Berry Global Releases Financial Results

In the third fiscal quarter of 2022, Berry Global’s net sales of $3.7 billion increased 6% on comparable basis. The net sales growth is primarily attributed to increased selling prices of $301 million due to the pass through of inflation. On a two-year basis, organic volumes were up 3%, as Berry reported strong organic volume growth of 5% a year ago, compared to a 2% decline in the quarter. The volume decline is primarily attributed to general market softness in industrial markets and the moderation of advantaged products related to the easing of the Covid-19 pandemic. Net sales were also impacted by a $151 million unfavorable impact from foreign currency changes and prior year quarter divestiture sales of $16 million.

Berry Global’s net sales in the Health, Hygiene & Specialties segment were $788 million, compared to $828 million in the same quarter last year. The net sales decline is primarily attributed to a 3% volume decline and a $17 million unfavorable impact from foreign currency changes. The volume decline is primarily attributed to the moderation of advantaged products related to the easing of the Covid-19 pandemic.