DELAWARE, Ohio (AP) _ Greif Inc. (GEF) on Wednesday reported fiscal second-quarter net income of $11.4 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Delaware, Ohio-based company said it had net income of 19 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 95 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The industrial packaging company posted revenue of $1.16 billion in the period.
Greif shares have dropped 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $35.93, a decline of 4% in the last 12 months.