AptarGroup rival Greif tops Wall Street Q4 view

By Reuters
Posted Dec. 8, 2010 at 5:27 p.m.

Greif Inc., a maker of industrial packaging products, posted better-than-expected quarterly results, helped by solid sales at all its packaging divisions.

The company, which competes with Crystal Lake-based AptarGroup Inc., saw quarterly revenue rise 31 percent to $993.9 million.

Greif, which produces steel, plastic, corrugated and multiwall containers, forecast fiscal 2011 earnings of $4.75-$5.00 per Class A share, before special items.

Analysts on average were expecting $4.97 a shares, according to Thomson Reuters I/B/E/S.

For August-October, net income attributable to Greif was $76.6 million, or $1.30 per Class A share, compared with $73.6 million, or $1.25 per Class A share, a year ago.

Excluding items, it earned $1.51 per Class A share.

Sales at the company’s paper packaging unit rose 48 percent to $179.6 million, while rigid industrial packaging and services unit rose 14 percent to $704.8 million. Analysts were expecting the company to earn $1.44 a share, before special items, on revenue of $972.8 million.

Shares of the Delaware, Ohio-based company, which has a market value of about $2.85 billion, closed at $61.82 Wednesday on the New York Stock Exchange. They have gained 34 percent of their value since touching a year-low of $46.01 in February.

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