Delaware
|
1-35672
|
20-5234618
|
(State of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act.
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act.
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
|
Exhibit Number |
Description | |
99.1
|
Press Release dated November 15, 2018
|
BERRY GLOBAL GROUP, INC. | |||
(Registrant) | |||
Dated: November 15, 2018
|
By:
|
/s/ Jason K. Greene | |
Name: | Jason K. Greene | ||
Title: | Executive Vice President, Chief Legal Officer and Secretary | ||
![]() |
News Release
|
|
|
|
Fourth Quarter Highlights
(all comparisons made to the September 2017 quarter)
|
·
|
Net sales increased 9 percent to $2.1 billion
|
·
|
Organic sales growth, excluding currency and acquisition effects, up 3 percent
|
·
|
Operating income down 3 percent to $194 million
|
·
|
Operating EBITDA down 1 percent to $346 million
|
·
|
Net income per diluted share up 22 percent to $0.99
|
·
|
Adjusted net income per diluted share up 3 percent to $0.90
|
·
|
Cash flow from operations increased by 13 percent to $448 million
|
·
|
Adjusted free cash flow increased by 37 percent to $382 million
|
·
|
Completed the strategic acquisition of Laddawn, Inc.
|
|
Fiscal Year Highlights
(all comparisons made to fiscal year 2017)
|
·
|
Net sales increased 11 percent to an annual record of $7.9 billion
|
·
|
Organic sales, excluding currency and acquisition effects, increased 1 percent
|
·
|
Operating income up 4 percent to $761 million
|
·
|
Operating EBITDA up 4 percent to $1,380 million
|
·
|
Net income per diluted share up 43 percent to $3.67
|
·
|
Adjusted net income per diluted share up 10 percent to $3.37
|
·
|
Cash flow from operations increased by 3 percent to $1,004 million
|
·
|
Adjusted free cash flow increased by 5 percent to $634 million
|
·
|
Expect fiscal year 2019 cash flow from operations of $1.04 billion and adjusted free cash flow of $670 million
|
Consolidated Overview
|
||||||||||||||||
September Quarter
|
||||||||||||||||
(in millions of dollars)
|
Current
|
Prior
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,054
|
$
|
1,881
|
$
|
173
|
9
|
%
|
||||||||
Operating income
|
194
|
199
|
(5
|
)
|
(3
|
)%
|
Consolidated Overview
|
||||||||||||||||
Fiscal Year
|
||||||||||||||||
(in millions of dollars)
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
7,869
|
$
|
7,095
|
$
|
774
|
11
|
%
|
||||||||
Operating income
|
761
|
732
|
29
|
4
|
%
|
Engineered Materials
|
||||||||||||||||
Fiscal Year
|
||||||||||||||||
(in millions of dollars)
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,672
|
$
|
2,375
|
$
|
297
|
13
|
%
|
||||||||
Operating income
|
368
|
316
|
52
|
16
|
%
|
Health, Hygiene, & Specialties
|
||||||||||||||||
Fiscal Year
|
||||||||||||||||
(in millions of dollars)
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,734
|
$
|
2,369
|
$
|
365
|
15
|
%
|
||||||||
Operating income
|
202
|
216
|
(14
|
)
|
(6
|
)%
|
Consumer Packaging
|
||||||||||||||||
Fiscal Year
|
||||||||||||||||
(in millions of dollars)
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||
Net sales
|
$
|
2,463
|
$
|
2,351
|
$
|
112
|
5
|
%
|
||||||||
Operating income
|
191
|
200
|
(9
|
)
|
(5
|
)%
|
Quarterly Period Ended
|
Fiscal Year Ended
|
|||||||||||||||
September 29, 2018
|
September 30, 2017
|
September 29, 2018
|
September 30, 2017
|
|||||||||||||
Net sales
|
$
|
2,054
|
$
|
1,881
|
$
|
7,869
|
$
