In This Story
Berry Global Group Inc. (BERY+0.03%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements for the year, showing a decrease in net sales to $12,258 million from $12,664 million in the previous year. The decline is attributed to decreased selling prices due to lower resin costs, a 1% volume decline, and divestiture sales.
Cost of goods sold decreased to $10,005 million from $10,354 million, primarily due to raw material price declines and divestitures, partially offset by costs from acquired entities.
Operating income for the year was $937 million, down from $1,079 million the previous year. The decrease is attributed to unfavorable impacts from price cost spread, volume declines, and increased business consolidation costs.
Net income for the year was $516 million, down from $609 million in the previous year. The company reported a basic net income per share of $4.48, compared to $5.07 in the previous year.
Cash provided by operating activities was $1,405 million, while cash used in investing and financing activities was $572 million and $966 million, respectively.
Berry had a working capital of $902 million as of September 28, 2024. The company believes its existing cash and cash flow from operations, along with available borrowings, will be adequate to meet its liquidity needs.
The filing also details various financial agreements, including a senior secured credit facility and several notes issuances.
Berry announced plans for a spin-off and merger of its Health, Hygiene & Specialties business with Glatfelter Corporation (GLT0.00%), which occurred on November 4, 2024.
The company entered into a merger agreement with Amcor plc (AMCR0.00%), under which Berry will become a wholly-owned subsidiary of Amcor.
Berry does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on developing sustainable packaging solutions and improving operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Berry Global Group Inc. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.