DELAWARE, Ohio, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE:GEF, GEF.B))), a global leader in industrial packaging products and services, announced today that its Board of Directors has declared quarterly cash dividends of $0.52 per share on its Class A Common Stock, and $0.78 per share on its Class B Common Stock. The dividends are payable on April 1, 2024, to stockholders of record at the close of business on March 18, 2024. About Greif, Inc. Greif is a global leader in industrial packaging produc ...

Wall Street analysts expect Greif (GEF) to post quarterly earnings of $0.20 per share in its upcoming report, which indicates a year-over-year decline of 81.1%. Revenues are expected to be $1.2 billion, down 5.8% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company announces its earnings, it is essential to take into ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________ FORM 10-K _________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-00566 _________________________________________________ GREI ...

Greif, Inc. (NYSE:GEF) Q3 2023 Results Conference Call August 31, 2023 8:30 AM ET Company Participants Matt Leahy - Vice President of Corporate Development and Investor Relations Ole Rosgaard - President and Chief Executive Officer Larry Hilsheimer - Chief Financial Officer Conference Call Participants Michael Hoffman - Stifel Ghansham Panjabi - Baird George Staphos - Bank of America Gabe Hadi - Wells Fargo Operator Good day, and thank you for standing by. Welcome to the Greif Third Quarter 2023 Earnings Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Not Applicable Former name, former address and former fiscal year, if changed since last report. _________________________________ Indi ...

• Strong execution and business model resilience in Q2 2023 ‒ Adj. EBITDA1 of $228.6M ‒ Adj. Free Cash Flow1 of $185.5M ‒ Adj. Class A EPS1 of $1.77/share • Driving our Build to Last strategy in a tough environment ‒ Effective working capital management provided year-over-year cash flow source of $95M in the quarter ‒ Finalized $145M acquisition of majority stake in Centurion Container ‒ Completed2 $150M share repurchase plan initiated last June FQ2 '23 takeaway ▪ Volumes at a low level in all substrates in ...

Greif, Inc. (NYSE:GEF) Q2 2023 Earnings Conference Call June 8, 2023 8:30 AM ET Company Participants Matt Leahy - Vice President, Corporate Development and Investor Relations Ole Rosgaard - President and Chief Executive Officer Larry Hilsheimer - Chief Financial Officer Conference Call Participants Michael Hoffman - Stifel George Staphos - Bank of America Gabe Hajde - Wells Fargo Operator Good morning and thank you for standing by. Welcome to the Greif, Inc. Second Quarter 2023 Earnings Call. [Operator Inst ...

