DELAWARE, Ohio (AP) ? Shares of Greif dropped 3 percent in premarket trading on Wednesday as the industrial packaging company lowered its fiscal 2012 adjusted earnings forecast due to weaker-than-expected volumes.
The company now estimates earnings before interest, taxes, depreciation and amortization in a range of $445 million to $465 million. It previously predicted $500 million to $525 million.
Greif said softer-than-expected market conditions hurt third-quarter volumes for its rigid industrial packaging and flexible products businesses. The company says that while the European market may be getting better, it is not recovering as quickly as anticipated.
Greif will report its third-quarter financial results on Aug. 29. Its stock fell $1.31, or 3 percent, to $42 before the market opened.
Source: http://news.yahoo.com/greif-cuts-fiscal-2012-outlook-down-premarket-122145082--finance.html
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