Berry Global Group, Inc. Reports Fourth Quarter and Fiscal Year 2022 Results

The net sales growth is primarily attributed to increased selling prices.

Berry’s Chairman and CEO Tom Salmon said, “Our businesses delivered fiscal year record results, including 10% revenue growth and 7% adjusted earnings per share growth, coming off of another record year in fiscal 2021. Over the past few years we have seen persistent inflation and have taken proactive pricing actions while investing in cost reduction efforts. I am also proud of the teams’ efforts enabling us to generate another year of substantial free cash flow”

Net sales were flat as a 2% organic volume decline was partially offset by increased selling prices of 2% due to the pass through of inflation.

The operating income increase of 8% is primarily attributed to a $58 million favorable impact from price cost spread, partially offset by modestly softer customer demand.