Greif reaffirmed that its FY22 results will be within its previously provided guidance range of Class A earnings per share before adjustments of $7.90 to $8.10 per share in anticipation of participation in the Baird Global Industrial Conference in Chicago, Illinois on Wednesday, November 9. The company said, "This guidance reaffirmation is mainly attributable to better-than-expected price realization in fiscal fourth quarter across both our Paper Packaging & Services (PPS) and Global Industrial Packaging (GIP) segments, offset by lower than expected volumes. The lower volumes in GIP were driven primarily by ongoing weakness in EMEA and APAC regions, due to energy price inflation and its effects on our customers in Europe, as well as continued challenges in China related to COVID-19 lockdowns. North American volumes in our GIP business weakened sequentially as general economic conditions in the region slowed. Our North American PPS business experienced converting and mill volume weakness through the fourth quarter, which was offset by better than expected pricing and lower OCC costs."
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