UPDATE: Greif Misses Q4 Expectations

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Greif Inc.
GEF
reported weaker-than-expected earnings for the first quarter on Wednesday. The Delaware, Ohio-based company reported quarterly net income of $30.1 million, or $0.52 per share, compared to $30.7 million, or $0.53 per share, in the year-ago period. Excluding non-recurring items, the company's earnings slipped to $0.30 per share from $0.46 per share. Its revenue dropped to $902.3 million from $1,001.5 million. However, analysts were expecting earnings of $0.37 per share on revenue of $955.07 million. Net sales at Rigid Industrial Packaging & Services segment fell 8.8% to $649.7 million in the quarter, while sales at Paper Packaging segment dropped 6.2% to $159.2 million. Sales at Flexible Products & Services segment fell 22.2% to $88.1 million for the first quarter, while Land Management sales declined 14.5% to $5.3 million. David B. Fischer, president and chief executive officer, said, "Net sales for the first quarter of 2015 excluding divestitures and foreign currency translation were similar to the same period last year. Our results were also adversely impacted by product and geographic mix issues resulting in lower gross profit, a higher effective tax rate and lower results in the Flexible Packaging business compared to a year ago. We are aggressively executing transformation initiatives through portfolio optimization and specific opportunities in individual work streams." For the full year, Greif projects earnings of $2.25 to $2.35 per share. Greif shares fell 0.75% to close at $43.66 today.
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Posted In: EarningsNewsprofit
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