Berry Plastics Group (NYSE:BERY) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Berry Plastics Group Earnings Cheat Sheet
Revenue: Decreased 2.79% to $1.15 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Berry Plastics Group reported adjusted EPS income of $0.28 per share. By that measure, the company beat the mean analyst estimate of $0.24. It missed the average revenue estimate of $1.2 billion.
Quoting Management: “I am very pleased to report that during the March 2013 quarter Berry achieved an Operating EBITDA record for any March quarter, despite the continued pressure from a sluggish economy and weak consumer demand. The year-over-year Operating EBITDA margin improvements were achieved primarily through strategic cost reduction actions,” said Jon Rich, Chairman and CEO of Berry Plastics. “In addition, our recent financing will result in a significant reduction in annualized interest expense and extend the Company’s maturity profile.”
Key Stats (on next page)…