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Greif's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: GEF

Please go to Slide 5. During the third quarter, we executed two Rigid Industrial packaging acquisitions with operations in EMEA Latin America that extend our global footprint and capabilities. Immediately following the end of the third quarter, we completed an acquisition in the reconditioning market in Europe that complements our existing North American reconditioning business. Dave will talk about these acquisitions and our growth platforms later. In addition, as you’re aware, we completed a €200 million senior note offering during the quarter to facilitate growth and maintain liquidity.

Now to Slide 6. Our sustainability efforts must enhance our profits as well as be good for people on the planet. We are on track to achieve our energy objective of 15% reduction per unit by 2015, which will save $18 million per year based upon current utility costs. Year-to-date, we’re tracking at just over half that at 8%, saving about $10 million.

Our carbon reduction results to date are commensurate with the reductions we’re seeing in energy. A number of renewable energy products have come online in 2011 that further reduced our carbon emissions.

During the quarter, we were honored by a major customer, DuPont, for developing a packaging innovation that reduces landfill waste and we continue our active involvement with the World Business Council for Sustainable Development and the Clinton Global Initiative. These organizations provide venue to share best practices and strengthen relationship with world class corporations.

Now Rob will provide you with an update on our financial results.

Robert M. McNutt

Thanks, Mike. Please turn to Slide 7. It includes key line items of our performance for the third quarter of 2011 and comparative periods. The 22% increase in net sales for the third quarter was primarily due to acquisitions completed during the last year, higher selling prices and the positive impact from foreign currency translations.

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