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Greif reports decline in Q3 2012 net sales

Global company engaged in industrial packaging products and services Greif has reported a decline in third quarter 2012 net sales of $1.10bn compared to $1.12bn for the same period in 2011.

The US-based company’s gross profit also decreased about 4% to $202.5m against 2011’s gross profit of $211.1m and gross profit margin declined to 18.4% from 18.8% in 2011.

Operating profit during the quarter stood at $86.1m which fell from $107.6m for the same period in 2011. Net income decreased to $40.7m compared to $66.9m in the third quarter 2011.

Greif president and chief executive officer David Fischer said the company’s third quarter operating performance was impacted by lower than expected volumes and the negative effect of foreign currency translation in its Rigid Industrial Packaging & Services and Flexible Products & Services segments.

"We remain focused on our 2012 priorities while continuing to adapt promptly to changes in business and market conditions," Fischer added.