Berry Global Group, Inc. has announced its fourth-quarter and fiscal year 2024 results, along with a strategic update. The company reported net sales of $3.2 billion for the fourth quarter, representing a 3% increase compared to the same period last year. Operating income for the quarter was $269 million, down 11% from the previous year. Earnings per share on a GAAP basis stood at $1.26, a 19% decrease from the prior year. However, adjusted earnings per share on a non-GAAP basis were reported at $2.27, remaining relatively flat compared to the previous year.
For the full fiscal year 2024, Berry Global reported net sales of $12.3 billion, a 3% decrease from the previous year. Operating income for the fiscal year was $937 million, down 13% from the prior fiscal year. Earnings per share on a GAAP basis were reported at $4.38, a 12% decrease from the previous fiscal year. On a non-GAAP basis, adjusted earnings per share stood at $7.62, marking a 3% increase from the prior fiscal year.
The company highlighted that it achieved 2% organic volume growth in its underlying businesses, excluding the impact of completed divestitures, and over 6% earnings per share growth in the second half of fiscal 2024. Additionally, Berry Global achieved its targeted guidance for adjusted earnings per share and free cash flow and returned $260 million to shareholders, with $120 million via share repurchases and $140 million in dividends.
Kevin Kwilinski, the CEO of Berry Global, emphasized the company's transformation into a leading pure-play supplier of sustainable global packaging solutions following the completion of the health, hygiene, and specialties global nonwovens and films business spin-off and merger with Glatfelter Corporation. Kwilinski also expressed confidence in the company's portfolio strength and resilience, reflecting the board's decision to raise the dividend by nearly 13%.
Looking ahead to fiscal 2025, the company anticipates continued low-single-digit volume growth and strong adjusted free cash flow. Berry Global's board of directors has set a range for adjusted earnings per share of $6.10 to $6.60 for fiscal 2025, with a focus on further debt reduction and returning capital to shareholders.
Finally, Berry Global announced a definitive merger agreement to combine with Amcor plc in an all-stock transaction, leading to the cancellation of its previously planned quarterly conference call. The company has also posted prepared remarks and a presentation regarding its fourth quarter and fiscal year 2024 earnings results on its website. Today the company's shares have moved 3.6% to a price of $69.45. For the full picture, make sure to review Berry Global's 8-K report.
