Results season round-up
Berry Plastics records tough quarter
Berry Plastics Corporation reported net sales declined by 6% to $1.07bn from $1.14bn, related to the pass through of lower raw material costs, for the Q1 2013 ending 29 December 2012.
Rigid Open Top, Rigid Closed Top and Rigid Packaging segments all fell 10% in terms of sales year-on-year while Flexible Packaging recorded the same amount.
Physical volumes were flat for the December 2012 quarter versus December 2011 in spite of weak demand resulting from ongoing sluggish economic activity including some modest effects from Hurricane Sandy.
Jon Rich, chairman and CEO, said: "While we are pleased with our performance the economic environment the packaging sector faced in calendar 2012, as well as in our December quarter remains subdued.
"Overall, we believe our volumes in the recently completed quarter were in line with or better than the market and net of the strategic decisions we took to withdraw from certain low margin business, we had a slight gain in market share."
