Berry Global Q3: Earnings Miss, Lower Volumes, Structural Cost Improvements & More
Portfolio Pulse from Nabaparna Bhattacharya
Berry Global Group, Inc. (NYSE:BERY) reported a Q3 FY23 sales decline of 13.3% YoY to $3.23 billion, missing the consensus of $3.42 billion. The decline is attributed to decreased selling prices and a 7% volume decline due to softer demand. Operating income fell 20.5% YoY to $267 million. Adjusted EPS of $1.90 missed the analyst consensus of $1.98. The company plans to repurchase nearly 3 million shares in the fourth fiscal quarter and anticipates returning at least $700 million of capital to shareholders through share repurchases and dividends.
August 09, 2023 | 5:38 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Berry Global's Q3 FY23 results missed expectations with a significant sales decline and lower EPS. However, the company's plan to repurchase shares and return capital to shareholders may have a positive impact.
Berry Global's Q3 FY23 results were disappointing with a significant sales decline and lower EPS, which could negatively impact the stock. However, the company's plan to repurchase shares and return capital to shareholders could offset this negative impact and potentially boost the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100