Berry Global Group Inc Stock Price, News & Analysis

Berry Global Group, Inc. (NYSE:BERY) has authorized a new share repurchase program, allowing for the repurchase of up to $1 billion of its outstanding shares. The company plans to repurchase at least $350 million in fiscal year 2022, including $50 million already completed in Q1. This initiative reflects Berry's strong cash flow and commitment to returning capital to shareholders. The timing and amount of repurchases will depend on market conditions. This program supersedes the previous one, enhancing shareholder value.

Berry Global Group (NYSE: BERY) and TotalEnergies have partnered to supply certified circular polymers from advanced recycling, aiming to enhance sustainability in food packaging. This collaboration focuses on using recycled plastics that are difficult to process traditionally, thereby diverting waste from landfills. TotalEnergies will produce feedstock from hard-to-recycle plastics at its new plant in France, starting in 2023. This initiative aligns with TotalEnergies' goal to achieve 30% recycled and renewable polymers by 2030, showcasing both companies' commitment to circularity and sustainability.

Berry Global Group, Inc. (NYSE: BERY) will report its first fiscal quarter 2022 results on February 3, 2022, before trading begins on the NYSE. A conference call will take place at 10 a.m. Eastern Time to discuss the Company’s performance, with access numbers provided for both domestic and international participants. A recorded replay will be available starting at 1 p.m. Eastern Time on the same day until February 17, 2022.

Berry focuses on innovative packaging and products, leveraging sustainability and a diverse workforce of 47,000 employees.

The National Lubricant Container Recycling Coalition (NLCRC) has welcomed Berry Global as a new principal member. This coalition aims to tackle the challenges of recycling plastic lubricant containers through industry-wide collaboration. Berry Global, a major manufacturer in the plastic packaging sector, joins prominent companies like Castrol and Valvoline in this initiative. Their participation aligns with their sustainability goals, showing a commitment to enhancing recyclability in the packaging industry. The coalition seeks to develop effective solutions for post-consumer recovery and recycling.

Berry Global Group, Inc. (NYSE: BERY) addressed a letter from Ancora Holdings Group LLC, affirming its commitment to shareholder engagement and long-term growth. The company emphasizes its strategic portfolio management and capital allocation strategies, which have led to consistent organic growth despite challenges posed by COVID, inflation, and supply chain issues. Berry reports steady cash flow, enabling share repurchases and investments. The management remains open to ideas that enhance shareholder value, while also acknowledging the forward-looking risks that could impact future performance.

Ancora Holdings Group LLC urges Berry Global Group (NYSE: BERY) to conduct a comprehensive review of strategic alternatives due to prolonged share price underperformance. Despite a 113.4% revenue increase and a 134.3% rise in earnings per share since CEO Tom Salmon's tenure began, BERY's share price has only risen by 29.7%. Ancora suggests exploring a $1 billion share repurchase program and a sale-leaseback transaction, estimating potential company sale value over $100 per share. Ancora emphasizes the need for the Board to prioritize shareholder returns and address significant valuation discounts.

Berry Global Group, Inc. (NYSE: BERY) announces a $50 million accelerated share repurchase (ASR) of its outstanding common shares using available cash. The ASR, expected to settle in the December 2021 first fiscal quarter, aims to enhance liquidity and long-term shareholder value. Berry maintains approximately $350 million left in its share repurchase program post-transaction. CEO Tom Salmon emphasized ongoing investments in growth and a robust cash flow, indicating confidence in driving continued organic growth.