Greif (GEF) Slashes FY14 EPS Guidance

Greif (NYSE: GEF) (NYSE: GEF-B) announced revised guidance for its fiscal year ending October 31, 2014. Earnings per Class A share, excluding timberland gains and further impairment charges, are expected to be $1.98 to $2.08 per Class A share for the 2014 fiscal year compared to the company’s previous guidance of $2.48 to $2.80 per Class A share, excluding timberland gains.

*** The Street sees FY14 EPS of 2.81.

Subsequent to the second quarter 2014, the company continued to take actions to strengthen its business portfolio. Certain of these actions resulted in non-cash asset impairment charges of $15.4 million, as well as $33 million of non-cash allocations of goodwill for divestitures reducing book gains and generating no tax benefits. The company has incurred and anticipates higher SG&A expenses for the remainder of the fiscal year and slightly lower than expected results from operations.

The company will address the details of its third quarter performance and current actions and future plans related to its strategy review to improve profitability, including reductions in SG&A expenses, during the third quarter 2014 conference call scheduled for Thursday, August 28, 2014 at 10:00 AM ET. The dial-in number is 877-485-3107 for U.S. callers and +1 201-689-8427 for international callers.

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