Greif Posts Upbeat Q2 Earnings, But Sales Fall

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Greif, Inc.
GEF
reported stronger-than-expected results for its fiscal second quarter on Tuesday. The Delaware, Ohio-based company posted a quarterly profit of $20.8 million, or $0.35 per share, compared to $38.4 million or $0.65 per share, in the year-ago period. Excluding non-recurring items, the company's earnings slipped to $0.53 per share from $0.58 per share. Its revenue declined to $915.9 million from $1,065.5 million. However, analysts were expecting a profit of $0.41 per share on revenue of $984.06 million. Net sales for Rigid Industrial Packaging & Services segment dropped 15.0 percent to $666.6 million in the second quarter, while Paper Packaging net sales fell 5.5 percent to $160.4 million. Net sales for Flexible Products & Services segment slipped 22.1 percent to $82.0 million for the second quarter, while Land Management sales rose 13.1 percent to $6.9 million. David B. Fischer, president and chief executive officer, stated, "The second quarter adjusted earnings were in line with our expectations; however, the forecasted results for our North American businesses are expected to be below previous forecasts for the second half of 2015. Several positive trends emerged in our international operations during the second quarter, although foreign exchange rates continued to have a negative impact. We are addressing specific issues to improve the company's overall performance, and we remain committed to our long-term plans." For the full year, Greif projects earnings of $1.65 to $1.75 per share, versus analysts' estimates of $2.09 per share. Greif shares rose 0.63 percent to close at $38.43 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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