Greif (GEF) Tops Q3 EPS by 20c
Greif (NYSE: GEF) reported Q3 EPS of $0.60, $0.20 better than the analyst estimate of $0.40. Revenue for the quarter came in at $930 million versus the consensus estimate of $931.59 million.
David Fischer, president and chief executive officer, stated, “We are pleased with the progress of our Transformation initiative. While much work remains, during the third quarter we continued to reduce complexity in our businesses, achieved a 16% decrease in SG&A expenses excluding the impact of currency translation compared to a year ago, and improved capacity utilization in our rigid industrial packaging segment. The benefits from these concentrated efforts are becoming more evident and positive momentum is increasing with each passing month. I am especially pleased with the hard work and efforts of so many Greif colleagues all over the world to achieve our stated goals.”
Mr. Fischer added, “Concerning the growth elements of our transformation activities, we are equally encouraged with the progress made on several key initiatives including our IBC global expansion efforts and by the exceptional performance of recently completed investments at the Riverville, Virginia mill and the additional corrugator in our Paper Packaging segment. These transformation improvements bode well for 2016.”
For earnings history and earnings-related data on Greif (GEF) click here.