EVANSVILLE - Despite a drop in sales at its Health, Hygiene & Specialities business, Berry Global has posted a 6% increase in overall net sales to $3.7 billion for its third quarter.
Announcing the results, Berry’s Chairman and CEO Tom Salmon said the results, which also included an operating EBITDA of $550 million, up 2% on comparable basis, included record revenues for any June quarter in its history as underlying demand for the company's products remained resilient. "As we continue to navigate the current environment, we remain focused on cost productivity and working collaboratively with our customers to increase prices to offset rising costs," he said. "We continue to prudently invest in each of our businesses to maintain and grow our world-class, low-cost manufacturing base, with an emphasis on organic growth and key growth markets and regions. The continued positive momentum from our investments in areas such as health and wellness, personal care, and food safety drive our business toward more sustainable packaging solutions and provide us with a path to deliver long-term, consistent, volume and earnings growth.”
The net sales growth was primarily attributed to increased selling prices of $301 million due to inflation. However, Berry Global’s net sales in the Health, Hygiene & Specialties segment were down to $788 million from $828 million in the same period last year. The decline in sales was primarily attributed to a 3% volume decline and a $17 million unfavorable impact from foreign currency changes.
The volume decline was primarily attributed to the moderation of advantaged products related to the easing of the Covid-19 pandemic.
The net sales growth in the Engineered Materials segment was also primarily attributed to increased selling prices - this time of $81 million due to inflation.
