Greif Inc. (GEF, Financial) filed Quarterly Report for the period ended 2010-07-31.
Greif Inc. has a market cap of $2.74 billion; its shares were traded at around $58.14 with a P/E ratio of 13.3 and P/S ratio of 1. The dividend yield of Greif Inc. stocks is 2.9%. Greif Inc. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Greif Inc. the business predictability rank of 3-star.GEF is in the portfolios of Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Richard Aster Jr of Meridian Fund.
Operating profit was $95.7 million and $67.0 million in the third quarter of 2010 and 2009, respectively. Operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was $111.1 million for the third quarter of 2010 compared to $78.1 million for the third quarter of 2009. The $33.0 million increase in operating deficit before the impact of restructuring charges, restructuringrelated inventory charges and acquisitionrelated costs was due to Rigid Industrial Packaging & Services ($11.9 million increase), Flexible Products & Services ($4.0 million increase) and Paper Packaging ($18.9 million increase), partially offset by Land Management ($1.8 million decrease).
Operating profit was $71.5 million in the third quarter of 2010 and $56.7 million in the third quarter of 2009. Operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs increased to $79.4 million in the third quarter of 2010 from $67.5 million in the third quarter of 2009. The $11.9 million increase in operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was primarily due to higher sales volumes, slight margin expansion, disciplined execution of the Greif Business System and further benefits from the permanent cost savings achieved during 2009.
During the third quarter of 2010, we recorded gains on disposals of properties, plants and equipment, net of $4.9 million, primarily from gains on the sale of properties in the Rigid Industrial Packaging & Services segment of $2.0 million, the sale of equipment in the Paper Packaging segment of $1.6 million and the sale of special use properties (surplus, HBU, and development properties) in the Land Management segment of $1.3 million. During the third quarter of 2009, we recorded gains on disposals of properties, plants and equipment, net of $5.3 million, primarily from gains on the sale of properties in the Rigid Industrial Packaging & Services segment of $1.4 million and special use properties (surplus, HBU, and development properties) in the Land Management segment of $3.9 million.
Net sales increased 22 percent (19 percent excluding the impact of foreign currency translation) to $2,467.6 million in the first nine months of 2010 compared to $2,031.7 million in the first nine months of 2009. The $435.9 million increase was due to Rigid Industrial Packaging & Services ($232.2 million increase), Flexible Products & Services ($99.6 million increase) and Paper Packaging ($105.0 million increase), slightly offset by Land Management ($0.9 million decrease).
Operating profit was $219.1 million and $91.7 million in the first nine months of 2010 and 2009, respectively. Operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was $259.9 million for the first nine months of 2010 compared to $159.5 million for the first nine months of 2009. The $100.4 million increase in operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was principally due to higher operating profit in Rigid Industrial Packaging & Services ($89.4 million increase), Flexible Products & Services ($7.2 million increase) and Paper Packaging ($7.7 million increase), partially offset by Land Management ($3.9 million decrease).
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Greif Inc. has a market cap of $2.74 billion; its shares were traded at around $58.14 with a P/E ratio of 13.3 and P/S ratio of 1. The dividend yield of Greif Inc. stocks is 2.9%. Greif Inc. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Greif Inc. the business predictability rank of 3-star.GEF is in the portfolios of Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Richard Aster Jr of Meridian Fund.
Highlight of Business Operations:
Net sales increased 28 percent to $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). The $203.7 million increase was due to Rigid Industrial Packaging & Services ($87.5 million increase), Flexible Products & Services ($57.7 million increase), Paper Packaging ($57.8 million increase) and Land Management ($0.7 million increase).Operating profit was $95.7 million and $67.0 million in the third quarter of 2010 and 2009, respectively. Operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was $111.1 million for the third quarter of 2010 compared to $78.1 million for the third quarter of 2009. The $33.0 million increase in operating deficit before the impact of restructuring charges, restructuringrelated inventory charges and acquisitionrelated costs was due to Rigid Industrial Packaging & Services ($11.9 million increase), Flexible Products & Services ($4.0 million increase) and Paper Packaging ($18.9 million increase), partially offset by Land Management ($1.8 million decrease).
Operating profit was $71.5 million in the third quarter of 2010 and $56.7 million in the third quarter of 2009. Operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs increased to $79.4 million in the third quarter of 2010 from $67.5 million in the third quarter of 2009. The $11.9 million increase in operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was primarily due to higher sales volumes, slight margin expansion, disciplined execution of the Greif Business System and further benefits from the permanent cost savings achieved during 2009.
During the third quarter of 2010, we recorded gains on disposals of properties, plants and equipment, net of $4.9 million, primarily from gains on the sale of properties in the Rigid Industrial Packaging & Services segment of $2.0 million, the sale of equipment in the Paper Packaging segment of $1.6 million and the sale of special use properties (surplus, HBU, and development properties) in the Land Management segment of $1.3 million. During the third quarter of 2009, we recorded gains on disposals of properties, plants and equipment, net of $5.3 million, primarily from gains on the sale of properties in the Rigid Industrial Packaging & Services segment of $1.4 million and special use properties (surplus, HBU, and development properties) in the Land Management segment of $3.9 million.
Net sales increased 22 percent (19 percent excluding the impact of foreign currency translation) to $2,467.6 million in the first nine months of 2010 compared to $2,031.7 million in the first nine months of 2009. The $435.9 million increase was due to Rigid Industrial Packaging & Services ($232.2 million increase), Flexible Products & Services ($99.6 million increase) and Paper Packaging ($105.0 million increase), slightly offset by Land Management ($0.9 million decrease).
Operating profit was $219.1 million and $91.7 million in the first nine months of 2010 and 2009, respectively. Operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was $259.9 million for the first nine months of 2010 compared to $159.5 million for the first nine months of 2009. The $100.4 million increase in operating profit before the impact of restructuring charges, restructuring-related inventory charges and acquisition-related costs was principally due to higher operating profit in Rigid Industrial Packaging & Services ($89.4 million increase), Flexible Products & Services ($7.2 million increase) and Paper Packaging ($7.7 million increase), partially offset by Land Management ($3.9 million decrease).
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