BERY - Why Berry Global Stock Plunged Today
2024-02-07 17:50:00 ET
Shares of Berry Global (NYSE: BERY) fell 11.8% on Wednesday after the plastic packaging solutions company announced weaker-than-expected quarterly results.
For its fiscal first quarter ended Dec. 30, 2023, Berry's net sales declined 7% year over year to $2.85 billion, translating to a 6% drop in adjusted ( non-GAAP ) earnings to $1.22 per share. Most analysts were looking for higher earnings of $1.29 per share on revenue closer to $2.99 billion.
Nonetheless, Berry CEO Kevin Kwilinski called it a "solid" quarter in light of current challenging macroeconomic headwinds and inflation impacting consumer demand.
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Why Berry Global Stock Plunged Today