Berry Global Group Q2 Profit Declines

(RTTNews) - Berry Global Group, Inc. (BERY) Thursday announced a decline in second quarter earnings, as revenues were lower than the prior year. Further, the company reaffirmed adjusted earnings for fiscal 2024.

The company reported second quarter profit of $116 million, down from $174 million last year.

on a per share basis, earnings declined to $0.98 from $1.42 in the prior year. On an adjusted basis, earnings were $1.95 per share.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $1.91 per share. Analysts estimates usually exclude special items.

Net sales for the quarter were $3.076 million, down from $3.288 million a year ago. Analysts expected revenue of $3.16 billion.

Looking ahead to the fiscal 2024, the company reaffirmed adjusted earnings of $7.35 - $7.85 per share. Wall Street analysts are looking for $7.48 per share.