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Why Berry Global Group's Shares Plunged 18.7% Today

TheMotleyFool

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Why Berry Global Group's Shares Plunged 18.7% TodayPhoto, wide shot, wide-angle lens, Janitorial service, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/4d4e885c-79e9-4b8f-bd91-e9721cd7c2e9.png

Shares of industrial product company Berry Global Group (NYSE: BERY) fell as much as 18.7% in trading Tuesday after management announced an asset sale and fiscal third-quarter 2019 results. Shares recovered slightly as the day went on but were still down 14.5% at 2:30 p.m. EDT.

Revenue in the quarter was down 7% to $1.94 billion due to a drop in organic sales and a negative impact from foreign exchange. Net income plunged from $110 million a year ago to just $13 million, or $0.10 per share.

Analysts were expecting $2.03 billion of revenue and earnings of $1.00 per share, so it's easy to see why the reaction was so negative today.

Quelle Fool.com

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