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Greif misses 1Q profit forecasts

DELAWARE, Ohio (AP) _ Greif Inc. (GEF) on Wednesday reported fiscal first-quarter net income of $5.4 million, after reporting a loss in the same period a year earlier.

The Delaware, Ohio-based company said it had net income of 10 cents per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to 45 cents per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The industrial packaging company posted revenue of $820.9 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $810.8 million.

Greif expects full-year earnings in the range of $2.78 to $3.08 per share.

Greif shares have risen 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $60.31, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GEF at https://www.zacks.com/ap/GEF

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Keywords: Greif, Earnings Report