Berry Global Group (BERY) Q4 2024 earnings summary

Executive summary

• Achieved solid 4Q24 results with 2% organic volume growth and met fiscal year adjusted EPS and free cash flow guidance.

• Completed spin-off of Health, Hygiene & Specialties Global Nonwovens and Films (HHNF) and merger with Glatfelter, positioning as a global leader in consumer packaging.

• Increased annualized dividend by nearly 13% to $1.24 per share, reflecting confidence in portfolio strength.

• Ended fiscal 2024 with leverage of 3.5x, within targeted range and lowest in company history.

Financial highlights

• Fiscal 4Q24 revenue grew 3% year-over-year to $3.2B; organic volumes up 2% in 4Q and 2H.

• FY24 revenue was $12.3B, down 3–4% vs prior year; operating EBITDA $2.05B, flat year-over-year.

• Adjusted EPS for FY24 was $7.62, marking 12th consecutive year of growth.

• Free cash flow for FY24 was $854M.

• $260M returned to shareholders in FY24 via $120M buybacks and $140M dividends.

Outlook and guidance

• FY25 guidance: adjusted EPS $6.10–$6.60, operating EBITDA $1.77B–$1.83B, free cash flow $600–$700M.

• Cash flow from operations expected at $1.125–$1.225B; capex planned at $525M.

• Focus on organic growth, margin improvement, and further deleveraging.

• Long-term targets: 10–15% TSR growth, 4–6% EBITDA growth, 7–12% adjusted EPS growth, leverage ratio 2.5x–3.5x.