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Berry Global Highlights Measures to Fight Coronavirus Outbreak

Zacks Equity Research
·3 mins read

Berry Global Group, Inc. BERY increased its participation in the fight against the coronavirus outbreak. As a major manufacturer and distributor of non-woven specialty materials, the company announced some of its initiatives for expanding the production of materials for face masks.

Inside the Headlines

Berry Global noted that it added meltblown capacity at its Waynesboro facility, with the expansion of its state-of-the-art Meltex platform. Notably, the company swiftly worked on converting the capacity from a pilot line to the one, which is capable of producing at full level. In fact, the production line will help cater to growth in customer demand for meltblown materials required for the production of protective face masks as well as N95 and N99 respirators. Notably, the enhanced capacity at the facility will aid in the production of around 200 million face masks on an annual basis.

In addition, the company noted that its other non-wovens manufacturing facilities are running at enhanced capacity in North America for the material production required for face masks and other healthcare applications.

It is worth mentioning that at the end of January 2020, Berry Global prioritized the production of non-woven healthcare products in Nanhai and Suzhou facilities in China. It also shifted its capacity in the United States for delivering maximum output to cater to the growing demand for healthcare materials.

In addition to these, Berry Global introduced a filter media required for face mask applications, Synergex ONE. Notably, the company will produce the new filter media in its operational facilities based in Europe.

Zacks Rank, Price Performance and Estimate Trend

Berry Global, with a $4.7-billion market capitalization, currently carries a Zacks Rank #3 (Hold).

In the past month, the company rallied 30.3% compared with the industry’s growth of 14.4%.

 


In the past 30 days, the Zacks Consensus Estimate for its earnings has been lowered by 2.7% to $4.02 for fiscal 2020 and by 1.7% to $4.55 for fiscal 2021.

Key Picks

Some better-ranked stocks are Tennant Company TNC, Broadwind Energy, Inc. BWEN and Griffon Corporation GFF. While Tennant currently sports a Zacks Rank #1 (Strong Buy), Broadwind Energy and Griffon carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Tennant delivered a positive earnings surprise of 26.60%, on average, in the trailing four quarters.

Broadwind Energy delivered a positive earnings surprise of 10.42%, on average, in the trailing four quarters.

Griffon delivered a positive earnings surprise of 20.34%, on average, in the trailing four quarters.

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Berry Global Group, Inc. (BERY) : Free Stock Analysis Report
 
Tennant Company (TNC) : Free Stock Analysis Report
 
Broadwind Energy, Inc. (BWEN) : Free Stock Analysis Report
 
Griffon Corporation (GFF) : Free Stock Analysis Report
 
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Zacks Investment Research