BERRY GLOBAL GROUP (BERY) has reported 22.03 percent rise in profit for the quarter ended Apr. 01, 2017. The company has earned $72 million, or $0.54 a share in the quarter, compared with $59 million, or $0.47 a share for the same period last year. On an adjusted basis, earnings per share were at $0.79 for the quarter compared with $0.58 in the same period last year.
Revenue during the quarter grew 11.90 percent to $1,806 million from $1,614 million in the previous year period. Gross margin for the quarter contracted 183 basis points over the previous year period to 19.55 percent. Total expenses were 90.31 percent of quarterly revenues, up from 89.78 percent for the same period last year. That has resulted in a contraction of 53 basis points in operating margin to 9.69 percent.
Operating income for the quarter was $175 million, compared with $165 million in the previous year period.
However, the adjusted operating income for the quarter stood at $213 million compared to $194 million in the prior year period. At the same time, adjusted operating margin contracted 23 basis points in the quarter to 11.79 percent from 12.02 percent in the last year period.
"I am pleased to report that we had another quarter of record financial results. Milestones for both revenue and operating EBITDA were achieved of $1 billion $806 million and $336 million, respectively. Adjusted free cash flow improved 36% to $122 million, and adjusted net income was also 36% higher at 79 cents per diluted share," said Tom Salmon, chief executive officer of Berry.
Operating cash flow declinesBERRY GLOBAL GROUP has generated cash of $333 million from operating activities during the first half, down 7.76 percent or $28 million, when compared with the last year period. The company has spent $590 million cash to meet investing activities during the first six months as against cash outgo of $2,452 million in the last year period. It has incurred net capital expenditure of $131 million on net basis during the first six months, down 22.49 percent or $38 million from year ago period.
Cash flow from financing activities was $229 million for the first six months, down 88.96 percent or $1,845 million, when compared with the last year period.
Cash and cash equivalents stood at $293 million as on Apr. 01, 2017, up 38.21 percent or $81 million from $212 million on Apr. 02, 2016.
Debt moves up marginallyBERRY GLOBAL GROUP has witnessed an increase in total debt over the last one year. It stood at $6,048 million as on Apr. 01, 2017, up 1.02 percent or $61 million from $5,987 million on Apr. 02, 2016. Long-term debt stood at $6,048 million as on Apr. 01, 2017. Total debt was 70.81 percent of total assets as on Apr. 01, 2017, compared with 76.78 percent on Apr. 02, 2016. Debt to equity ratio was at 8.62 as on Apr. 01, 2017, down from 90.71 as on Apr. 02, 2016. Interest coverage ratio improved to 2.61 for the quarter from 2.23 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
