Berry Global Reaches Record Quarterly Sales

Posted: Updated:
(Photo courtesy of Berry Global) (Photo courtesy of Berry Global)
EVANSVILLE -

Record sales have driven the quarterly profit of Evansville-based Berry Global Inc. (NYSE: BERY) higher. The plastics manufacturer is reporting fiscal third quarter net income of $110 million, compared to $107 million during the same period a year earlier. Net sales rose 9 percent to $2.1 billion and Chief Executive Officer Tom Salmon says the company also broke quarterly records for operating EBITDA and adjusted earnings per share.

Salmon says "Berry's financial performance and balance sheet have strengthened considerably over the past several years. We are now in a position to return cash to shareholders while still maintaining financial flexibility to execute our strategic plan, further strengthen our balance sheet, and invest for future growth. I am happy to announce that Berry’s Board of Directors have approved a $500 million share repurchase program."

Salmon added foodservice products and tape and flexible packaging products, as well as the recently-completed acquisition of Ohio-based Clopay Plastic Products Co. Inc., bolstered sales performance.

The company is reaffirming its fiscal 2018 adjusted free cash flow guidance of $630 million. You can connect to the full quarterly earnings report by clicking here.

  • Perspectives

    • (photo courtesy of Conexus)

      Getting the Word Out About Manufacturing & Logistics

      As the epicenter of the nation’s advanced manufacturing and logistics industries, Indiana has a compelling story to tell about how Hoosier companies make and move the goods people depend on every day. Our goal is to ensure everyone hears these stories – many of which share a common theme focused on cutting-edge technologies that are transforming the way products are made and moved around the world and the people who use them. Conexus Indiana launched an...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The Kelley School of Business at IU Bloomington is the highest-ranked program in Indiana. (Provided Photo/Indiana University)

      Three Indiana Business Schools Score High Marks

      If your high school student or still “undecided” college student is considering a degree in business, the state of Indiana seems to be a good place to be, and without having to pay out-of-state tuition. Forbes magazine has released its annual listing of The Best Business Schools, specifically those with full-time, residential, M.B.A programs.  

    • (photo courtesy of The Times of Northwest Indiana)

      Valpo Mansion May Fall to Wrecking Ball

      A one-time mansion that once hosted dignitaries and politicians while they visited Valparaiso appears to be facing demolition, following years of decline and disrepair.  The stately mansion, known locally as the Brown home, maybe knocked down and replaced with condominiums, according to our partners at The Times of Northwest Indiana. 

    • (Inside INdiana Business Photo/Mary-Rachel Redman)

      Merchants Bank Marks Opening of Carmel HQ

      Carmel-based Merchants Bancorp (Nasdaq: MBIN) has cut the ribbon on its $25 million headquarters in the city's Midtown. In addition to housing the executive offices and mortgage operations of the bank, the five-story, 120,000-square-foot building also includes 8,000 square feet of retail space and 24,000 square feet of leasable office space. Chairman and Chief Executive Officer Mike Petrie says the design of the building "reinvigorates" the bank's mission to...

    • Photo courtesy of Purdue University

      Purdue Offers 'Stranger Things' Replica Tee

      Purdue University has partnered with trademark licensing agent CLC to produce a special-edition replica Purdue shirt that appeared on an episode of Netflix’s “Stranger Things 3.”  The university also teamed up with Venley to accurately replicate the shirt, which will be available at retailers on the West Lafayette campus and online later this month.

    • The Honda Greensburg plant opened in 2008.

      Honda to Invest $4M, Add Jobs at Greensburg Plant

      The American Honda Motor Co. continues to invest in its Greensburg, Indiana plant as it has announced the factory will be producing the company’s first electrified sport utility vehicle in the U.S. The company says it will invest more than $4 million and add 34 new jobs in the plant to support production of the CR-V Hybrid.