Greif, Inc. (NYSE:GEF) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Greif, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.67% to $0.80 in the quarter versus EPS of $0.75 in the year-earlier quarter.
Revenue: Rose 2.44% to $1.13 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Greif, Inc. reported adjusted EPS income of $0.80 per share. By that measure, the company missed the mean analyst estimate of $0.89. It missed the average revenue estimate of $1.15 billion.
Quoting Management: 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.”
Key Stats (on next page)…