UPDATE 1-Greif posts lower quarterly results; reaffirms '09 view

* Says cut 678 jobs in Q2

* Q1 EPS $0.21 vs $0.82 yr ago

* Q1 revenue $647.9 mln, down 29 pct

* Reaffirms 2009 EPS view of $3.25-$3.75

* Sees charge of $70 mln in 2009

June 3 (Reuters) - Greif Inc (GEF.N), a maker of industrial packaging products, posted lower quarterly results, hurt by restructuring charges and weak demand, but reaffirmed its 2009 earnings outlook citing signs of improvement.

The company said it cut 678 jobs in the second quarter, increasing the total number to 2,053 in fiscal 2009. it also closed three facilities during the period.

It expects to record restructuring charges of about $70 million in 2009.

For the second quarter ended April 30, Greif's net income fell 75 percent to $12.1 million, or 21 cents per Class A share, from $48.7 million, or 82 cents per Class A share, a year ago. Excluding items, it earned 53 cents a share.

Revenue fell 29 percent to $647.9 million.

Analysts were expecting earnings of 51 cents a share, before special items, on revenue of $748.0 million, according to Reuters Estimates.

For 2009, Greif sees earnings of $3.25 to $3.75 a share before special items..

It expects 2009 capital expenditures, excluding timberland purchases, of about $85 million.

Shares of the company closed at $48.51 Wednesday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Vinu Pilakkott)