Operating profit was $59.6 million for the 3Q 2014 compared with $96.7 million for the 3Q 2013. The $37.1 million decrease consisted of a $20.4 million decrease in the Rigid Industrial Packaging & Services segment, a $12.9 million decrease in the Flexible Products & Services segment, a $2.8 million decrease in the Paper Packaging segment, and a $1 million decrease in the Land Management segment.
EBITDA was $97 million for the 3Q 2014 compared with $132.2 million for the 3Q 2013. The $35.2 million decrease was primarily due to the factors previously described that impacted operating profit.
David B. Fischer, president and CEO, stated, “While the impact of a slow motion global recovery continued, as discussed previously, certain parts of our business portfolio are not meeting our expectations; therefore, we are implementing initiatives to improve our fundamental performance. During the third quarter we took several actions consistent with our strategy that addressed loss makers and involved non-cash impairment charges and restructuring charges which impacted our results. Our focus on increasing cash flow enabled us to reduce debt outstanding by approximately $62 million during the third quarter. We will continue to aggressively implement plans in the fourth quarter to strengthen our business portfolio.”
Greif is a world leader in industrial packaging products and services. The company produces steel, plastic, fibre, flexible, corrugated and multiwall containers and containerboard, and provides reconditioning, blending, filling and packaging services for a wide range of industries. Greif also manages timber properties in North America.