Financial Performance - Net sales for the three months ended April 30, 2023, were $1,308.9 million, a decrease of 21.5% compared to $1,667.3 million in the same period of 2022[9]. - Gross profit for the six months ended April 30, 2023, was $563.4 million, down from $628.4 million in 2022, reflecting a decline of 10.4%[9]. - Net income attributable to Greif, Inc. for the three months ended April 30, 2023, was $111.2 million, compared to $125.1 million in 2022, a decrease of 11.1%[9]. - Basic earnings per share for Class A common stock decreased to $1.91 for the three months ended April 30, 2023, from $2.11 in 2022, a decline of 9.5%[9]. - Comprehensive income for the three months ended April 30, 2023, was $107.2 million, down from $218.3 million in 2022, a decrease of 50.9%[10]. - Net income for the six months ended April 30, 2023, was $209.1 million, an increase of 43.9% compared to $145.3 million in the same period of 2022[13]. - Total operating profit for the six months ended April 30, 2023, was $337.5 million, compared to $262.1 million for the same period in 2022, marking a significant increase of 28.7%[107]. - Adjusted EBITDA for Q2 2023 was $228.6 million, down from $251.0 million in Q2 2022, a decrease of $22.4 million[142]. - Adjusted EBITDA decreased to $393.1 million in the first half of 2023 from $447.8 million in 2022, a decline of 12.2%[173]. Assets and Liabilities - Total assets increased to $5,911.5 million as of April 30, 2023, compared to $5,469.9 million as of October 31, 2022, an increase of 8.0%[11]. - Long-term debt rose to $2,206.1 million as of April 30, 2023, from $1,839.3 million as of October 31, 2022, an increase of 19.9%[12]. - Cash and cash equivalents increased to $158.5 million as of April 30, 2023, compared to $147.1 million as of October 31, 2022, an increase of 9.5%[11]. - As of April 30, 2023, total shareholders' equity was $1,914.9 million, reflecting an increase from $1,882.2 million at the beginning of the period[15]. - The total long-lived assets, net, increased to $1,822.2 million as of April 30, 2023, from $1,710.9 million as of October 31, 2022, indicating a growth of 6.5%[108]. Cash Flow and Investments - Net cash provided by operating activities increased to $243.7 million, up from $161.6 million year-over-year[13]. - The company reported a net cash used in investing activities of $451.0 million, significantly higher than the $62.7 million provided in the previous year[13]. - The company invested $91.1 million in capital expenditures during the first half of 2023, compared to $75.0 million in the same period of 2022[189]. Dividends and Share Repurchase - The company declared cash dividends of $0.50 per share for Class A common stock for the six months ended April 30, 2023, compared to $0.46 in 2022, an increase of 8.7%[9]. - Dividends paid to Greif, Inc. shareholders totaled $57.9 million, slightly up from $54.6 million in the previous year[15]. - The Company authorized a stock repurchase program of up to $150.0 million, with $75.0 million executed through an accelerated share repurchase agreement and an additional $75.0 million through open market purchases, completed by May 26, 2023[92][94]. - As of April 30, 2023, the Company repurchased $25.0 million of Class A Common Stock (406,343 shares) and $45.7 million of Class B Common Stock (619,804 shares) under the open market purchase program[94]. Acquisitions and Restructuring - The total purchase price for the acquisition of Centurion Container LLC was $144.5 million, increasing the Company's ownership interest from approximately 10% to 80%[23]. - The total purchase price for the Lee Container acquisition was $302.8 million, with transaction costs of $5.1 million incurred[30]. - The Company completed the Centurion Acquisition on March 31, 2023, enhancing its Global Industrial Packaging segment[104]. - The Lee Container Acquisition was completed on December 15, 2022, also strengthening the Global Industrial Packaging segment[105]. - Restructuring charges for the six months ended April 30, 2023, totaled $4.8 million, down from $7.2 million for the same period in 2022[43]. Segment Performance - The Global Industrial Packaging segment reported net sales of $748.2 million in Q2 2023, down from $971.7 million in Q2 2022, a decrease of $223.5 million[145]. - Operating profit for the Global Industrial Packaging segment was $111.3 million for the three months ended April 30, 2023, compared to $108.0 million in the same period of 2022, indicating a growth of 2.4%[107]. - Operating profit in the Paper Packaging & Services segment rose to $176.7 million, an increase of 50.9% from $118.4 million in the first half of 2022[179]. Debt and Financing - The company entered into a new $300.0 million senior secured credit agreement on May 17, 2023, to refinance a portion of the outstanding borrowings under the 2022 Credit Agreement[51]. - The company has outstanding borrowings of $1,940.7 million under the 2022 Credit Agreement, with a current portion of $80.8 million and a long-term portion of $1,859.9 million[49]. - The interest under the 2023 Credit Agreement is based on SOFR plus a credit spread adjustment, with a calculated margin based on the company's leverage ratio[203]. Tax and Impairment - For the six months ended April 30, 2023, the company recorded income tax expense of $76.8 million, an increase of $11.3 million compared to $65.5 million for the same period in 2022[81]. - The company recorded impairment charges of $1.8 million related to long-lived assets during the six months ended April 30, 2023, compared to no impairment charges in the same period of 2022[72]. Environmental and Land Management - The company continues to focus on sustainable long-term yields in its Land Management segment, owning approximately 175,000 acres of timber property as of April 30, 2023[121]. - The company had approximately 175,000 acres of timber properties as of April 30, 2023, with ongoing reviews to maximize the value of these properties[153].

