Greif 2Q profit plunges on sales decline, restructuring - Business First of Columbus:

kleopatraxnibe.blogspot.com
The Delaware-based company said after the markets closed that itearneed $12.1 million, or 21 cents a in the three months ended April 30. That’ss down from profit of $48.7 or 82 cents a share, in the same period a year ago. Revenues fell 29 percent to $647.9 millionb from $918 million. Greif said the quarter’s results include $20.3 million in restructuring chargesa associated witha company-wide initiative to cut costs as demaned slowed. Greif also took an inventory-related charge totalinbg $7.5 million and $800,000 in costs associater with payingoff debt.
Cost-cutting measures taken last quarter included closing three facilities and cutting 678 Greif hascut 2,053 jobs and closed 13 plantss in the first half of the fiscall year. The company said it expectw itsbroader cost-cutting plan, dubbed the Greif Businessz System, to save about $100 million Implementing the changes will cost about $70 million, $47.65 million of which has been loggedf in the first CEO Michael Gasser said in a release that despite rougg market conditions that have sparked a decline in demand, the companhy did see “increased signs of improvemenr in our markets” at the end of the Greif in the first six months of the fiscal year earnec $13.
4 million, or 24 cents a down 88 percent from $109.3 million, or $1.85 a share, in the same periox a year ago. Year-to-date sales fell 26 percen t to $1.31 billion from $1.76 billion. Greif (NYSE:GEF) employs about 8,000 worldwide. The company last fiscall year earned $234.4 million on $3.78 billion in