EVANSVILLE - Berry Global has reported record rises in both both net sales and earnings for its third quarter.
Net sales for the end of June 2020 were up 50 per cent to US$2.9 billion with operating EBITDA up 67 per cent to $581 million.
“Through our employees’ relentless effort and dedication, along with our diverse, stable portfolio, we were able to deliver record earnings for any quarter in the company’s history," said Berry’s Chairman and CEO, Tom Salmon. "We have made progress and remain focused on our top three financial objectives of improving our strong balance sheet, organically growing our businesses, and integrating the RPC acquisition as demonstrated in this recently completed quarter.
Over the quarter, the Health, Hygiene & Specialties segment recorded strong volume growth of 14 per cent related to recent investments, targeted market approach, along with COVID-19 related benefits in the healthcare portfolio. "Excluding COVID-19 benefits, we believe the business delivered high-single digit growth in the quarter," Salmon added.
The net sales growth was primarily attributed to acquisition net sales of $1,092 million and a base volume increase of 2 per cent.
The net sales growth in the Health, Hygiene & Specialties segment was primarily attributed to base volume growth of 14 per cent, partially offset by lower selling prices of $24 million due to the pass through of lower resin costs, a $19 million unfavourable impact from foreign currency changes, and prior quarter sales of $34 million related to the divested Seal for Life business.
