In the fourth quarter, the company completed the acquisition of RPC Group Plc (RPC) on July 1, 2019. Net sales were up 47% to more than $3 billion. Operating income was up 105% to $398 million, and operating EBITDA is up 44% to $497 million. Cash flow from operations is up 41% to $630 million, and free cash flow is up 26% to $480 million.
For the fiscal year, net sales increased 13% to $8.9 billion, while operating income was up 28% to $974 million. Operating EBITDA increased 11% to $1,530 million. Cash flow from operations increased by 20% to more than $1.2 billion. Free cash flow increased by 21% to $764 million.
“Fiscal 2019 was a transformative year for Berry, marked by the successful completion of the RPC acquisition along with our intense effort and focus on driving sustainable solutions for our customers,” said Tom Salmon, Berry’s chairman and CEO. “Our combination with RPC creates a global plastic and recycled packaging industry leader with the most diversified, unique, and expansive manufacturing footprint allowing us to further assist customers in meeting their goals by utilizing our superior design and engineering capabilities.
“During the quarter, we delivered outstanding cash flows, while sales and earnings were in line with the expectations we communicated during our last call as we continued to build solid momentum in several areas including organic growth, innovation, and automation, demonstrated by our Consumer Packaging – North America segment, as it delivered its sixth consecutive quarter of positive volume growth,” Salmon added.