Greif (GEF) stock fell 7% due to 54% earnings decline despite 4% sales improvement.

From Nasdaq: 2024-06-28 12:19:00

Greif (GEF) disappointed investors with a 54% decline in earnings despite a 4% sales improvement in Q2 fiscal 2024 due to high costs. Shares fell 7% in the past month as the industrial sector faces challenges. Peer companies like Amcor Plc (AMCR) and AptarGroup, Inc. (ATR) reported varied earnings performances.

Greif’s guidance for fiscal 2024 indicates a year-over-year decline despite raising EBITDA projections. Efforts to offset cost increases include cost-rationalization measures and strategic acquisitions. The Zacks Consensus Estimate for GEF in 2024 predicts a 30.5% decrease year-over-year, but forecasts show a 19% growth for fiscal 2025.

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Read more at Nasdaq: Greif (GEF) Stock Declines 7% in a Month: Factors to Note