Berry Plastics Reports Profit Jump

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(photo courtesy Berry Plastics) (photo courtesy Berry Plastics)

Evansville-based Berry Plastics Group Inc. (NYSE: BERY) is reporting fiscal first quarter net income of $51 million, up from $4 million during the same period the previous year. New Chief Executive Officer Tom Salmon says the results were driven by two of the company's key divisions.

Salmon, who was appointed CEO earlier this week, says growth in the company's Health, Hygiene and Specialties division and strong operating performance from the Engineered Materials division contributed to the earnings surge. He says, looking ahead, he expects the positive results to continue.

"We remain excited about our recent acquisition of AEP, which closed on January 20th and believe our synergy targets are very achievable," said Salmon. "The improvements as a result of the acquisition of AEP, we believe, will not only positively impact our Engineered Materials division but will also add scale benefits to each of our three operating divisions."

The company says net sales in the fiscal first quarter decreased $110 million, while operating income increased 70 percent to $146 million.

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