Greif Inc. (GEF) Misses Q3 EPS by 9c

September 4, 2013 5:45 PM
Greif Inc. (NYSE: GEF) reported Q3 EPS of $0.80, $0.09 worse than the analyst estimate of $0.89. Revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.15 billion.

The company's outlook for fiscal 2013 EBITDA remains between $475 million and $500 million.

David B. Fischer, president and chief executive officer, said "Our third quarter results included higher net sales and increased EBITDA despite a weaker food season in key regions and foreign currency exchange losses. Volumes improved in all business segments compared to the same period last year. Cost savings attributable to the Greif Business System and cross-business integration actions were realized during the quarter. Global market conditions in rigid industrial packaging continue to reflect a slow and steady recovery. Improvements in our flexible products base business were offset by additional costs related to new facilities. The paper packaging business achieved record net sales and operating profit for the third quarter of 2013 due to favorable market conditions and further implementation of our efficient frontier strategy."

For earnings history and earnings-related data on Greif Inc. (GEF) click here.


Earnings Guidance Management Comments

Next Articles