UPDATE 1-Greif Q1 results top Wall Street view

Wed Feb 24, 2010 4:46pm EST

* Q1 adj EPS $0.65 vs. est. $0.61

* Q1 rev up 7 pct

* Sees gradual improvement in sales volumes

* Reaffirms 2010 earnings view

Feb 24 (Reuters) - Greif Inc (GEF.N), a maker of industrial packaging products, posted better-than-expected quarterly results, helped by higher sales across all its businesses, and backed its earnings outlook for 2010.

For the first quarter ended Jan. 31, the company posted earnings of $24.8 million, or 43 cents a share, compared with a loss of $2.3 million, or 3 cents a share, a year earlier.

Excluding certain items, it earned 65 cents a share.

Revenue rose 7 percent to $709.7 million.

Analysts on average expected earnings of 61 cents a share, on revenue of $682.8 million, according to Thomson Reuters I/B/E/S.

Sales in the industrial packaging segment rose 7 percent to $564.8 million.

The company reaffirmed its 2010 earnings view of $4.00 to $4.25 a share, and said it continues to expect a gradual improvement in sales volumes.

Shares of Greif closed at $49.45 Wednesday on the New York Stock Exchange. (Reporting by Amulya Nagaraj in Bangalore; Editing by Unnikrishnan Nair)