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Berry Global: Fiscal Q2 Earnings Snapshot
May 4, 2021
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EVANSVILLE, Ind. (AP) Berry Global Group Inc. (BERY) on Tuesday reported fiscal second-quarter net income of $181 million.
On a per-share basis, the Evansville, Indiana-based company said it had net income of $1.32. Earnings, adjusted for one-time gains and costs, came to $1.59 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.
The packaging company posted revenue of $3.37 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $3.17 billion.
Berry Global shares have risen 14% since the beginning of the year. The stock has risen 56% in the last 12 months.
Company Profile
Berry Global Group Inc manufactures and sells plastic packaging products in three segments based on the product type. The consumer packaging segment, which generates the most revenue of any segment, sells containers, plastic drink cups, prescription vials, and printed bags for food products. The health, hygiene and specialities segment sells baby diapers, feminine hygiene products, and substrates for dryer sheets. The engineered materials segment sells tapes, retail trash bags, plastic films used to wrap meat, and shrink films. The majority of revenue comes from North America.
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Today, Berry Global Group, Inc. (NYSE:BERY), announced its continued leading investments in access to circular polyolefins from advanced recycling to support customer sustainability goals. These polyolefins are obtained by advanced recycling, enabled by the adoption of new chemical recycling technologies, of post-consumer plastic waste not suitable for traditional recycling. In this agreement, Berry collaborates with a leading supplier of polyolefin solutions, Borealis, for access to its first volumes of the in-demand circular polyolefins made from chemical recycling. This announcement adds to Berry s access to the 600 million pounds of post-consumer recycled (PCR) content by 2025, allowing Berry to further support customers with unmatched access to circular polyolefins.