It's in an economically sensitive business, but Greif nonetheless is boxing up hefty profits and dividends. A world leader in industrial packaging and services, Greif (GEF) last Monday boosted the quarterly payout on its nonvoting Class A stock 36%, to 38 cents a share from 28 cents. Its Class B shares will now pay 57 cents, versus 42 cents; insiders own 58% of them. Disbursement of both dividends will take place July 1 for investors on Greif's books June 19. The ex-dividend date is June 17. This is the fifth consecutive annual payout enrichment. Founded in 1877, Greif (rhymes with "life"), which is based in Delaware, Ohio, has paid dividends every year since 1926. The Class A shares, which change hands on the Big Board, set a 52-week high of 73 on Thursday before settling back to around 69 on Friday. The new payout gives them a 2.21% yield. Barrington Research rates the stock Outperform, with a price target of 80. Through manufacturing facilities in more than 45 countries, Greif turns out containers and containerboard for a wide range of bulk shippers, such as those serving the chemical, food, petroleum, agricultural and pharmaceutical industries. It also owns timber properties in the U.S. and Canada. With demand robust, net in the company's second fiscal quarter (ended April 30), was more than double the year-earlier level. Greif reported earnings of $48.7 million, or 82 cents a Class A share. The figures include a $5.7 million after-tax restructuring charge. Without it, profit was 92 cents a share, a nickel above the average Wall Street estimate. Sales climbed 13%, to $918 million. Greif also raised its profit outlook last week. For all of fiscal 2008, it now expects to earn $4.25 to $4.45 a Class A share, including a first-quarter gain of 35 cents from selling some businesses, up from $4.15 to $4.35. The company said that trends are "favorable" in industrial packaging, especially outside North America. Greif earned $2.65 in fiscal 2007 on $3.32 billion in sales.