Greif Q4 Profit Falls, Yet Tops Estimate; FY Outlook Weak

(RTTNews) - Greif Inc (GEF, GEF_B), an industrial packaging products company, on Wednesday reported fourth-quarter net earnings of $8.7 million or $0.15 per Class A share compared with $38 million or $0.65 per share last year.

The company said results were lower than expected, primarily due to asset impairment charges in the Flexible Products & Services segment, the negative impact of foreign currency translation and a decrease in selling prices.

Excluding one-time items, adjusted earnings for the quarter were $0.85 per share. Analysts polled by Thomson Reuters estimated earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were $1.05 million compared with $1.09 million in the prior year.

Analysts estimated revenues of $1.14 billion for the quarter.

For the full year 2015, the company expects adjusted earnings of $2.25 to $2.35 per share, while analysts expect $2.78 per share.