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Greif fiscal 3Q net income drops on weaker sales

DELAWARE, Ohio (AP) -- Industrial packaging company Greif Inc. said Wednesday that its net income fell 39 percent in the fiscal third quarter on disappointing sales from two of its biggest businesses.

Revenue from its biggest business, rigid industrial packaging, were essentially flat compared to a year ago and revenue in the flexible packaging business dropped 22 percent. The company said results at both units fell short of its expectations, and added that the stronger dollar hurt sales in international markets.

Net income fell to $40.7 million, or 70 cents per share, from $66.9 million, or $1.14 per share. Total revenue was down 2 percent, to $1.1 billion.

Analysts expected net income of 76 cents per share on $1.1 billion in revenue, according to FactSet.

Greif shares closed unchanged at $40.70.