Sealed Air Corporation announced price increases ranging from five to eight percent for the majority of its Food Care division’s North American products. The increases will be effective October 2, 2017. “Sealed Air has not had a price increase for Food Care products in North America since 2014, and we are working to minimize the cost adjustments and their impact on our customers,” said Karl R. Deily, President, Sealed Air Food Care; “However, notable increases in our input costs, including a 31% rise in the price of polyethylene since 2016, make changes to our prices necessary in order to continue to deliver the same level of value and innovation to our customers.” The price changes include a five percent increase on all shrink bags, rollstock products, food films and vertical pouch packaging, as well as a six percent increase on unpadded solid plastic trays and an eight percent increase on pre-padded solid plastic trays.
Fourth Quarter Highlights
*GAAP: Net sales of $3.1 billion; Operating income of $301 million; Earnings per share (EPS) of $1.55
*Non-GAAP: Operating EBITDA of $547 million; Adjusted EPS of $2.28
*Returned $216 million to shareholders ($185 million via share repurchases and $31 million in dividends)
Fiscal Year Highlights
*GAAP: Net sales of $12.7 billion; Operating income of $1.1 billion; EPS of $4.95
*Non-GAAP: Operating EBITDA of $2.05 billion; Adjusted EPS of $7.42
*Cash flow from operations of $1.6 billion; Free cash flow of $926 million
*Returned $728 million to shareholders ($601 million via share repurchases and $127 million in dividends)
Kevin Kwilinski, Berry’s new CEO said, “I am pleased to report we exceeded our adjusted earnings per share outlook and significantly beat our free cash flow guidance by over $100 million. Our 3% volume decline in the quarter improved sequentially and was better than expected, as soft market demand was mitigated by market share gains supported by recent capital investments. During the year, our organization took actions and demonstrated agility to offset challenging and volatile global market dynamics characterized by ongoing inflation, soft consumer demand and customer destocking. Our proven business model has generated eleven consecutive years of adjusted earnings per share growth and strong, consistent generation of free cash flow. We are dedicated to delivering long-term value for our shareholders, as evidenced by our $728 million of capital returned in fiscal 2023, through both our share repurchases of $601 million, or approximately 8% of shares outstanding, along with quarterly dividend payments.
details at: https://ir.berryglobal.com/news-releases/news-release-details/berry-announces-strong-fourth-quarter-and-fiscal-year-2023