Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Berry Global Group's Shares Plunged 18.7% Today

TheMotleyFool

0 0

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

Like: 0

BERY

Share