Greif Cuts FY14 Adj. EPS View - Quick Facts

(RTTNews) - Industrial packaging products maker Greif Inc. (GEF) said that it now expects earnings per Class A share, excluding timberland gains and further impairment charges, to be $1.98 to $2.08 per Class A share for the 2014 fiscal year compared to the company's previous guidance of $2.48 to $2.80 per Class A share, excluding timberland gains. Analysts polled by Thomson Reuters expected the company to report earnings of $2.81 per share for fiscal 2014. Analysts' estimates typically exclude special items.

Subsequent to the second quarter 2014, the company continued to take actions to strengthen its business portfolio.

Certain of these actions resulted in non-cash asset impairment charges of $15.4 million, as well as $33 million of non-cash allocations of goodwill for divestitures reducing book gains and generating no tax benefits.

The company has incurred and anticipates higher SG&A expenses for the remainder of the fiscal year and slightly lower than expected results from operations.