Q3 2024 Berry Global Group Inc Earnings Call Transcript
Key Points
- Berry Global Group Inc (BERY) delivered 2% organic volume growth and strong financial performance during the quarter.
- Third quarter EPS and operating EBITDA grew by 16% and 6% respectively over the prior year quarter.
- The company confirmed its fiscal 2024 guidance within previously announced ranges for adjusted EPS and free cash flow.
- Berry Global Group Inc (BERY) expects to generate over $3 billion in cash over the next four quarters from strategic divestitures and portfolio optimization.
- The company has made substantial progress in its lean transformation initiatives, particularly at its Franklin, Indiana facility, leading to improved operational efficiency and engagement.
- Revenue in the consumer packaging international division was down 5% due to lower polymer costs, despite a 1% organic volume growth.
- The flexibles division saw a 2% decline in revenue due to lower prices, although this was partially offset by a 2% organic volume increase.
- The health, hygiene & specialties division's revenue remained flat compared to the prior year, with lower selling prices offsetting a 2% organic volume increase.
- Persistent weakness in North American transportation and industrial markets was noted, particularly in Europe, which is experiencing a slower recovery.
- The company faces challenges from softer global market demand due to inflation, impacting overall performance.
(audio in progress) measures are reconciled to the most directly comparable GAAP financial measures in our earnings press release and presentation, which were made public earlier this morning. Additionally, we will make forward-looking statements that are subject to risks and uncertainties. Actual results or outcomes may differ materially from those that may be expressed or implied in our forward-looking statements. Some factors that could cause the results or outcomes to differ are in the Company's latest 10 K, other SEC filings and our news release. I will now cover to Barry's CEO., Kevin Collins & Ski.
Thank you, Dustin, and thank you to everyone for joining us today to discuss various third quarter results for fiscal 2020 for our team delivered 2% organic volume growth and strong financial performance during the quarter. Our results were consistent with our expectations, and we made substantial progress toward our long-term strategic
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