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Last $34.15 USD
Change Today -0.99 / -2.82%
Volume 2.4M
BERY On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 05/4/15 All times are local (Market data is delayed by at least 15 minutes).

berry plastics group inc (BERY) Key Developments

Berry Plastics Group, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 28, 2015; Revises Financial Guidance for the Year 2015

Berry Plastics Group, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended March 28, 2015. For the quarter, the company's net sales were $1,224 million compared with $1,210 million a year ago. The year-over-year increase was primarily attributed to net sales from businesses the company acquired in the last twelve months partially offset by soft customer demand. Operating income was $112 million compared with $77 million a year ago. Income before income taxes was $59 million compared with $18 million a year ago. Consolidated net income was $38 million or $0.31 per diluted share compared with $12 million or $0.10 per diluted share a year ago. Operating EBITDA was $210 million compared with $191 million a year ago. Operating EBITDA improved by $19 million or 10% over the same prior year quarter, primarily as a result of lower raw material costs, cost savings from its restructuring initiatives and improved operational productivity, along with contributions and synergies from its recent acquisitions. Adjusted operating income was $133 million compared with $115 million a year ago. Adjusted EBITDA was $210 million compared with $831 million a year ago. Cash flow from operating activities was $112 million compared with $492 million a year ago. Net additions to property, plant, and equipment were $41 million compared with $149 million a year ago. Adjusted net income per diluted share was $0.42. For the six months, the company's net sales were $2,444 million compared with $2,350 million a year ago. This increase was primarily attributed to net sales from businesses the company acquired in the last twelve months along with increased selling prices occurring primarily in the first fiscal quarter of 2015 partially offset by soft customer demand. Operating income was $180 million compared with $140 million a year ago. Income before income taxes was $75 million compared with $27 million a year ago. Consolidated net income was $51 million or $0.41 per diluted share compared with $18 million or $0.15 per diluted share a year ago. Net cash from operating activities was $212 million compared with $250 million a year ago. Additions to property, plant, and equipment were $79 million compared with $114 million a year ago. Operating EBITDA was $392 million compared with $363 million a year ago. As on March 28, 2015, the company's net debt was $3,691 million. The company is increasing its fiscal 2015 adjusted free cash flow guidance from $320 million as previously forecasted, to $350 million. The revised guidance assumes resin prices will not change significantly from the end of the March 2015 quarter and flat sales volumes for the last two quarters of fiscal 2015. Additionally, the company is maintaining its forecasts on cash interest expense of $205 million. Capital investment plan for fiscal 2015 was approximately $230 million. With half the year behind us, the company is increasing adjusted free cash flow guidance for fiscal 2015 by almost 10% to $350 million.

Berry Plastics Group, Inc. to Report Q2, 2015 Results on May 01, 2015

Berry Plastics Group, Inc. announced that they will report Q2, 2015 results at 9:00 AM, Eastern Standard Time on May 01, 2015

Berry Plastics Group, Inc., Q2 2015 Earnings Call, May 01, 2015

Berry Plastics Group, Inc., Q2 2015 Earnings Call, May 01, 2015

Klöckner Pentaplast Group Teams Up with Berry Plastics Group Inc to Provide Form-Fill-Seal Packaging

Klöckner Pentaplast Group is teaming up with Berry Plastics Group Inc. in what is being called a marketing alliance to provide form-fill-seal packaging. The marketing agreement is on a global basis and targets the food, consumer, pharmaceutical and medical markets.

Berry Plastics and Klöckner Pentaplast Partner to Provide Form-Fill Seal Packaging Solutions

Berry Plastics and Klöckner Pentaplast have entered into a strategic marketing alliance to supply the food, consumer, pharmaceutical and medical markets with form-fill seal packaging solutions. Both the companies have a combined experience of around 100 years which helps them meet customers' performance criteria with engineer specific solutions including seal and peel, gas barrier, clarity, heat resistance and post-consumer recycled content.

 

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