Huhtamaki, a sustainable packaging solutions provider, has reported a 7% decrease in net sales for financial year 2023 (FY23), amounting to €4.16bn ($4.49bn), compared with €4.47bn in FY22.
The company’s comparable net sales growth was down by 2% at the group level and 4% in emerging markets.
Despite this downturn in sales, Huhtamaki’s earnings before interest, taxes, depreciation, and amortisation for the period saw a slight increase of 1% to €621.2m.
The company’s earnings before interest and taxes (EBIT) for the full year stood at €380.9m, marking a 6% decline from €405.3m in FY22.
Its earnings per share (EPS) also fell significantly by 25% to €1.97 in FY23 from €2.65 a year ago.
Capital expenditure remained relatively stable at €318.7m, compared to €318.5m in the previous year.
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In the fourth quarter of FY23, Huhtamaki’s net sales decreased by 6% to €1.03bn from €1.10bn in the same period a year ago.
However, the quarter saw substantial improvement in EBIT, which surged by 87% to €146.0m, up from €78.1m a year earlier.
The company posted EPS growth of 55% to €0.83, and adjusted EPS improved by 5% to €0.68.
During the reported period, comparable net sales growth at the group level was -3% and -5% in emerging markets.
Huhtamaki president and CEO Charles Héaulmé said: “We are pleased with the many achievements during the year and energised by the plans going forward. In line with the previous years, we have proven our ability to deliver results in a volatile market environment, thanks to our diverse portfolio and the agility of our organisation.
“Our investments for growth started to yield benefits, and we have made progress towards our profitability ambition by driving initiatives to improve our competitiveness.”