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BUSINESS
Greif posts jump in 3Q profit, sales
DELAWARE, Ohio -- Industrial packaging company Greif Inc. said Wednesday its fiscal third-quarter profit jumped, helped by solid demand and a diverse geographic reach that eased the effects of sharply higher raw materials costs.
For the three months ended July 31, the company earned $64.6 million, or $1.10 per Class A share, up 32 percent from $48.8 million, or 82 cents per Class A share, in the same period a year earlier. Excluding items such as restructuring charges, the company earned $1.18 per Class A share in the latest quarter.
Revenue rose 18 percent to $1.03 billion from $874.2.
The quarter's results "benefited from our business system and geographic diversity, which mitigated the impact of sharp increases in raw material and other input costs," said Michael J. Gasser, chairman and chief executive, in a statement.
