Greif Inc posts record net sales in Q2

OHIO (Scrap Monster): Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, reported record second quarter net sales of $1,050.7 million, which ended April 30, 2011.

The company posted record second quarter net income of $50.9 million, or $0.87 per diluted Class A share, record second quarter net income before special items1 of $61.0 million, or $1.04 per diluted Class A share, and record second quarter EBITDA1 before special items1 of $131.6 million.

Michael J. Gasser, chairman and chief executive officer, said, “Our strong second quarter operating results were primarily driven by sequential improvement in profit margins for our rigid industrial packaging businesses as cost pass-through mechanisms took effect; continued improvement in operating results for our flexible products businesses; and solid performance in our paper packaging businesses.  During the second quarter, we continued to make significant progress integrating the businesses we acquired during 2010, including rapidly implementing the Greif Business System.

“Overall, the entire first half of the year has put us in a good position for the second half, which has typically been stronger because of the agriculture business that generates higher sales volumes.”