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News Breaks
November 29, 2012
06:33 EDTGEFGreif lowers FY12 EBITDA view to $425M-$435M from $445M-$465M
News For GEF From The Last 14 Days
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September 3, 2015
08:33 EDTGEFGreif raises FY15 Class A EPS view to $1.85-$1.95 from $1.65-$1.75
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08:32 EDTGEFGreif reports Q3 EPS 60c ex-items, consensus 41c
Reports Q3 revenue $930M, consensus $934.13M. The Company's results of its Venezuelan businesses have been reported under highly inflationary accounting since 2010, and the functional currency was converted to US Dollars at that time. As a result of recent government action and significant continued devaluation of the Bolivar, the Company has reconsidered which of the available exchange rates best reflects the economics of Greif's business activities and has concluded that the Company should utilize the SIMADI rate to remeasure its Venezuelan operations effective July 31, 2015. As a result of the utilization of the SIMADI rate and associated local currency denominated balance sheet remeasurement on July 31, 2015, the Company recorded after-tax other income of $4.9 million related to the remeasurement of its Venezuelan monetary assets and liabilities during the third quarter. In addition, the Company recorded an adjustment of $9.3 million to write down the value of its inventory to net realizable value on a US Dollar basis. Finally, upon review of long-lived assets for impairment, the Company determined that the carrying amount of those assets in Venezuela was not recoverable in US dollar functional currency and recorded an impairment charge of $15.0 million. The Company's overall gross margin percentage for the quarter is 1% lower due to the impact of the inventory adjustment. Results of the Company's Venezuelan operations will be translated to US Dollars using the SIMADI exchange rate as of August 1, 2015.
September 2, 2015
10:00 EDTGEFOn The Fly: Analyst Upgrade Summary
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08:48 EDTGEFGreif upgraded on valuation at BMO Capital
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September 1, 2015
22:26 EDTGEFGreif upgraded to Outperform from Market Perform at BMO Capital
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