|
7,095
|
||||||||
Costs and expenses:
|
||||||||||||||||
Cost of goods sold
|
1,705
|
1,514
|
6,438
|
5,691
|
||||||||||||
Selling, general and administrative
|
114
|
121
|
480
|
494
|
||||||||||||
Amortization of intangibles
|
38
|
41
|
154
|
154
|
||||||||||||
Restructuring and impairment charges
|
3
|
6
|
36
|
24
|
||||||||||||
Operating income
|
194
|
199
|
761
|
732
|
||||||||||||
Other expense (income), net
|
8
|
(4
|
)
|
25
|
14
|
|||||||||||
Interest expense, net
|
64
|
66
|
259
|
269
|
||||||||||||
Income before income taxes
|
122
|
137
|
477
|
449
|
||||||||||||
Income tax expense (benefit)
|
(11
|
)
|
27
|
(19
|
)
|
109
|
||||||||||
Net income
|
$
|
133
|
$
|
110
|
$
|
496
|
$
|
340
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
1.01
|
$
|
0.84
|
$
|
3.77
|
$
|
2.66
|
||||||||
Diluted
|
0.99
|
0.81
|
3.67
|
2.56
|
||||||||||||
Outstanding weighted-average shares: (in millions)
|
||||||||||||||||
Basic
|
131.7
|
130.6
|
131.4
|
127.6
|
||||||||||||
Diluted
|
134.9
|
135.7
|
135.2
|
132.6
|
||||||||||||
Quarterly Period Ended
|
Fiscal Year Ended
|
|||||||||||||||
September 29, 2018
|
September 30, 2017
|
September 29, 2018
|
September 30, 2017
|
|||||||||||||
Net income
|
$
|
133
|
$
|
110
|
$
|
496
|
$
|
340
|
||||||||
Currency translation
|
(18
|
)
|
30
|
(127
|
)
|
34
|
||||||||||
Pension and other postretirement benefits
|
4
|
25
|
3
|
38
|
||||||||||||
Interest rate hedges
|
2
|
5
|
49
|
28
|
||||||||||||
Provision for income taxes
|
—
|
(12
|
)
|
(13
|
)
|
(20
|
)
|
|||||||||
Other comprehensive income, net of tax
|
(12
|
)
|
48
|
(88
|
)
|
80
|
||||||||||
Comprehensive income
|
$
|
121
|
$
|
158
|
$
|
408
|
$
|
420
|
September 29, 2018
|
September 30, 2017
|
|||||||
Assets:
|
||||||||
Cash and cash equivalents
|
$
|
381
|
$
|
306
|
||||
Accounts receivable, net
|
941
|
847
|
||||||
Inventories
|
887
|
762
|
||||||
Other current assets
|
76
|
89
|
||||||
Property, plant, and equipment, net
|
2,488
|
2,366
|
||||||
Goodwill, intangible assets, and other long-term assets
|
4,358
|
4,106
|
||||||
Total assets
|
$
|
9,131
|
$
|
8,476
|
||||
Liabilities and stockholders' equity:
|
||||||||
Current liabilities, excluding debt
|
$
|
1,199
|
$
|
1,101
|
||||
Current and long-term debt
|
5,844
|
5,641
|
||||||
Other long-term liabilities
|
654
|
719
|
||||||
Stockholders' equity
|
1,434
|
1,015
|
||||||
Total liabilities and stockholders' equity
|
$
|
9,131
|
$
|
8,476
|
September 29,
2018
|
September 30,
2017
|
|||||||
(in millions of dollars)
|
||||||||
Revolving line of credit
|
$
|
—
|
$
|
—
|
||||
Term loans
|
3,652
|
3,957
|
||||||
5½% Second priority notes
|
500
|
500
|
||||||
6 % Second priority notes
|
400
|
400
|
||||||
5⅛ % Second priority notes
|
700
|
700
|
||||||
4½ % Second priority notes
|
500
|
—
|
||||||
Debt discounts and deferred fees
|
(43
|
)
|
(48
|
)
|
||||
Capital leases and other
|
135
|
132
|
||||||
Total debt
|
$
|
5,844
|
$
|
5,641
|
Fiscal Year Ended
|
||||||||
September 29, 2018
|
September 30, 2017
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
496
|
$
|
340
|
||||
Depreciation
|
384
|
367
|
||||||
Amortization of intangibles
|
154
|
154
|
||||||
Other, net
|
(13
|
)
|
59
|
|||||
Working capital
|
(17
|
)
|
55
|
|||||
Net cash from operating activities
|
1,004
|
975
|
||||||
Cash flows from investing activities:
|
||||||||
Additions to property, plant, and equipment
|
(336
