Berry’s operating income for fiscal 2023 was $1.079 billion, compared to $1.242 billion in fiscal 2022. The diluted earnings per share (EPS) for FY23 were $4.95, a decline from the $5.77 reported in the previous year.
Berry reported a decrease in FY23 net sales to $12.664 billion from $14.495 billion in FY22.
Q3 FY23 sales were $3.087 billion, down from $3.421 billion.
Operating income fell to $1.079 billion in FY23.
International consumer packaging remained flat in FY23, while North American consumer packaging and health, hygiene, and specialties segments saw declines.
The international consumer packaging segment saw net sales remain relatively flat. This stability was attributed primarily to a 3 per cent volume decline due to softer consumer and industrial market demand in Europe. The decline was partially offset by a decrease in selling prices of $29 million and a favourable impact of $56 million from foreign currency changes, the company said in a press release.
In the North American consumer packaging segment, net sales declined mainly due to decreased selling prices of $97 million and a 2 per cent volume decline. This decrease was primarily attributed to softer industrial and consumer market demand.
The health, hygiene, and specialties segment also experienced a decline in net sales, primarily due to decreased selling prices of $103 million and a 4 per cent volume decline. This was mainly attributed to weaker demand in specialty markets such as filtration and building and construction, although this was partially mitigated by growth in disinfectant wipes and adult incontinence.
“I am pleased to report we exceeded our adjusted earnings per share outlook and significantly beat our free cash flow guidance by over $100 million. Our 3 per cent volume decline in the quarter improved sequentially and was better than expected, as soft market demand was mitigated by market share gains supported by recent capital investments. During the year, our organisation took actions and demonstrated agility to offset challenging and volatile global market dynamics characterized by ongoing inflation, soft consumer demand and customer destocking,” said Kevin Kwilinski, Berry’s CEO.
Fibre2Fashion News Desk (DP)
