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Greif beats Street 4Q forecasts

DELAWARE, Ohio (AP) _ Greif Inc. (GEF) on Wednesday reported fiscal fourth-quarter net income of $33.3 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Delaware, Ohio-based company said it had profit of 57 cents. Earnings, adjusted for non-recurring costs, came to 98 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 89 cents per share.

The industrial packaging company posted revenue of $968.1 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $942.3 million.

For the year, the company reported net income of $118.6 million, or $2.02 per share, swinging to a profit in the period. Revenue was reported as $3.64 billion.

Greif expects full-year earnings in the range of $3.25 to $3.55 per share.

Greif shares have risen nearly 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $54.83, a climb of 3.5 percent in the last 12 months.

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