period.

For the quarter that ended on 1 July 2023, net sales were $3.22bn, a drop of 13.3% from $3.72bn in Q3 2022.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

This drop in net sales is primarily due to a $250m decrease in selling prices, which is linked to the pass-through of lower resin costs, and a 7% decline in volume.

Under the adjusted non-GAAP results, the company’s operating earnings before interest, taxes, depreciation, and amortisation for the quarter was $522m, a fall of 5% compared with $550m a year earlier.

The company announced adjusted diluted earnings per share (EPS) of $1.90 for the current quarter, a 6% fall from $2.03 in the same quarter last year.

For the three-quarter period put together, Berry reported a net income of $423m as against $533m during the same period last year. This shows net income declined by 20.3%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company posted net sales of $9.57bn for the three-quarter period, reflecting a decrease of 13.5% compared with $11.07bn in the same period last year.

Berry chair and CEO Tom Salmon said: “We continue to prioritise structural cost improvements, enhance operating efficiencies, and successfully shift our portfolio toward high-value growth products across all of our businesses.

“Our cost actions, including site rationalisations, moving business to more cost-efficient facilities, and labour cost reductions, have resulted in significant annualised cost savings of now $140m.”

Under the financial year’s guidance, the company expects to have an adjusted EPS of $7.30 and a free cash flow of $800m, and a cash flow from operations of $1.45m.

Additionally, Berry is expecting to give back at least $700m to its shareholders via dividends and share repurchases.