Ultime notizie per Berry Global Gr (NYSE:BERY) Azioni

Berry Global Gr

Berry global Group Inc is a leading global supplier of plastic packaging products mainly sold to consumer-oriented end markets. The four business segments are consumer packaging international, consumer packaging North America, engineered materials, and health, hygiene, and specialties. The company primarily uses plastic resin as its raw material, purchased from a variety of suppliers. The majority of revenue comes from consumer packaging international due to the acquisition of RPC, which expanded the geographical areas in which the company operates. The consumer packaging segment consists of closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, polythene films, recycling, containers, and technical components.

Berry Global Group

Berry Global Group Inc

Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) ("Glatfelter") and Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) ("Berry") announced today that Glatfelter's shareholders have approved all matters relating to the merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business ("HHNF Business") with Glatfelter required to be approved by Glatfelter shareholders, as described in the proxy statement/prospectus provided to its shareholders in connection with the Special Meeting.
At the Special Meeting of Glatfelter Shareholders held earlier today, Glatfelter shareholders voted to approve the share issuance proposal, the charter amendment proposals, the omnibus plan proposal and the advisory (non-binding) compensation proposal.

BERY

Glatfelter Shareholders Approve Proposals Related To The Proposed Merger Of Berry's Health, Hygiene And Specialties Global Nonwovens And Films Business

The spin-off and merger of Berry&#39;s HHNF Business with Glatfelter are expected to be completed on November 4, 2024, subject to the satisfaction or waiver of the closing conditions for the transaction. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation (&quot;Magnera&quot;).

News

Berry Global Sets Record Date Of Close Of Business On November 1, 2024 For Proposed Spin-off Of Its HHNF Business

Truist Securities analyst Michael Roxland maintains Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Hold and raises the price target from $68 to $74.

Price Target

Analyst Ratings

Truist Securities Maintains Hold on Berry Global Gr, Raises Price Target to $74

The size of the offering reflects an increase of&nbsp;$300 million&nbsp;in aggregate principal amount of the Notes from the previously announced offering size of&nbsp;$500 million. The Notes will be issued in lieu of the same amount of debt previously intended to be provided under the new term loan facility to be entered into by Treasure Holdco, Inc. (&quot;Spinco&quot;) and to be assumed by Magnera in conjunction with and assuming the closing of the Transaction.

Reported Earlier, Berry Global And Glatfelter Upsize Senior Secured Notes To $800M Ahead Of Strategic Merger Into Magnera

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) ("Berry") and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) ("Glatfelter") announced today that Berry's indirect, wholly-owned subsidiary, Treasure Escrow Corporation, a Delaware corporation (the "Issuer"), plans to issue $500,000,000 of senior secured notes due 2031 (the "Notes").
The proceeds from the offering are intended to be used to fund a portion of the cash distribution to Berry Global, Inc., a Delaware corporation and wholly-owned subsidiary of Berry, by Treasure Holdco, Inc., a Delaware corporation and an indirect, wholly-owned subsidiary of Berry ("Spinco"), in respect of the previously announced combination of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter, in a Reverse Morris Trust transaction (the "Transaction"), to repay certain existing indebtedness of Glatfelter and to pay certain fees and expenses. As previously disclosed, upon closing of the Transaction, the combined company will be renamed Magnera Corporation ("Magnera"). The issuance of the Notes would be issued in lieu of the same amount of debt previously intended to be provided under Spinco's new credit facilities and such debt would be assumed by Magnera, in conjunction with and assuming closing of the Transaction.

Offerings

Berry Global to Issue $500M in Notes to Fund Glatfelter Merger and Debt Repayment

Morgan Stanley analyst Stefan Diaz initiates coverage on Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Equal-Weight rating and announces Price Target of $76.

