Greif Cuts FY Earnings Guidance

(RTTNews) - Greif Inc (GEF, GEF_B), an industrial packaging products company, on Thursday said it now expects adjusted earnings in fiscal year 2015 to be in the range of $1.65 to $1.75 per Class A share, down from its prior guidance of $2.25 to $2.35 per share.

Analysts polled by Thomson Reuters currently estimate the company to report earnings of $2.23 per share for the year. Analysts' estimates typically exclude special items.

The company said its trimmed guidance reflects recent results and near term expectations on lower volumes and gross margins for its North American businesses, as well as the impact of unfavorable foreign exchange rates.

For the second quarter, Greif expects adjusted earnings to be in line with the its expectations.

The company plans to report second quarter financial results on June 9.