Berry Global Group Inc Stock Price, News & Analysis

Berry Global Group, Inc. (NYSE: BERY) has announced the appointment of James T. Glerum, Jr. to its Board of Directors. Glerum, 64, recently retired as Vice Chairman, Investment Banking at Citigroup in July 2024. With a 40-year career in investment banking, Glerum has executed over 325 corporate finance and strategic transactions valued at more than $500 billion across multiple industries.

Glerum's extensive experience in investment banking, capital markets, and the packaging industry is expected to enhance Berry's Board's expertise, particularly in capital allocation and portfolio evaluation. He holds an M.B.A. from Harvard Business School and serves on the board of trustees for several Midwest non-profit institutions.

Berry Global Group reported strong Q3 2024 results, with net sales of $3.2 billion and operating income of $303 million. Adjusted earnings per share increased 16% to $2.18, while organic volume grew 2% across all segments. The company maintained its fiscal 2024 outlook, projecting adjusted EPS of $7.60 and free cash flow of $800-$900 million.

Key highlights include:

• Operating EBITDA rose 5% to $546 million
• Consumer Packaging segments showed growth in both sales and operating income
• Progress on portfolio optimization, including the HHNF spin/merger with Glatfelter
• Commitment to shareholder returns through dividends and share repurchases
• Leverage target of 3.5x or lower by fiscal year-end

Berry Global Group, Inc. (NYSE: BERY) has announced a quarterly cash dividend of $0.275 per share. The dividend will be paid on September 17, 2024, to stockholders of record as of September 3, 2024. This declaration by the board of directors demonstrates the company's commitment to returning value to shareholders. The dividend announcement provides a clear timeline for investors and showcases Berry Global's financial stability and confidence in its cash flow generation capabilities.

Berry Global Group and Glatfelter have unveiled Magnera as the new brand name for their proposed merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films (HHNF) business with Glatfelter. This merger will create a global leader in the specialty materials industry, leveraging 46 global manufacturing facilities. Magnera aims to offer innovative solutions more quickly from closer locations while minimizing environmental impact.

Curt Begle, current President of Berry's Health Hygiene & Specialties Division, will lead Magnera as CEO. The company will focus on innovation, operational excellence, and strategic market penetration, offering the broadest global product range in high-growth markets for both polymer and fiber-based product applications. Magnera commits to providing stability to customers and delivering an expanded portfolio of products and solutions.

Berry Global Group, Inc. (NYSE: BERY) has collaborated with Wells Enterprises, Inc. to introduce widely recyclable Blue Bunny Twist pints. These single-serve, freezer-grade pints are made with polypropylene (PP) and high-density polyethylene (HDPE), improving recyclability compared to traditional ice cream packaging. The translucent containers showcase layered flavors and are designed for nestability, optimizing supply chain efficiency. Available in seven flavors, the pints are being sold at major retailers across the U.S. This partnership demonstrates Berry's commitment to sustainable packaging solutions and meeting evolving consumer demands for environmentally friendly products.

Berry Global Group, Inc. (NYSE: BERY) has announced the release of its third fiscal quarter 2024 results on Friday, August 2, 2024, before trading begins on the New York Stock Exchange. The company will hold a quarterly conference call at 10 a.m. Eastern Time on the same day to discuss its results and performance.

The call will be webcast live on the company's website at https://ir.berryglobal.com/financials. Berry has introduced a new, simplified event registration and access system, offering two ways to join the call: by telephone or via the internet. Participants are encouraged to join the call 10 minutes prior to the start of the event. A replay of the webcast will be available on the company's website approximately two hours after the call's completion.

Berry Global Group (NYSE: BERY) and Glatfelter (NYSE: GLT) have achieved a new regulatory milestone in their proposed transaction to combine Berry's Health, Hygiene, and Specialties (HHNF) Global Nonwovens and Films business with Glatfelter. This comes after the expiration of the Hart-Scott-Rodino (HSR) waiting period and receiving all necessary competition and foreign investment law approvals. Announced on February 7, 2024, this Reverse Morris Trust transaction aims to create a leading publicly-traded company in the specialty materials industry. The transaction, expected to close in the second half of 2024, is subject to Glatfelter shareholder approval and other customary conditions.

Berry Global Group has announced the consideration for its previously announced tender offer to purchase its outstanding 4.875% First Priority Senior Secured Notes due 2026. The company will pay $987.19 per $1,000 principal amount for notes tendered by May 24, 2024, which includes an early tender premium of $30. A total of $935.554 million in notes were tendered, surpassing the $500 million maximum tender amount, resulting in a proration rate of approximately 53.48%. The early settlement date is expected to be May 29, 2024. Goldman Sachs is the dealer manager for the tender offer.

Berry Global has announced the early tender results for its 4.875% First Priority Senior Secured Notes due 2026. By May 24, 2024, $935.55 million of the $1.25 billion outstanding notes had been tendered. The company will accept up to $500 million of these notes, with a proration rate of approximately 53.48%. The early tender consideration includes a fixed spread plus a $30 premium per $1,000 principal amount. The early settlement date is anticipated to be on May 29, 2024. Goldman Sachs & Co. is the dealer manager for this tender offer.