By Connor Hart

Shares of Berry Global Group climbed after the company beat Wall Street's expectations in its fiscal first quarter, boosted by higher volumes and prices, as well as recent streamlining efforts.

The stock was trading 4.5% higher, at $69.81, midday Tuesday. Shares, which are on pace for their largest percent increase in almost a year, have gained 18% in the past 52 weeks.

The maker of packaging for food and industrial applications posted net income of $14 million, or 12 cents a share, for its quarter ended Dec. 28, compared with $59 million, or 50 cents a share, in last year's comparable quarter.

Excluding discontinued operations from the spin off of Berry's health, hygiene and specialties global nonwovens and films business and its merger with Glatfelter, the company reported net income of $81 million, or 69 cents a share.

Adjusted per-share earnings came in at $1.09 a share, beating the 98 cents that analysts surveyed by FactSet were expecting.

Net sales increased 2.2% to $2.39 billion, driven by 2% organic volume growth and higher prices, the company said. Analysts were looking for revenue of $2.35 billion.

Sales across the company's international consumer packaging segment fell 3% to $885 million, dragged down by its recent divestiture. The decrease was offset by its North American consumer packaging segment, where sales climbed 10% to $769 million, boosted by higher volumes and prices.

Revenue from the company's flexibles unit increased 2% to $731 million.

Chief Executive Kevin Kwilinski said the company is transitioning into a more streamlined provider of consumer packaging solutions thanks to its recent strategic actions, as well as its commitment to innovation and sustainability.

The Evansville, Ind., company backed its 2025 outlook for adjusted per-share earnings between $6.10 and $6.60. Analysts surveyed by FactSet modeled adjusted earnings of $6.26 a share.

Berry said its combination with Amcor, announced as an $8.4 billion stock swap in November, is expected to be completed sometime in the middle of 2025.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

February 04, 2025 12:00 ET (17:00 GMT)

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