Berry Global Group, Inc. recently reported its fiscal fourth quarter and full-year 2020 results. Net sales in the fiscal fourth quarter were essentially flat at $3 billion. Organic volume increased 4% in the quarter, while a favorable impact from foreign currency changes of $34 million was offset by lower selling prices of $152 million due to the pass through of lower resin costs.
Net sales for the fiscal year were $11.7 billion, up from almost $8.9 billion in the 2019 fiscal year. The net sales growth is primarily attributed to acquisition net sales of $3.3 billion and an organic volume increase of 2%, partially offset by lower selling prices of $581 million due to the pass through of lower resin costs and prior-year divestiture sales of $96 million.
“Fiscal 2020 was a terrific year for Berry, during which we delivered record financial results that exceeded our expectations,” said Tom Salmon, chairman and CEO. “Our key strategic priorities for fiscal 2020 were to generate profitable organic growth, integrate the business acquired with RPC, and further strengthen our balance sheet. I am pleased to report success in all three strategic priorities.
“The execution from our front-line team members, for not only achieving our financial performance results, but also in helping keep each other safe, while meeting the critical needs of our communities and customers, was nothing short of outstanding. In the face of significant adversity and complexity across the globe, our business continued to demonstrate our financial and operational stability throughout the year.
“We enter fiscal 2021 with confidence in our ability to grow organically as we have demonstrated this past year. I believe we are well positioned to see long-term, predictable, and sustainable growth with customer-linked capital investments that target continued expansion into both faster growing end markets and developing emerging markets.”
Additional details are available at www.berryglobal.com.