“Our consolidated results were impacted by a decline in industrial packaging demand, particularly in Western Europe, and increased market pressure on both margins and volumes during the second half of the year,” he said.
The Ohio-based firm reported net income of US$20.8m, which has decreased from $76.6m in the corresponding period a year earlier. Net sales during the quarter $1.13bn, up 14% against $993.9m in the corresponding quarter in 2010.
The Rigid Industrial Packaging & Services segment reported a 17% rise in 2011 net sales to $3.01bn from $2.58bn for 2010, while net sales went up by 15% to $812.3m compared to $704.8m for the fourth quarter of 2010.
The company predicted that challenging market conditions would continue in the first half of the current fiscal year, with recovery during the second half.