Berry Global has posted a net income per diluted share increase of 71% to $0.94 in the March 2020 quarter
Berry Global supplies plastic packaging products to its customers. (Credit: Berry Global Inc.)
Plastic packaging products provider Berry Global Group has reported a net sales of $3bn for the second quarter of 2020, a 53% increase compared to the same period in 2019.
The company has reported operating income of $284m for the March 2020 quarter, a 54% increase compared to the same period last year.
Berry Global has reported an operating earnings before interest, taxes, depreciation, and amortisation or EBITDA of $539 for the current quarter, a 52% increase compared to the same period in 2019.
The company has posted a net income per diluted share increase of 71% to $0.94, while an adjusted net income per diluted share increase of 42% to $1.19.
Berry’s consumer packaging – international segment generated sales of around $1.1bn in the current quarter, while the North American consumer packaging segment generated net sales of $706m, a 10% increase compared to the same quarter last year.
The company’s engineered materials delivered net sales of $598m in the current quarter, while the health, hygiene, and specialties segment reported net sales of $576m in the March 2020 quarter.
Berry Global had acquired plastic product design and engineering company RPC for $6.1bn
In July 2019, Berry Global completed the acquisition of plastic product design and engineering company RPC for around $6.1bn. With 189 sites in 34 countries, RPC serves customers in the packaging and select non-packaging markets.
Berry chairman and CEO Tom Salmon said: “While there are unprecedented uncertainties impacting the global economy right now, we are fortunate to have an extremely diverse portfolio of products, both geographically and by end market, which will further demonstrate our proven track record of stability as we progress through the back half of fiscal 2020.
“The long-term fundamentals of the business have strengthened and we remain focused on our top three financial objectives of improving our strong balance sheet, organically growing our businesses, and integrating the RPC acquisition as demonstrated in this recently completed quarter.”
Recently, Berry Global has unveiled plans to develop new sizes and orifice options for dispensing and flip-top closures. The company offers flip-top closures in various orifice size and value options ranging from 15mm to 53mm.