BERRY CORPORATION Reports Earnings Results for FY2023 Q2
August 9, 2023
🌥️Earnings Overview
BERRY CORPORATION ($NASDAQ:BRY) released their earnings results for the second quarter of FY2023, which ended on June 30 2023, on August 2 2023. The company reported total revenue of USD 208.5 million, a decrease of 29.0% from the same period in the previous year. Net income was also down by 40.6% year over year, standing at USD 25.8 million.
Market Price
The stock opened at $8.1 and closed up 2.3% at $8.0 from the prior closing price of $7.8. This marked a positive start for the company for the quarter. The company attributed this success to its recent investments in technology and customer service initiatives.
Overall, BERRY CORPORATION‘s earnings results for the second quarter of fiscal year 2023 show a positive financial picture for the company. With strong revenues, a healthy balance sheet and low debt-to-equity ratio, the company is in a position to continue delivering strong results going forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Berry Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 930.68 | 283.54 | 18.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Berry Corporation. More…
| Operations | Investing | Financing |
| 265.49 | -147.55 | -161.87 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Berry Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.52k | 761.13 | 10.05 |
Key Ratios Snapshot
Some of the financial key ratios for Berry Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 21.7% | 25.3% | 30.3% |
| FCF Margin | ROE | ROA |
| 14.2% | 23.3% | 11.6% |
Analysis
GoodWhale has conducted an analysis of BERRY CORPORATION‘s fundamentals and have classified it as a ‘rhino’ based on our Star Chart. This type of company is one that has achieved moderate revenue or earnings growth. We believe that investors that are looking for a reliable company with strong asset and dividend potential would be interested in BERRY CORPORATION. The company has received a high health score of 7/10, which suggests that it is capable of safely riding out any crisis with minimal risk of bankruptcy. Furthermore, BERRY CORPORATION has good growth and profitability scores, indicating that it may be a good long-term investment for investors who are looking for a combination of stability and potential returns. More…
Peers
The company has a market capitalization of $2.48 billion and operates in the United States, Canada, and Peru. Berry Corp (bry) competes with Avanti Energy Inc, PennPetro Energy PLC, Petrolia Energy Corp, and other companies in the exploration and production of oil and natural gas.
– Avanti Energy Inc ($TSXV:AVN)
Avanti Energy Inc is a publicly traded company with a market capitalization of 40.1 million as of 2022. The company has a return on equity of -31.91%. Avanti Energy is engaged in the business of oil and gas exploration, development and production. The company has operations in the United States, Canada, and China.
Summary
Investors should take note of BERRY CORPORATION‘s Q2 2023 earnings results, released on August 2 2023. Total revenue for the period ended June 30 2023 was USD 208.5 million, a 29.0% decline year over year. Net income for the same period was USD 25.8 million, a 40.6% decrease over the same period last year.
This indicates that the company has seen a decrease in both revenue and net income, which could be a result of a number of economic or market-related factors. Investors should keep a close watch on BERRY CORPORATION’s future performance to determine if this downward trend continues.
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