Berry Global Group Reports Q1 Miss, Provides 2022 Outlook
<p><a href='https://financialmodelingprep.com/financial-summary/BERY'>Berry Global Group, Inc. (NYSE:BERY) </a>reported its Q1 results, with adjusted EPS coming in at $1.25, which is below the consensus estimate of $1.33. Adjusted EBITDA was $457 million, missing the consensus estimate of $493 million.</p>
<p>Quarterly results were affected by a $41 million price/cost headwind due to input cost inflation and Covid related supply chain/ logistics headwinds. Volumes declined by 4% but sales increased around 14% year-over-year to $3.57 billion.</p>
<p>Analysts at RBC Capital lowered their price target to $81 from $84 and F22 EBITDA estimate to $2.25 billion from $2.3 billion on near-term price/cost headwinds. The analysts believe price/cost should turn positive in H2/22 driven by moderating inflationary cost pressures and volume growth.</p>
<p>The company provided its 2022 outlook, reaffirming its 2022 adjusted EPS guidance of $7.20-$7.70 (vs. Street’s $7.35) and FCF guidance of $900 million-$1 billion.</p>

NYSE:BERY