Initiation

Morgan Stanley Initiates Coverage On Berry Global Gr with Equal-Weight Rating, Announces Price Target of $76

<ul>
<li>Cash flow from operations of&nbsp;$1.4-$1.5 billion; free cash flow of&nbsp;$800-$900 million</li>
<li>Committed to being 3.5x leverage or lower and within our long-term targeted range</li>
</ul>

Guidance

Berry Now Sees FY24 Adjusted EPS Of $7.60 Vs Prior View $7.35 - $7.85; Est $7.55

Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) reported quarterly earnings of $2.18 per share which beat the analyst consensus estimate of $2.06 by 5.83 percent. This is a 14.74 percent increase over earnings of $1.90 per share from the same period last year. The company reported quarterly sales of $3.161 billion which missed the analyst consensus estimate of $3.255 billion by 2.90 percent. This is a 2.11 percent decrease over sales of $3.229 billion the same period last year.

Earnings

Earnings Beats

Earnings Misses

Berry Global Gr Q3 2024 Adj. EPS $2.18 Beats $2.06 Estimate, Sales $3.161B Miss $3.255B Estimate

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) announced that the proposed merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films ("HHNF") business with Glatfelter progressed further today with the creation of the Magnera brand (pronounced ‘Mag-nair-uh'), a global leader in the specialty materials industry.

Berry And Glatfelter Announce New Brand Name In Connection With Proposed Merger Of Berry's Health, Hygiene And Specialties Global Nonwovens And Films Business And Glatfelter, With The Creation Of The Magnera Brand

UBS analyst Joshua Spector maintains Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Buy and lowers the price target from $89 to $77.

UBS Maintains Buy on Berry Global Gr, Lowers Price Target to $77

Berry Global And Glatfelter Announced The Achievement Of An Additional Regulatory Milestone In The Proposed Transaction Involving The Combination Of A Majority Of Berry's Health, Hygiene And Specialties Segment

The closing of the private placement offering is expected to occur on or about May 28, 2024, subject to the satisfaction of customary closing conditions.
The Notes will bear interest at a rate of&nbsp;5.800%, payable semiannually, in cash in arrears, on June 15 and December 15 of each year, commencing on December 15, 2024. The Notes will mature on June 15, 2031.

Reported Earlier, Berry Global Group Prices Private Placement Of First Priority Senior Secured Notes Valued At $800M

B of A Securities analyst George Staphos maintains Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Buy and raises the price target from $74 to $81.

B of A Securities Maintains Buy on Berry Global Gr, Raises Price Target to $81

Berry Global Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Thursday.</a>
The company reported second-quarter adjusted earnings per share of $1.95,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38726288/berry-announces-second-quarter-2024-results" rel="noreferrer noopener">beating the street view of $1.91</a>.&nbsp;
Quarterly revenues of $3.076&nbsp;billion missed<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">&nbsp;the analyst consensus of $3.155 billion.</a>
Net sales decreased 6% year over year as the pass-through of lower resin prices had a 5% negative impact.&nbsp;
Volumes declined 2%, which was in line with&nbsp;the company&#8217;s&nbsp;expectations, and all four operating segments showed sequential volume improvement over the first quarter.
Operating income declined compared to the prior year quarter, reaching $208 million from $301 million. The decrease was primarily attributable to goodwill write-offs related to recent divestitures within the Consumer Packaging International segment.
Additionally, an unfavorable impact from volume and an unfavorable impact from price-cost spread related to the timing of passing through resin costs impacted the performance.
The company expects to be within its leverage target of 2.5x – 3.5x by the end of fiscal 2024 while also returning cash to shareholders during the year.
Berry declared a quarterly cash dividend of $0.275 per share,&nbsp;payable&nbsp;on June 17 to stockholders of record as of June 3.
Outlook: Berry reaffirms 2024 adjusted EPS outlook of $7.35-$7.85&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus consensus of $7.48</a>. The company sees cash flow from operations of $1.35 billion-$1.45 billion and free cash flow of $800 million-$900 million.
Price Action:&nbsp;BERY shares are trading lower by 2.82% to $59.53 at last check Thursday.

Equities

Movers

General

Why Is Berry Global Group Stock Falling Today?