|
)
|
(269
|
)
|
||||
Proceeds from sale of assets
|
3
|
6
|
||||||
Other investing activities, net
|
—
|
4
|
||||||
Acquisitions of businesses, net of cash acquired
|
(702
|
)
|
(515
|
)
|
||||
Net cash from investing activities
|
(1,035
|
)
|
(774
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from long-term borrowings
|
498
|
495
|
||||||
Repayments on long-term borrowings
|
(335
|
)
|
(636
|
)
|
||||
Proceeds from issuance of common stock
|
23
|
31
|
||||||
Repurchase of common stock
|
(33
|
)
|
—
|
|||||
Debt financing costs
|
(3
|
)
|
(5
|
)
|
||||
Payment of tax receivable agreement
|
(37
|
)
|
(111
|
)
|
||||
Net cash from financing activities
|
113
|
(226
|
)
|
|||||
Effect of exchange rate changes on cash
|
(7
|
)
|
8
|
|||||
Net change in cash
|
75
|
(17
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
306
|
323
|
||||||
Cash and cash equivalents at end of period
|
$
|
381
|
$
|
306
|
Quarterly Period Ended September 29, 2018
|
||||||||||||||||
Consumer Packaging
|
Health, Hygiene & Specialties
|
Engineered Materials
|
Total
|
|||||||||||||
Net sales
|
$
|
648
|
$
|
724
|
$
|
682
|
$
|
2,054
|
||||||||
Operating income
|
$
|
40
|
$
|
62
|
$
|
92
|
$
|
194
|
||||||||
Depreciation and amortization
|
60
|
54
|
27
|
141
|
||||||||||||
Restructuring and impairment charges
|
—
|
2
|
1
|
3
|
||||||||||||
Other non-cash charges (1)
|
—
|
—
|
1
|
1
|
||||||||||||
Business optimization costs (2)
|
1
|
5
|
1
|
7
|
||||||||||||
Operating EBITDA
|
$
|
101
|
$
|
123
|
$
|
122
|
$
|
346
|
Quarterly Period Ended September 30, 2017
|
||||||||||||||||
Consumer Packaging
|
Health, Hygiene & Specialties
|
Engineered Materials
|
Total
|
|||||||||||||
Net sales
|
$
|
599
|
$
|
596
|
$
|
686
|
$
|
1,881
|
||||||||
Operating income
|
$
|
50
|
$
|
52
|
$
|
97
|
$
|
199
|
||||||||
Depreciation and amortization
|
57
|
48
|
33
|
138
|
||||||||||||
Restructuring and impairment charges
|
2
|
3
|
1
|
6
|
||||||||||||
Other non-cash charges (1)
|
2
|
2
|
2
|
6
|
||||||||||||
Business optimization costs (2)
|
—
|
1
|
—
|
1
|
||||||||||||
Operating EBITDA
|
$
|
111
|
$
|
106
|
$
|
133
|
$
|
350
|
Fiscal Year Ended September 29, 2018
|
||||||||||||||||
Consumer Packaging
|
Health, Hygiene & Specialties
|
Engineered Materials
|
Total
|
|||||||||||||
Net sales
|
$
|
2,463
|
$
|
2,734
|
$
|
2,672
|
$
|
7,869
|
||||||||
Operating income
|
$
|
191
|
$
|
202
|
$
|
368
|
$
|
761
|
||||||||
Depreciation and amortization
|
229
|
200
|
109
|
538
|
||||||||||||
Restructuring and impairment charges
|
3
|
28
|
5
|
36
|
||||||||||||
Other non-cash charges (1)
|
7
|
11
|
10
|
28
|
||||||||||||
Business optimization costs (2)
|
1
|
11
|
5
|
17
|
||||||||||||
Operating EBITDA
|
$
|
431
|
$
|
452
|
$
|
497
|
$
|
1,380
|
Fiscal Year Ended September 30, 2017
|
||||||||||||||||
Consumer Packaging
|
Health, Hygiene & Specialties
|
Engineered Materials
|
Total
|
|||||||||||||
Net sales
|
$
|
2,351
|
$
|
2,369
|
$
|
2,375
|
$
|
7,095
|
||||||||
Operating income
|
$
|
200
|
$
|
216
|
$
|
316
|
$
|
732
|
||||||||
Depreciation and amortization
|
231
|
184
|
106
|
521
|
||||||||||||
Restructuring and impairment charges
|
8
|
11
|
5
|
24
|
||||||||||||
Other non-cash charges (1)
|
10
|
12
|
12
|
34
|
||||||||||||
Business optimization costs (2)
|
—
|
11
|
5
|
16
|
||||||||||||
Operating EBITDA
|
$
|
449
|
$
|
434
|
$
|
444
|
$
|
1,327
|
Quarterly Period Ended
|
