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Last $43.10 USD
Change Today -0.11 / -0.25%
Volume 141.0K
As of 8:04 PM 05/26/15 All times are local (Market data is delayed by at least 15 minutes).

greif inc-cl a (GEF) Key Developments

Greif, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 31, 2015; Reaffirms Earnings Guidance for the Year 2015; Reports Non-Cash Asset Impairment Charges for the First Quarter Ended January 31, 2015

Greif, Inc. reported unaudited consolidated earnings results for the first quarter ended January 31, 2015. For the quarter, the company reported first quarter 2015 net income attributable to the corporation totaling of $30.1 million or $0.52 per diluted Class A share and $0.76 per diluted Class B share on sales of $902.3 million compared with net income of $30.7 million or $0.53 per diluted Class A share and $0.78 per diluted Class B share on sales of $1,001.5 million in the first quarter of 2014. Operating profit was $65.4 million against $71.4 million a year ago. Income before income tax expense and equity earnings of unconsolidated affiliates, net was $45.7 million against $48.2 million a year ago. Net cash used in operating activities was $71.0 million against $62.8 million a year ago. Purchases of properties, plants, and equipment and timber properties were $53.5 million against $42.5 million a year ago. Net debt as on January 31, 2015 was $1,150.7 million against $1,068.0 million as on October 31, 2014. EBITDA was $99.9 million against $107.8 million a year ago. Capital expenditures were $28.1 million against $34.5 million a year ago. Total operating profit before special items was $42.3 million against $65.3 million a year ago. Total EBITDA before special items was $76.8 million against $101.7 million a year ago. Net income attributable to the company excluding special items was $16.7 million or $0.30 per class share against $26.6 million or $0.46 per class share a year ago. Net sales for the 2015 first quarter, excluding acquisitions and divestitures, were 6% below the same period last year due to the impact of foreign currency changes. For the first quarter, the company reported non-cash asset impairment charges of $0.2 million against $0.2 million a year ago. The company reaffirmed its earnings guidance for the fiscal year 2015. For the year, the company expects that foreign currency matters will continue to present challenges for the company as the strengthening of the USD against other currencies will continue to impact the company’s revenues and net income. The company is continuing to execute restructuring plans and facility closures and pursuing the sale of select non-core assets as part of the company’s overall strategic transformation, which are expected to result in significant impairment and restructuring charges in the remainder of 2015. Based on these factors, fiscal 2015 adjusted Class A earnings per share remains in the range of $2.25 to $2.35, excluding gains and losses on the sales of businesses, timberland and property, plant and equipment, and acquisition related costs, as well as restructuring and impairment charges.

Greif May Sell Non-Core Assets

Greif, Inc. (NYSE:GEF) may sell non-core assets. Greif said, "We are continuing to execute restructuring plans and facility closures and pursuing the sale of select non-core assets as part of our overall strategic transformation, which are expected to result in significant impairment and restructuring charges in the remainder of 2015."

Greif, Inc. Declares Dividends for the First Quarter 2015, Payable on April 1, 2015

The Board of Directors of Greif, Inc. declared quarterly cash dividends of $0.42 per share of Class A Common Stock and $0.63 per share of Class B Common Stock. The dividends are payable on April 1, 2015 to shareholders of record at close of business on March 19, 2015.

Greif, Inc. to Close Plants in Missouri, Louisiana, Germany

Greif Inc. is shedding some plants in a cost-cutting move. The company said it is closing steel drum manufacturing facilities in Fenton, Missouri, and Harahan, Louisiana, and moving the work into existing Grief locations in the U.S. It's also closing manufacturing operations in Germany that won't be relocated, and closing other operations in that country with the work moving to a Rumbeke, Belgium, facility. The number of lost jobs were not disclosed.

Greif, Inc. to Report Q1, 2015 Results on Mar 04, 2015

Greif, Inc. announced that they will report Q1, 2015 results on Mar 04, 2015

 

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Industry Analysis

GEF

Industry Average

Valuation GEF Industry Range
Price/Earnings 22.7x
Price/Sales 0.5x
Price/Book 1.9x
Price/Cash Flow 12.2x
TEV/Sales NM Not Meaningful
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