Evansville-based Berry Global Group Inc. (NYSE: BERY) is reporting fiscal second quarter net income of $126 million, up from $74 million during the same period last year. Chief Executive Officer Tom Salmon credits the company’s diverse portfolio for the rise in profit as the COVID-19 crisis continues.
The company says net sales for the quarter rose more than 50% to $3 billion.
“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,” Salmon said in a news release. “Our financial profile remains solid as we have a strong liquidity position with over $950 million of cash at the end of the quarter as well as an undrawn $850 million asset-based line of credit representing $1.8 billion of liquidity.”
In February, the company announced it was boosting production of nonwoven healthcare products at two of its facilities in China as the country and others were dealing with the coronavirus.
In early April, Berry said it is investing in additional specialty machinery to manufacture certain personal protective equipment. Later in the month, the company began to pivot to making face mask materials.
Berry says it expects about 35% of its portfolio to be negatively affected by the pandemic. However, the company says it expects all of its business segments to return to positive organic growth as the pandemic-related restrictions are lifted.
You can connect to the full quarterly earnings report by clicking here.