Berry Global Q1 Report 2022
- Revenue of $3.6 billion, an increase of 14% compared to the prior year, as underlying demand for our products remained resilient.
- Two-year organic volume growth of 4% compared to pre-pandemic levels of the 2020 first fiscal quarter led by our Health, Hygiene & Specialties and Consumer Packaging segments primarily driven by market growth supported by our organic investments. Organic volume and cash flow both finished in line with our expectation, but could have been stronger had we seen improvements in supply chains.
- On a two-year basis, adjusted earnings per share increased by 33%.
- 2% organic volume growth in fiscal 2020, 4% in fiscal 2021 and we expect another 2% in fiscal 2022.
The net sales growth is primarily attributed to increased selling prices of $706 million due to the pass through of inflation, partially offset by a $112 million decrease from extra shipping days in the prior year quarter, a 3% volume decline, prior year quarter divestiture sales of $48 million, and a $17 million unfavorable impact from foreign currency changes. The volume decline is primarily attributed to supply chain disruptions and the moderation of advantaged products demand related to the moderation of COVID-19 pandemic response.
The operating income decrease is primarily attributed to a $41 million unfavorable impact from price cost spread and product mix, a $19 million unfavorable impact from extra shipping days in the prior year quarter, a $15 million decrease from the volume decline, and an unfavorable impact from prior quarter divestiture operating income.
