Berry Global sales down 9.7% in 4Q 2023, operating income drops; health and hygiene declines
EVANSVILLE, IN , November 16, 2023-
Kevin Kwilinski, Berry’s new CEO said, “I am pleased to report we exceeded our adjusted earnings per share outlook and significantly beat our free cash flow guidance by over $100 million. Our 3% volume decline in the quarter improved sequentially and was better than expected, as soft market demand was mitigated by market share gains supported by recent capital investments. During the year, our organization took actions and demonstrated agility to offset challenging and volatile global market dynamics characterized by ongoing inflation, soft consumer demand and customer destocking. Our proven business model has generated eleven consecutive years of adjusted earnings per share growth and strong, consistent generation of free cash flow. We are dedicated to delivering long-term value for our shareholders, as evidenced by our $728 million of capital returned in fiscal 2023, through both our share repurchases of $601 million, or approximately 8% of shares outstanding, along with quarterly dividend payments.
In line with our commitment to drive long-term shareholder value, we expect to use our cash in fiscal 2024 to reduce our debt, repurchase shares opportunistically, and pay our recently increased dividend. Looking ahead, we are optimistic about our future and expect a more normal operating environment in fiscal 2024. We believe that, both the easing of inflationary pressures on consumers and the increase of promotional activity by our customers will lead to demand improvement as the year progresses.”
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