US-based sustainable packaging company Berry Global reported 22% growth in net sales for the fourth quarter (Q4) of 2021 (FY21) compared to the same period last year ( FY20).
The company’s consumer packaging sales for the quarter increased 12%, driven by a $ 109 million increase in selling prices due to inflation.
Despite this, Berry Global recorded a decline in operating income due to various factors, including the negative impact of the price differential.
For the full year, the company’s net sales increased by 18% compared to the corresponding period of FY20.
Its earnings per share (EPS) for the year also rose 28% to $ 5.30, while its adjusted EPS rose 20% to $ 5.80.
Berry Chairman and CEO Tom Salmon said: “All of these strong financial metrics have been delivered despite a challenging environment of significant cost inflation, as well as labor and supply chain issues. .
“My sincere thanks go to our 47,000 employees, who achieved these tremendous results during a difficult and unpredictable fiscal year.
“We believe that the continued execution of increasing organic volumes, paving the way for sustainability and innovative packaging while keeping our leverage in the 3.0-3.9-fold range, going forward, will bring significant value to shareholders. ”
For fiscal 2022 (FY22), Berry Global expects its adjusted EPS to be between $ 7.20 and $ 7.70.
The company expects operating income before interest, taxes, depreciation and amortization (EBITDA) of between $ 2.25 billion and $ 2.35 billion.
In September, Berry Global invested more than $ 110 million in its North American operations as part of its long-term strategic growth commitments.
Salmon added, “We continue to invest in each of our businesses to build and maintain our world-class, low-cost manufacturing base, with a focus on key growth markets and regions and continue to see additional opportunities to invest organically in support of our unwavering commitment to global growth.