Berry Global reported fourth fiscal quarter 2023 net sales of $3 billion, down from $3.4 billion in the fourth fiscal quarter 2022. The net sales decline is primarily attributed to decreased selling prices of $320 million due to the pass-through of lower resin costs and a 3% volume decline, partially offset by a $90 million favorable impact from foreign currency changes. The volume decline is primarily attributed to softer demand in its consumer and industrial markets.

In the Health, Hygiene, & Specialties segment, net sales were $630 million in the fourth quarter of 2023, down from $738 million in the fourth quarter of 2022. The net sales decline is primarily attributed to decreased selling prices of $103 million and a 4% volume decline primarily attributed to weaker demand in our specialty markets, such as filtration and building and construction, partially offset by growth in disinfectant wipes and adult incontinence.

During the fourth quarter, Berry announced that it has initiated a formal process to evaluate strategic alternatives for the Health, Hygiene and Specialties segment to provide ways to drive long-term value to shareholders, which includes continuously evaluating its portfolio to ensure the company is best positioned to execute its strategic objectives. Berry says it remains a trusted supplier and partner to its customers and colleagues of this segment. There is no certainty on any formal decision, nor definitive timetable, for this process. If and when appropriate, a further announcement will be made.

Meanwhile, Berry’s fiscal year net sales in 2023 were $12.7 billion, down from $14.5 billion in the 2022 fiscal year. The net sales decline is primarily attributed to decreased selling prices of $856 million primarily due to the pass-through of lower resin costs, a 6% volume decline, an $84 million unfavorable impact from foreign currency changes, and fiscal 2022 divestiture sales of $107 million. The volume decline is primarily attributed to general market softness and customer destocking.

In the Health, Hygiene, & Specialties segment, fiscal year 2023 net sales were $2.6 billion, down from $3.2 billion in the fiscal year 2022. The net sales decline is primarily attributed to decreased selling prices of $322 million and a 7% volume decline. The volume decline is primarily attributed to general market softness and customer destocking.