September 1, 2010 / 9:15 PM / 7 years ago

UPDATE 1-Greif Q3 tops Street view, raises 2010 profit outlook

* Q3 adj EPS $1.34 vs est $1.21

* Q3 revenue up 28 pct

* Sees sequential improvement in sales volumes for Q4

Sept 1 (Reuters) - Greif Inc (GEF.N), a maker of industrial packaging products, reported third-quarter results above market estimates, helped by improved sales volumes across its businesses, and raised its 2010 earnings outlook.

Greif raised its 2010 earnings forecast to $4.15-$4.35 a share, before special items, from $4.05-$4.30.

Analysts were expecting the company to earn $4.22 a share, according to Thomson Reuters I/B/E/S.

The company, which competes with AptarGroup Inc (ATR.N), anticipates a sequential improvement in sales volumes for the fourth quarter and expects capital expenditures to be about $130 million for fiscal 2010.

For the third quarter, net income attributable to Greif was $66.0 million, or $1.12 per Class A share, compared with $37.8 million, or 65 cents per Class A share, a year ago. Excluding items, it earned $1.34 per Class A share.

Revenue rose 28 percent to $921.3 million.

Analysts on average were expecting the company to earn $1.21 a share, before special items, on revenue of $899.9 million.

The company's shares, which have risen about 15 percent in the past one year, closed at $58.07 Wednesday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore; Editing by Vinu Pilakkott)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below