Packaging solutions provider Berry Global Group, Inc. (BERY) Tuesday announced a fall in the first quarter earnings, reflecting the impact of discontinued operations. On a per share basis, earnings beat estimates. Revenues increased slightly, compared to the prior year. Berry Global expects the combination with Amcor in the middle of the calendar year 2025, and the sale of Tapes business closing in early February.
The company reaffirmed fiscal year 2025 guidance and continues to project low-single digit volume growth.
In the initial hours, shares are at $70.26, up 5.13 percent on a volume of 212,198 shares.
First quarter profit was $14 million, down from $59 million last year. On a per share basis, earnings declined to $0.12 from $0.51 in the prior year. On an adjusted basis, earnings were $1.09 per share.
On average, 12 analysts expected the company to earn $0.99 per share. Analysts estimates usually exclude special items.
Net income from continuing operations were $81 million, compared to $65 million last year. The company has completed spin-off of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business and merger with Glatfelter Corporation in November.
Net sales for the quarter were $2.385 billion, higher than $2.333 billion a year ago. Analysts expected revenue of $2.35 billion.
Looking ahead to the Fiscal Year 2025, the company expects adjusted earnings per share range of $6.10-$6.60.
Berry's Board declared a quarterly cash dividend of $0.31 per share payable on March 17, 2025 to stockholders on record as of March 3, 2025.
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