Nonwovens companies report quarterly results; industry battles through a challenging market
RALEIGH, NC, May 13, 2022-
As the latest round of quarterly financials begin to emerge from the nonwovens sector, results show an industry struggling to manage a challenging market. While some results were more positive than others, all indicated inflation, geopolitical unrest and ongoing logistics issues are making for a difficult business environment.
Quarterly results. Berry Global (NYSE:BERY) posted strong results despite market challenges, with record net sales of $3.8 billion during its second fiscal quarter of the year. Growth was primarily attributed to increased selling prices of $576 million due to the pass through of inflation. This increase was partially offset by an organic volume decline of 2%, a $64 million unfavorable impact from foreign currency changes, extra shipping days in the prior quarter of $19 million, and prior quarter divestiture sales of $14 million. The volume decline was due to supply chain disruptions and the moderation of products that benefited from high demand due to the COVID-19 pandemic.
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