Berry Global reports Q2 2021 net sales up 13%
Evansville, IN-based Berry Global Group, Inc., a leading converting of sustainable packaging for consumer goods and industrial products, today reported its Fiscal Q2 2021 results. Compared to the March 2020 quarter, net sales of $3.4 billion are up 13%, organic volume growth is up 5%, and operating income is up 17% to $333 million.
Berry Chairman/CEO Tom Salmon says, “The company’s performance in our second fiscal quarter was solid as adjusted earnings per share and revenue grew by 34 percent and 13 percent, respectively, from prior year results. Consumer demand for our products remains robust and certain markets, which previously experienced COVID-19 headwinds, are rebounding nicely. All segments delivered volume growth, collectively finishing the quarter with 5 percent organic volume growth, while operating EBITDA increased 9 percent in the quarter.
“The organically driven outperformance in this second fiscal quarter gives us confidence to raise our fiscal year 2021 outlook for operating EBITDA by $50 million from the mid-point of our previous range. Our businesses, across the globe, are clearly capitalizing on our strategy to drive profitable and sustainable organic volume growth. The continued positive momentum from our investments in areas such as health and wellness, e-commerce, and food safety along with the focus on growing our emerging market exposure and driving more sustainable packaging, provide us the path to realize long-term consistent volume growth.
“We have a clear line-of-site to being within our leverage range by the end of fiscal 2021. As we stated last quarter, once within our targeted leverage range of 3.0 to 3.9 times, we believe our consistent and growing cash flow will provide substantial capacity to create shareholder value with a capital allocation approach that includes: reinvesting in the business to support continued organic growth, further debt reductions, pursuing bolt-on acquisitions, and returning capital to shareholders while staying within our committed range.”