Fiscal Year Ended
|
|||||||||||||||
September 29, 2018
|
September 30, 2017
|
September 29, 2018
|
September 30, 2017
|
|||||||||||||
Net income
|
$
|
133
|
$
|
110
|
$
|
496
|
$
|
340
|
||||||||
Add: other expense (income), net
|
8
|
(4
|
)
|
25
|
14
|
|||||||||||
Add: interest expense, net
|
64
|
66
|
259
|
269
|
||||||||||||
Add: income tax (benefit) expense
|
(11
|
)
|
27
|
(19
|
)
|
109
|
||||||||||
Operating income
|
$
|
194
|
$
|
199
|
$
|
761
|
$
|
732
|
||||||||
Add: non-cash amortization from 2006 private sale
|
7
|
8
|
28
|
32
|
||||||||||||
Add: restructuring and impairment
|
3
|
6
|
36
|
24
|
||||||||||||
Add: other non-cash charges (1)
|
1
|
6
|
28
|
34
|
||||||||||||
Add: business optimization and other expenses (2)
|
7
|
1
|
17
|
16
|
||||||||||||
Adjusted operating income (10)
|
$
|
212
|
$
|
220
|
$
|
870
|
$
|
838
|
||||||||
Add: depreciation
|
103
|
97
|
384
|
367
|
||||||||||||
Add: amortization of intangibles (3)
|
31
|
33
|
126
|
122
|
||||||||||||
Operating EBITDA (10)
|
$
|
346
|
$
|
350
|
$
|
1,380
|
$
|
1,327
|
||||||||
Cash flow from operating activities
|
$
|
448
|
$
|
395
|
$
|
1,004
|
$
|
975
|
||||||||
Net additions to property, plant, and equipment
|
(66
|
)
|
(66
|
)
|
(333
|
)
|
(263
|
)
|
||||||||
Payment of tax receivable agreement
|
—
|
(51
|
)
|
(37
|
)
|
(111
|
)
|
|||||||||
Adjusted free cash flow (10)
|
$
|
382
|
$
|
278
|
$
|
634
|
$
|
601
|
||||||||
Net income per diluted share
|
$
|
0.99
|
$
|
0.81
|
$
|
3.67
|
$
|
2.56
|
||||||||
Other expense (income), net
|
0.06
|
(0.03
|
)
|
0.18
|
0.11
|
|||||||||||
Non-cash amortization from 2006 private sale
|
0.05
|
0.06
|
0.21
|
0.24
|
||||||||||||
Restructuring and impairment
|
0.02
|
0.04
|
0.27
|
0.18
|
||||||||||||
Other non-cash charges (4)
|
(0.02
|
)
|
0.01
|
0.04
|
0.10
|
|||||||||||
Business optimization costs (2)
|
0.05
|
0.01
|
0.13
|
0.12
|
||||||||||||
Tax reform adjustments, net (5)
|
(0.21
|
)
|
—
|
(0.92
|
)
|
—
|
||||||||||
Income tax impact on items above (6)
|
(0.04
|
)
|
(0.03
|
)
|
(0.21
|
)
|
(0.24
|
)
|
||||||||
Adjusted net income per diluted share (10)
|
$
|
0.90
|
$
|
0.87
|
$
|
3.37
|
$
|
3.07
|
||||||||
Fiscal Year Ended 2018
|
||||
Operating EBITDA (10)
|
$
|
1,380
|
||
Add: acquisitions (7)
|
41
|
|||
Add: unrealized cost savings (8)
|
28
|
|||
Adjusted EBITDA (10)
|
$
|
1,449
|
Estimated Fiscal 2019
|
||||
Cash flow from operating activities
|
$
|
1,036
|
||
Additions to property, plant, and equipment
|
(350
|
)
|
||
Tax receivable agreement payment (9)
|
(16
|
)
|
||
Adjusted free cash flow (10) | $ | 670 |
Quarterly Period Ended September 29, 2018
|
||||||||||||||||
Consumer Packaging
|
Health, Hygiene & Specialties
|
Engineered Materials
|
Total
|
|||||||||||||
Organic sales growth
|
8
|
%
|
3
|
%
|
(2
|
%)
|
3
|
%
|
||||||||
Acquisition
|
—
|
19
|
%
|
2
|
%
|
7
|
%
|
|||||||||
Currency effects
|
—
|
(1
|
%)
|
—
|
(1
|
%)
|
||||||||||
Total Reported Net Sales
|
8
|
%
|
21
|
%
|
—
|
%
|
9
|
%
|
Fiscal Year 2018
|
||||||||||||||||
Consumer Packaging
|
Health, Hygiene & Specialties
|
Engineered Materials
|
Total
|
|||||||||||||
Organic sales growth
|
5
|
%
|
—
|
%
|
(1
|
%)
|
1
|
%
|
||||||||
Acquisition
|
—
|
13
|
%
|
14
|
%
|
9
|
%
|
|||||||||
Currency effects
|
—
|
2
|
%
|
—
|
%
|
1
|
%
|
|||||||||
Total Reported Net Sales
|
5
|
%
|
15
|
%
|
13
|
%
|
11
|
%
|
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