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December 19, 2012
16:57 EDTGEFGreif amends credit facilities reducing our borrowing costs
Greif, and two subsidiaries amended and restated the company's existing $1B senior secured credit facilities with a syndicate of financial institutions on Dec. 19 . The amended credit facilities provide the company with an $800M revolving multicurrency credit facility and $200M term loan, both expiring in December 2017, with an option to add $250M to the facilities with the agreement of the lenders. The new facilities, which include lower pricing and improved covenants, amend the existing $1B senior secured credit facilities scheduled to expire in October 2015.
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August 27, 2014
16:42 EDTGEFGreif lowers FY14 EPS view to $1.98-$2.08 from $2.48-$2.80, consensus $2.81
The slow motion global economic recovery is anticipated to continue during the remainder of fiscal FY14, resulting in moderate sales volume improvement and slightly higher raw material costs in certain regions. The Rigid Industrial Packaging segment is anticipated to benefit from moderate volume growth, especially in Europe, and Greif Business System cost savings. In addition to the announced closure of our facility in the Kingdom of Saudi Arabia, additional specific actions will be implemented in the Flexible Products segment during the remainder of 2014 as this business is repositioned for sustainable growth and profitability. During the third quarter, the Company sold a business in the Rigid Industrial Packaging & Service segment and will continue to pursue the sale of select non-core assets and plans to accelerate restructuring actions. Based on these factors, including anticipated gains from the sale of select non-core assets, FY14 Class A EPS guidance is $1.98-$2.08. This guidance excludes timberland gains of approximately $16.9M or 20c per Class A share and potential future impairment charges.
16:38 EDTGEFGreif reports Q3 EPS 21c, may not compare to consensus 84c
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15:27 EDTGEFNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Workday (WDAY), consensus (14c); Williams-Sonoma (WSM), consensus 53c; Bally Technologies (BYI), consensus $1.22; Guess (GES), consensus 29c; Lannett (LCI), consensus 58c; Greif (GEF), consensus 84c.
August 25, 2014
07:52 EDTGEFGreif cuts FY14 EPS view to $1.98-$2.08 from $2.48-$2.80
Consensus is $2.81. Greif announced revised guidance for its fiscal year ending October 31, 2014. Earnings per Class A share, excluding timberland gains and further impairment charges, are expected 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. 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 $15.4M, as well as $33M 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.

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