Aug 15 Industrial packaging maker Greif Inc
cut its full-year earnings forecast after being hit by
lower-than-expected volumes and a slow recovery in its European
market during the third quarter.
The Delaware, Ohio-based company expects full-year EBITDA
(earnings before interest, taxes, depreciation and amortization)
of between $445 million and $465 million, down from its earlier
forecast of $500 million to $525 million.
"While there are some signs of market firming in Europe, it
is occurring at a slower pace than the company expected earlier
this year," Greif said in a statement.
It also said that rigid-packaging markets in other regions
were being impacted by the slow down.
Shares of the company fell 3 percent to $42.00 in premarket
trading on Wednesday. They had closed at $43.31 on Tuesday on
the New York Stock Exchange.