Greif, Inc. (NYSE:GEF) reported worse-than-expected earnings for its third quarter, after the closing bell on Wednesday.
Greif reported quarterly earnings of $1.03 per share which missed the analyst consensus estimate of $1.14 per share. The company reported quarterly sales of $1.454 billion which beat the analyst consensus estimate of $1.433 billion, according to data from Benzinga Pro.
"We are proud to present another solid quarter of performance for Greif," stated Ole Rosgaard, President and CEO, "While global markets remain uncertain, our diligence in maintaining close contact with our customers has resulted in positive volume momentum in all regions. We are also making strides internally. We are nearing completion of the previously announced internal re-alignment of operating and commercial functions and plan to discuss the benefits of that transition in greater detail at our upcoming Investor Day on December 11".
Greif continues to expect FY24 adjusted EBITDA of $675 million to $725 million and adjusted free cash flow of $175 million to $225 million.
Greif shares gained 0.9% to trade at $62.47 on Friday.
These analysts made changes to their price targets on Greif following earnings announcement.
- Truist Securities analyst Michael Roxland reiterated Greif with a Hold rating, while cutting the price target from $69 to $67.
- Stifel analyst Brian Butler reiterated the stock with a Buy rating, while lowering the price target from $88 to $85.
- B of A Securities analyst George Staphos maintained Greif with a Buy rating, while cutting the price target from $77 to $73.
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