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)…
Revenue increased 7.28% from $1.07 billion in the previous quarter. EPS increased 250% from $0.08 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.32 to a profit $0.36. For the current year, the average estimate has moved up from a profit of $1.02 to a profit of $1.06 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)