BERY - Berry Global reports mixed Q1 results; Chairman/CEO Salmon to retire

Berry Global ( NYSE: BERY ) shares are little changed pre-market Thursday after reporting a drop in FQ1 earnings and saying Chairman and CEO Tom Salmon will retire effective at the end of the year.

Q1 net income fell to $106M, or $0.85/share, from $121M, or $0.87/share, in the year-earlier quarter, and revenues fell 14% Y/Y to $3.06B, as prices and demand fell for the company's packaging materials.

Berry ( BERY ) said the net sales decline was attributed to a 6% volume decline, decreased selling prices of 4%, and a 3% unfavorable impact from foreign currency changes; the company cited general market softness and customer destocking as supply chains normalize.

For the full year ending in September, Berry ( BERY ) guided for adjusted EPS of $7.30-$7.80, with the midpoint representing 8% growth from the previous year, as well as free cash flow of $800M-$900M.

Berry ( BERY ) said it expects to return at least $700M to shareholders through buybacks and dividends.

Berry Global ( BERY ) shares have gained 2% so far this year but fell 8.5% during the past year .

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