Berry Q4 Profit Tops Estimates

(RTTNews) - Berry Global Group, Inc. (BERY) reported that its fourth quarter net income declined to $186 million from $233 million, prior year. Earnings per share was $1.55 compared to $1.85. Adjusted net income per share was $2.28, an increase of 4% on reported basis, and up 1% on comparable basis. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $2.14, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net sales were $3.09 billion compared to $3.42 billion, previous year. The company said the net sales decline is primarily attributed to decreased selling prices of $320 million due to the pass-through of lower resin costs and a 3% volume decline, partially offset by a $90 million favorable impact from foreign currency changes. Analysts on average had estimated $3.15 billion in revenue.

For fiscal 2014, the company expects adjusted earnings per share in a range of $7.35 - $7.85.

Shares of Berry are up 2% in pre-market trade on Thursday.

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