Berry Global Group, Inc. recently reported results for its 2022 first fiscal quarter, ended January 1, 2022. Net sales grew by 14% to reach $3.6 billion, with growth primarily attributed to increased selling prices of $706 million due to the pass through of inflation, partially offset by a $112 million decrease from extra shipping days in the 2021 first fiscal quarter, a 3% volume decline, prior-year quarter divestiture sales of $48 million, and a $17 million unfavorable impact from foreign currency changes. The volume decline is primarily attributed to supply chain disruptions and the moderation of advantaged products demand related to the moderation of COVID-19 pandemic response.
“For the first fiscal quarter, we reported revenue of $3.6 billion, an increase of 14% compared to the prior year, as underlying demand for our products remained resilient,” said Tom Salmon, chairman and CEO. “We delivered two-year organic volume growth of 4% compared to pre-pandemic levels of the 2020 first fiscal quarter led by our Health, Hygiene & Specialties and Consumer Packaging segments primarily driven by market growth supported by our organic investments. Organic volume and cash flow both finished in line with our expectation, but could have been stronger had we seen improvements in supply chains…
“We continue to prudently invest in each of our businesses to maintain and grow our world-class, low-cost, manufacturing base, with an emphasis on key growth markets and regions. We also 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, drive our business toward more sustainable packaging solutions, and provide us with a path to deliver long-term, consistent, volume and earnings growth, just as we have done over the last several years.”
Additional details are available at www.berryglobal.com.