NEWS
Berry Global says some markets rebounding more quickly
Plastics packaging giant Berry Global saw 7% year-on-year organic growth in net sales to $3.1bn in the first quarter of its fiscal 2021 year (October-Decem- ber 2020). The strong result was primarily due to investments and recoveries in certain markets impacted by the Covid-19 pandemic. Chairman and CEO Tom Salmon said
that the company was “off to an exceptional start, with record Q1 financial results exceeding our expecta- tions. Consumer demand for our products remains consistent and certain markets which previously experienced Covid-19 headwinds are rebounding quicker than we expected.” Berry’s operating income was up 53% higher at $304m. This comprised
shipping days in the quarter. All four segments delivered volume
$46m from organic volume growth, $17m from price-cost spread, includ- ing synergies, a $12m decrease in business integration expense, a $7m gain on a divested business, $7m from currency effects and $19m from extra
growth. Health, Hygiene & Specialties was the strongest, 15% up, largely due to growth investments and higher demand because of Covid-19. Con- sumer Packaging North America was 8% higher, primarily thanks to strength in closures, bottles and containers. Consumer Packaging International saw 4% growth, with increasing sales and favourable currency impacts partially offset by lower selling prices. The growth in Engineered Materials was 2%. The company added that it has seen “significant cost increases” for primary raw materials and more modest inflation in other inputs. �
www.berryglobal.com
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