Berry Global Hits Another Quarterly Record

(Photo courtesy of Berry Global)

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Evansville-based Berry Global Group Inc. (NYSE: BERY) is reporting fiscal third quarter net income of $107 million, up from $96 million during the same period last year. The company says it again set a quarterly record in net sales with $1.9 billion.

Berry says, similar to the fiscal second quarter, the record net sales can be attributed to the company’s acquisition of New Jersey-based AEP Industries Inc., which closed in January. Chief Executive Officer Tom Salmon says, based on the company’s progress thus far, it is increasing its cost savings target for the acquisition to $80 million from its initial estimate of $50 million.

"This continues to be an exciting year for Berry as we celebrate our 50th year in business while also achieving a milestone in the quarter with our placement into the Fortune 500," said Salmon. "Additionally, we remain excited about our recent acquisition of AEP, and the results to date have validated our expectations of the synergy potential and scale advantages through the combined businesses."

Berry is also reporting a quarterly record for operating income with $212 million, compared to $179 million during the same quarter in 2016. You can view the full earnings report by clicking here.