Greif has posted both record third quarter net sales of $1.1bn and a record third quarter operating profit of $108m compared to 2010 respective figures of $921.3m and $95.7m. Nonetheless, net income over the same period fell from $66m to $63m. "Our strong growth in net sales for the quarter benefited from acquisitions during the last 12 months, higher selling prices and the positive impact of foreign currency translation," says chairman and CEO Michael J Gasser. However, he notes, rigid industrial packaging demand in North America and western Europe was lower than anticipated during the final three weeks of the quarter. "There has been some recovery in demand based on August orders and shipments, on a seasonally adjusted basis, but at a lower level than earlier in the year," Gasser says, adding that Greif is therefore "implementing actions to mitigate the financial impact of these developments".
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