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Berry Global Group Inc. (BERY-1.25%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing reports net sales of $2,385 million for the quarter, an increase from $2,333 million in the same period the previous year. The increase is attributed to organic volume growth and higher selling prices.
Operating income for the quarter was $152 million, down from $165 million in the previous year. The decrease was primarily due to increased business integration costs associated with the proposed merger with Amcor.
Net income for the quarter was $14 million, compared to $59 million in the previous year, affected by a loss from discontinued operations related to the spin-off of the HHNF business.
Cash used in operating activities was $478 million, compared to $199 million in the previous year. This increase was attributed to working capital timing and costs associated with the HHNF spin-off and the proposed merger.
Berry completed the spin-off of its Health, Hygiene & Specialties Global Nonwovens and Films business, which is now presented as discontinued operations in the financial statements.
The filing also details the company's acquisition of CMG Plastics for $48 million and F&S Tool Inc. for $68 million, both financed through existing liquidity.
Berry entered into a definitive agreement to sell its Specialty Tapes business for $443 million, with the transaction completed in February 2025.
The company announced a merger agreement with Amcor plc, subject to shareholder and regulatory approvals. The merger is expected to involve the exchange of Berry's common stock for Amcor ordinary shares.
Berry reported $1,181 million in cash and cash equivalents at the end of the quarter, with plans to refinance long-term debt obligations prior to maturity.
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. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.