Berry Global records record net sales in 2021 despite cost inflation and supply challenges
19 Nov 2021 --- Berry Global has recorded record net sales of US$13.9 billion and 4% organic volume growth in its Fiscal Year 2021 results. Net sales grew 18% against 2020.
Meanwhile, adjusted earnings per share were up 20% versus the prior year coming in at a fiscal year record of US$5.80 per share along with operating EBITDA of US$2.2 billion.
“All of these strong financial metrics were delivered despite a challenging backdrop of significant cost inflation along with labor and supply chain challenges,” notes Berry Global’s Chairman and CEO Tom Salmon.
“My deepest thanks go to our 47,000 employees who delivered these terrific results in what was a challenging and unpredictable fiscal year. We believe continued execution of growing organic volumes, leading the way in sustainability and innovative packaging while maintaining our leverage in the range of 3.0 to 3.9 times, on a go-forward basis, will deliver significant shareholder value.”
“We continue to invest in each of our businesses to build and maintain our world-class, low-cost manufacturing base, with an emphasis on key growth markets and regions and continue to see incremental opportunity to invest organically in support of our unwavering commitment to global growth.”
The plastic giant has also announced a 30% “circular plastics” target across its fast-moving consumer goods packaging by 2030, surpassing its previous goal to use 10% post-consumer recycled resin by 2025. “Circular plastics” include recycled and renewable resins like bioplastics.
The company recently secured its largest contract for advanced recycled plastic, increasing its supply to over 600 million pounds per year by 2025. The agreement with PureCycle will provide Berry Global with PureCycle’s Ultra-Pure Recycled resin.
The producer has been actively expanding its recycled resin supply globally, including securing Borealis’ first volumes of circular polyolefins made from chemical recycling in April. The PureCycle deal marks its second recycled resin supply source based in North America.
Edited by Joshua Poole
