Berry Global has announced earnings for both the fourth quarter and fiscal year 2022. WNIN’s John Gibson reports:
The Evansville-based plastics maker reported net sales of $3.4 billion in the fourth quarter, down a bit from the same period last year.
But operating income for the quarter was up nine percent, with earnings per share up 18 percent.
For the entire fiscal year, Berry saw record net sales of $14.5 billion -- a ten percent increase -- while operating income was down one percent.
Earnings per share for 2022 were up seven percent.
In a release, Berry Chairman and CEO Tom Salmon (like the fish) cited persistent inflation and the company’s “pricing actions while investing in cost reduction efforts.”
Salmon said he was proud of the company’s efforts to generate another year of substantial free cash flow, ending the year with $876 million.