Berry Global Expects 2024 Adjusted EPS Of $7.35-$7.85 Versus Consensus Of $7.51, With Cash Flow From Operations Of $1.35B-$1.45B And Free Cash Flow Of $800M-$900M

Berry Global Gr Q2 2024 Adj EPS $1.95 Beats $1.91 Estimate, Sales $3.076B Miss $3.155B Estimate

The sale was completed on April 05, 2024.&nbsp;

NewHold Enterprises Announces Sale Of F&S Tool To Berry Global; Financial Terms Not disclosed

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) announced today the achievement of a regulatory milestone in the proposed transaction involving the combination of a majority of Berry&#39;s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (&quot;HHNF&quot;) with Glatfelter, with the expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act. 
As previously announced on February 7, 2024, Berry and Glatfelter entered into a definitive agreement under which Berry will spin-off and merge its HHNF business with Glatfelter in a Reverse Morris Trust transaction. The transaction will create a leading, publicly-traded company in the specialty materials industry.
The transaction is expected to close in the second half of calendar 2024 and is subject to approval by Glatfelter shareholders and completion of customary closing conditions.

Berry Global And Glatfelter Reach Key Regulatory Step In Spin-Off And Merger Deal Involving Berry's Nonwovens And Films Business

Baird analyst Ghansham Panjabi downgrades Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) from Outperform to Neutral and lowers the price target from $68 to $65.

Downgrades

Baird Downgrades Berry Global Gr to Neutral, Lowers Price Target to $65

Truist Securities analyst Michael Roxland downgrades Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) from Buy to Hold and lowers the price target from $75 to $68.

Truist Securities Downgrades Berry Global Gr to Hold, Lowers Price Target to $68

Berry and Glatfelter prices upsized $800 million debt offering by Berry subsidiary

Berry Global Group ( ($BERY) ) has shared an announcement. Berry Global Group has upsized its private offering to $800 million in senior secured no...

Berry Global Upsizes Offering to Fund Glatfelter Merger

In a report released yesterday, Arun Viswanathan from RBC Capital maintained a Hold rating on Berry Global Group (BERY – Research Report), with a p...

RBC Capital Sticks to Its Hold Rating for Berry Global Group (BERY)

Berry Global Group (BERY) and Glatfelter (GLT) announced that Berry has set a record date of the close of business on November 1 for the proposed s...

Berry Global and Glatfelter announce record date for spin-off

Berry Global (BERY) and Glatfelter (GLT) announced that Berry has set a record date of the close of business on November 1 for the proposed spin-of...

Berry Global, Glatfelter provide update on HHNF spin-off and merger completion

Glatfelter Corporation (GLT) and Berry Global Group (BERY) announced today that Glatfelter's shareholders have approved all matters relating to the...

Glatfelter shareholders approve proposals related to merger of Berry business

Glatfelter Corporation (GLT) and Berry Global Group (BERY) announced that Glatfelter's shareholders have approved all matters relating to the merge...

Glatfelter shareholders approve proposals related to Berry Global deal

Spin-Off Research analyst Joseph Cornell upgraded Berry Global (BERY) to Buy from Hold with a $74.80 price target Published first on TheFly – the u...

Berry Global upgraded to Buy from Hold at Spin-Off Research

Berry Global Group raises quarterly dividend by 13% to  $0.31 dividend

Berry Global Group ( ($BERY) ) has provided an update. The significant transactions completed on November 4, 2024, involved Spinco, Magnera, and Gl...

Berry Global Group Reshapes with Spinco and Magnera Merger

Press Releases

Berry and Glatfelter Announce Proposed Offering by a Berry Subsidiary of Senior Secured Notes in Connection with the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Berry and Glatfelter Announce Pricing of Upsized Senior Secured Notes Offering by Berry Subsidiary in Connection with Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Financing

Berry and Glatfelter Announce Information for Anticipated Completion of Spin-Off and Subsequent Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Berry and Glatfelter Announce Information for Anticipated Completion of  Spin-Off and Subsequent Merger of  Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business  with Glatfelter

Glatfelter Shareholders Approve Proposals Related to the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Glatfelter Shareholders Approve Proposals Related to the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business With Glatfelter

Berry Declares Quarterly Dividend and Increases by Nearly 13%

Berry Completes Spin-Off and Merger of its Health, Hygiene and Specialties Global Nonwovens and Films Business

Magnera Emerges as a New Global Leader in the Specialty Materials and Nonwovens Industry, Following the Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

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