Berry Global Full-Year Report 2023

• GAAP: Net sales of $12.7 billion; Operating income of $1.1 billion; EPS of $4.95
• Non-GAAP: Operating EBITDA of $2.05 billion; Adjusted EPS of $7.42
• Cash flow from operations of $1.6 billion; Free cash flow of $926 million
• Returned $728 million to shareholders ($601 million via share repurchases and $127 million in dividends)

The net sales decline is primarily attributed to decreased selling prices of $856 million primarily due to the pass-through of lower resin costs, a 6% volume decline, an $84 million unfavorable impact from foreign currency changes, and fiscal 2022 divestiture sales of $107 million. The volume decline is primarily attributed to general market softness and customer destocking.

The operating income decrease is primarily attributed to a $134 million unfavorable impact from the volume decline, a $79 million unfavorable impact from increased business integration costs, a $33 million unfavorable impact from foreign currency changes, and a $49 million unfavorable impact from increased selling, general, and administrative expenses primarily attributed to increased incentive-based compensation. These declines are partially offset by a $139 million favorable impact from price cost spread.