UPDATE: Greif Inc. (GEF) Reports Q1 EPS of $0.61, Offers Guidance
Greif Inc. (NYSE: GEF) reported Q1 EPS of $0.61, may not compare to the analyst estimate of $0.67. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.12 billion.
The slow motion global economic recovery is anticipated to continue during the remainder of fiscal 2014, resulting in moderate sales volume improvement and slightly higher raw material costs in certain regions. The Rigid Industrial Packaging segment is anticipated to benefit from moderate volume growth, especially in Europe, and Greif Business System cost savings. Specific actions will be implemented in the Flexible Products segment during the second half of 2014 as this business is repositioned for sustainable growth and profitability. Additionally, the Company is pursuing the sale of select non-core assets and plans to accelerate restructuring actions. Based on these factors, including anticipated gains from the sale of select non-core assets, fiscal 2014 EBITDA guidance is $475 million to $505 million and Class A earnings per share guidance is $2.48 to $2.80. This guidance excludes scheduled timberland gains of approximately $20 million or $0.20 per Class A share. In the future, the Company’s outlook will be based on Class A earnings per share.
For earnings history and earnings-related data on Greif Inc. (GEF) click here.