Greif Q3 Profit Declines; Lifts FY Earnings Outlook - Quick Facts

(RTTNews) - Greif Inc (GEF, GEF_B), an industrial packaging products company, on Thursday reported third-quarter net income attributable to the company of $8.6 million or $0.15 per Class A share compared with $13.7 million or $0.23 per share last year.

Excluding items, adjusted earnings for the quarter were $0.60 per share, compared with $0.58 per share a year ago.

Revenues for the quarter decreased 19.2% to $930.0 million from $1.1 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.41 per share on revenues of $934.13 million for the quarter. Analysts' estimates typically exclude special items.

The company now expects fiscal 2015 adjusted earnings per Class A share to be in the range of $1.85 to $1.95, up from its previous range of $1.65 to $1.75  per Class A share. Analysts now expect earnings of $1.72 per share.

On September 1, 2015, the Board of Directors declared quarterly cash dividends of $0.42 per share of Class A Common Stock and $0.63 per share of Class B Common Stock. Dividends are payable on October 1, 2015, to stockholders of record at close of business on September 18, 2015.