Berry Global has reported a net income of $609m for financial year 2023 (FY23), a decline of 20.4% from $766m in FY22.

For the year ended 30 September 2023, basic and diluted net income per share was $5.07 and $4.95, respectively.

Generally accepted accounting principles (GAAP) net sales for the latest reported year totalled $12.66bn, down by 13% on a reported basis from $14.49bn in FY22.

Berry said that this decline in net sales is mainly due to decreased selling prices of $856m.

The decrease in selling prices is also attributed to the pass-through of lower resin costs, a 6% decline in volume, divestiture sales of $107m in FY22, and an unfavourable impact of $84m from foreign currency changes.

Operating income declined to $1.07bn in FY23 from $1.24bn recorded in the prior year.

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In FY23, the company’s non-GAAP operating earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 2% on a reported basis to $2.05bn from $2.10bn in FY22.

In the fourth quarter (Q4) of FY23, the company recorded a net income of $186m while the same was $233m in Q4 FY22.

The company’s GAAP net sales for the quarter ended on 30 September 2023 stood at $3.08bn, a decline of 10% on a reported basis from $3.42bn in the same quarter in FY22.

Berry’s operating income for Q4 2023 was $301m compared with $336m reported during last year’s Q4.

Operating EBITDA declined by 1% on a reported basis to $547m in Q4 FY23 from $539m in Q4 FY22.

Berry Global CEO Kevin Kwilinski said: “I am pleased to report we exceeded our adjusted earnings per share outlook and significantly beat our free cash flow guidance by over $100m.”

“During the year, our organisation took actions and demonstrated agility to offset challenging and volatile global market dynamics characterised by ongoing inflation, soft consumer demand and customer destocking.”