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.