Greif, Inc. Reports Q3 2010 Results (GEF)

Greif, Inc. GEF today announced results for its fiscal third quarter, which ended July 31, 2010. Net sales were $921.3 million in the third quarter of 2010 compared to $717.6 million in the third quarter of 2009. The 28 percent increase was due to higher sales volumes (23 percent or 10 percent excluding acquisitions) and higher selling prices (5 percent) due to the pass-through of higher input costs. Net income before special items, as defined below, was $78.6 million ($1.34 per diluted Class A share) in the third quarter of 2010 compared to $47.0 million ($0.80 per diluted Class A share) in the third quarter of 2009. GAAP net income was $66.0 million ($1.12 per diluted Class A share) in the third quarter of 2010 and $37.8 million ($0.65 per diluted Class A share) in the third quarter of 2009.