Berry Posts Quarterly Results
In its first fiscal 2017 quarter, Berry Plastics reported a net sales decrease of $110 million from the prior year quarter, primarily attributable to a $98 million negative impact from the extra days in the prior year quarter, an unfavorable impact from currency translation, and a decline in selling prices. Net income for the December 2016 quarter was $51 million compared to $4 million in the prior year quarter. Operating income for the quarter increased by 70% to $146 million compared to $86 million in the prior year quarter. Operating EBITDA was a record for any December quarter in the Company’s history at $277 million (18.4% of net sales) compared to $276 million (17.1% of net sales) in the December 2015 quarter. The operating income increase of $60 million from the prior year quarter is primarily attributed to a decrease in acquisition related costs, restructuring and impairment costs, depreciation and amortization expense along with lower selling, general, and administrative expenses. These improvements are partially offset by a $10 million negative impact from the extra days in the prior year quarter. Health, Hygiene, and Specialties’ net sales decrease of $30 million from the prior year quarter is primarily a result of a $26 million negative impact from the extra days in the prior year quarter, and a decline in selling prices including the pass through of raw material costs, partially offset by a 3% volume improvement. An operating income increase of $46 million from the prior year quarter is primarily attributable to costs resulting from the Avintiv acquisition in the prior year quarter, an improvement in productivity in manufacturing, along with a favorable impact from organic volume growth. These improvements are partially offset by a $1 million negative impact from the extra days in the prior year quarter.
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