Evansville-based Berry Global Group Inc. (NYSE: BERY) is reporting fiscal first-quarter net income of $130 million, compared to $47 million during the same period a year ago. Berry Chief Executive Officer Tom Salmon says fiscal 2021 is off to an “exceptional start” and the company is exceeding expectations.
The plastics packaging manufacturer says it saw a modest recovery of certain markets that had previously been facing pandemic headwinds.
Berry says it also benefitted from higher demand for its health and hygiene products as the result of COVID-19.
“Consumer demand for our products remains consistent and certain markets which previously experienced COVID-19 headwinds are rebounding quicker than we expected,” said Salmon. “All segments delivered strong volume growth, collectively finishing the quarter with 7% organic volume growth.”
The company says it has seen cost increases in resin, its primary raw material.
Salmon says with the strong volume growth momentum, the company is raising its fiscal year 2021 earnings guidance.
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