02.10.16
Berry Plastics reported record net sales of $1.612 billion for the December 2015 quarter compared to $1.22 billion in the December 2014 quarter. The company also posted record operating EBITDA of $276 million (17.1% of net sales) in the December 2015 quarter compared to $182 million (14.9% of net sales) in the prior year quarter.
"During the quarter we achieved record net sales and operating EBITDA for any quarter in the company’s history and successfully closed the Avintiv acquisition on October 1. The significantly improved results and volume growth in certain key product categories are an outcome of our strategy and a testament to the focus on execution by everyone at Berry. With a very good start to the fiscal year and only a few short months since the Avintiv acquisition, the initial report card has exceeded our expectations,” says Jon Rich, chairman and CEO of Berry Plastics.
The year-over-year increase in net sales was primarily attributed to net sales from the acquisition of Avintiv Inc. along with an increase in base volumes partially offset by decreased selling prices as a result of the pass-through of lower raw material costs and unfavorable currency translation. Avintiv is contained within Berry’s new health, hygiene and specialties division, which posted net sales of $564 million in the quarter.
"During the quarter we achieved record net sales and operating EBITDA for any quarter in the company’s history and successfully closed the Avintiv acquisition on October 1. The significantly improved results and volume growth in certain key product categories are an outcome of our strategy and a testament to the focus on execution by everyone at Berry. With a very good start to the fiscal year and only a few short months since the Avintiv acquisition, the initial report card has exceeded our expectations,” says Jon Rich, chairman and CEO of Berry Plastics.
The year-over-year increase in net sales was primarily attributed to net sales from the acquisition of Avintiv Inc. along with an increase in base volumes partially offset by decreased selling prices as a result of the pass-through of lower raw material costs and unfavorable currency translation. Avintiv is contained within Berry’s new health, hygiene and specialties division, which posted net sales of $564 million in the quarter.