Berry Global Group Inc. recently reported its results for the fiscal fourth quarter and full year 2021, ended October 2, 2021. Net sales grew by 22% and 18% in the quarter and fiscal year, respectively.

“The strong performance throughout this fiscal year led to a net sales record of $13.9 billon along with 4% organic volume growth,” said Tom Salmon, chairman and CEO. “Adjusted earnings per share was up 20% versus the prior year coming in at a fiscal year record of $5.80 per share along with operating EBITDA of $2.2 billion. All of these strong financial metrics were delivered despite a challenging backdrop of significant cost inflation along with labor and supply chain challenges. My deepest thanks go to our 47,000 employees who delivered these terrific results in what was a challenging and unpredictable fiscal year. We believe that continued execution of growing organic volumes, leading the way in sustainability and innovative packaging while maintaining our leverage in the range of 3.0 to 3.9 times, on a go-forward basis, will deliver significant shareholder value.

“We continue to invest in each of our businesses to build and maintain our world-class, low-cost, manufacturing base, with an emphasis on key growth markets and regions and continue to see incremental opportunity to invest organically in support of our unwavering commitment to global growth. The continued positive momentum from our investments in areas such as health and wellness, e-commerce, and food safety while driving more sustainable packaging, provide us the path to realize long-term consistent volume and earnings growth just as we delivered over the last several years.”

According to Berry Global, net sales growth in the fourth quarter was primarily attributed to increased selling prices of $716 million due to the pass-through of inflation partially offset by prior-quarter divestiture sales of $60 million. When compared to the strong prior year volumes, organic volumes were down 1% in the quarter, primarily due to the negative impact from supply chain and labor challenges.

Net sales growth for the full year was primarily attributed to increased selling prices of $1.4 billion due to the pass-through of inflation, organic volume growth of 4%, a $331 million favorable impact from foreign currency changes, and a $131 million increase from extra shipping days in fiscal 2021. These increases were partially offset by prior-year divestiture sales of $190 million. The organic volume growth was primarily due to organic growth investments, continued recovery of certain markets that had previously been facing COVID-19 headwinds, and higher demand in the company’s advantaged health and hygiene products as the result of COVID-19.

Berry reports that it is targeting 2% organic volume growth for its fiscal 2022 year, building on the company’s last two years of strong performance and supported by a robust and growing pipeline, increased level of capital expenditures, and the positive trends and momentum seen in each of its businesses. The company is anticipating a softer first half of the fiscal year, with a stronger second half on both recovery of inflation and volume comparisons vs. the prior year.

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