BERY - Berry Global Group reports mixed Q4 earnings; initiates FY23 guidance

• Berry Global Group press release ( NYSE: BERY ): Q4 Non-GAAP EPS of $2.19 beats by $0.04 .
• Revenue of $3.4B (-7.1% Y/Y) misses by $240M .
• Fiscal Year 2023 Guidance : Adjusted earnings per share range of $7.30 - $7.80, 8% expected mid-point growth versus comparable prior year vs. consensus of $7.35; Cash flow from operations range of $1.4 - $1.5 billion; free cash flow range of $800 - $900 million expected.
• This guidance assumes a range of $2.05 billion to $2.15 billion of operating EBITDA, an effective tax rate of 23%, full year depreciation expense of $550 million, and interest expense of $350 million. Capital expenditures are expected to be $600 million. We anticipate the cadence of earnings and cash flow in fiscal 2023, to be very similar to fiscal 2022. The Company expects $600 million or more of our cash flow to be allocated towards share repurchases.

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