Berry Plastics Group, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 28, 2013; Reconfirms Adjusted Free Cash Flow Guidance for the Year 2014; Announces Restructuring and Impairment Charges for the First Quarter Ended December 28, 2013
January 30, 2014 at 04:30 pm EST
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Berry Plastics Group, Inc. announced unaudited consolidated earnings results for the first quarter ended December 28, 2013. For the quarter, the company announced net sales of $1,140 million compared to $1,072 million for the same period a year ago. Operating income was $63 million compared to $68 million a year ago period. Income before income taxes was $9 million compared to loss before income taxes of $15 million a year ago period. Net income was $6 million or $0.05 per basic and diluted share compared to net loss of $7 million or $0.09 per basic and diluted share a year ago period. Net cash from operating activities was $172 million compared to $87 million a year ago period. Additions to property, plant and equipment was $47 million compared to $45 million a year ago period. Operating EBITDA was $172 million against $173 million a year ago period. LTM adjusted EBITDA of $801 million. Adjusted EBITDA was $174 million against $176 million a year ago period. EBIT was $64 million against $55 million a year ago period. Adjusted net income per share was $0.18 against loss of $0.08 per share a year ago period. Adjusted free cash flow was $94 million against $44 million a year ago period. LTM adjusted free cash flow of $288 million, representing an 11% adjusted free cash flow yield. The increase in sales in the quarter was primarily attributed to increased selling prices due to higher material costs along with sales from their acquisition of Graphic Packaging's Flexible Plastics and Film business. Net debt was $3,787 million compared to $3,804 million a year ago period.
For fiscal 2014, the company reconfirms adjusted free cash flow guidance of $270 million.
For the quarter, the company announced restructuring and impairment charges of $10 million against $5 million a year ago period.
Berry Global Group, Inc. creates packaging and engineered products. The Company operates through four segments: Consumer Packaging International, Consumer Packaging North America, Health, Hygiene and Specialties, and Engineered Materials. The Consumer Packaging International segment primarily consists of closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, and containers. The Consumer Packaging North America segment primarily consists of containers and pails, foodservice, closures, bottles, prescription vials, and tubes. The Health, Hygiene & Specialties segment primarily consists of healthcare, hygiene, specialties, and tapes. The Engineered Materials segment primarily consists of stretch and shrink films, converter films, institutional can liners, food and consumer films, retail bags, and agriculture films. It is also engaged in offering a full suite of tooling capabilities, including injection, blow, compression, and thermo-forming molds.
Berry Plastics Group, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 28, 2013; Reconfirms Adjusted Free Cash Flow Guidance for the Year 2014; Announces Restructuring and Impairment Charges for the First Quarter Ended December 28, 2013