Aug 29 Industrial packaging company Greif Inc
reported a lower third-quarter profit as sales volumes
at its rigid-industrial segment fell, and the company warned of
continued weakness for the rest of 2012.
Net income fell to $40.7 million, or 70 cents per share, in
the third quarter, from $66.9 million, or $1.14 per share, a
Excluding items, the company earned 75 cents per share.
Revenue fell 2 percent to $1.10 billion.
Analysts on average had expected earnings of 72 cents per
share on revenue of $1.11 billion, according to Thomson Reuters
Greif said sales volumes at the rigid-industrial packaging &
services segment, its largest, declined 2 percent on a
"For the remainder of fiscal 2012, we expect our rigid
industrial packaging & services and flexible products & services
segments to be impacted by lower volumes than previously
anticipated," Chief Executive David Fischer said in a statement.
Grief earlier this month cut its full-year core profit
forecast to between $445 million and $465 million.
Shares of the company closed at $40.70 on the New York Stock
Exchange on Wednesday.