Financial Data and Key Metrics Changes - In Q1 2023, net sales decreased by $293.3 million, primarily due to volume declines and the impact of $89.4 million from the divested FPS business [93] - Adjusted EBITDA was reported at $164.5 million, reflecting a decline compared to the previous year [93] - Gross profit declined by $38.1 million, attributed to lower volumes and steel price cost headwinds [93] Business Line Data and Key Metrics Changes - The global industrial packaging (GIP) business faced low double-digit volume declines year-over-year, with North America being the weakest market [14][16] - Paper packaging sales declined by approximately $50 million due to lower mill and converting volumes, despite year-on-year pricing tailwinds [39] - The company took approximately 94,000 tons of economic downtime across its mill system, impacting production [39] Market Data and Key Metrics Changes - The North American market showed no improvement, while LATAM remained strong, and EMEA and APAC experienced weak volumes with some sequential improvements noted in February [8][14] - The company expects further deterioration in pricing in the paper industry if current demand trends continue [5] Company Strategy and Development Direction - The company is focused on its "Build to Last" strategy, emphasizing long-term growth and disciplined execution [90] - Recent acquisitions, such as Lee Container and increasing ownership in Centurion Container, are part of the growth strategy, aiming for margin accretive and sustainable business models [13][85] - The company is committed to managing costs aggressively while remaining agile to support customer demand when it improves [3] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macroeconomic environment, stating that demand trends have not shown expected improvements [5] - There is hope for a demand recovery in the second half of 2023, contingent on current volume pressures subsiding [16] - The company remains confident in its balance sheet strength and cash flow generation to support growth initiatives [41] Other Important Information - The company has set a low-end guidance for 2023 EBITDA at $740 million, reflecting significant caution due to current demand trends [5][16] - The company is actively managing working capital and has aggressive goals in place to improve cash flow [16][40] Q&A Session Summary Question: What is the current status of destocking? - Management indicated that while there has been an impact from destocking, it is unclear if the process is complete, with no significant changes observed in February [44] Question: Can you elaborate on cost-cutting opportunities in the PPS business? - Management confirmed ongoing efforts in footprint consolidation and shift structure adjustments to maximize production efficiency [21][22] Question: What is the expected impact of the Centurion acquisition? - The acquisition is anticipated to enhance EBITDA by $20 million to $40 million, with synergies expected from increased ownership and supply chain integration [34][77] Question: How does the company plan to manage pricing pressures in the paper business? - Management acknowledged the potential for price erosion if current volume trends persist, with a $33 million pricing impact factored into guidance [50] Question: What are the expectations for the second half of 2023? - Management expressed optimism for a recovery in demand, particularly as comparisons to prior year performance become easier [27][30]

[Part I. Financial Information](index=5&type=section&id=Part%20I.%20Financial%20Information) This section presents the company's unaudited financial statements, management's analysis, and market risk disclosures [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Quarterly net sales decreased to $1,271 million, while net income rose significantly due to a business sale [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Quarterly operating profit and net income surged due to a significant gain on the disposal of a business **Consolidated Income Statement Highlights (Unaudited)** | Metric | Three Months Ended Jan 31, 2023 (in millions) | Three Months Ended Jan 31, 2022 (in millions) | Change | | :--- | :--- | :--- | :--- | | Net sales | $1,271.0 | $1,564.3 | -18.8% | | Gross profit | $251.6 | $289.7 | -13.1% | | Operating profit | $156.4 | $72.0 | +117.2% | | Net income attributable to Greif, Inc. | $89.9 | $10.3 | +772.8% | | Diluted EPS (Class A) | $1.54 | $0.18 | +755.6% | - The significant increase in operating profit and net income was primarily driven by a **$54.6 million gain on the disposal of businesses** in Q1 2023, compared to a **$62.4 million non-cash asset impairment charge** in Q1 2022[8](index=8&type=chunk) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and long-term debt increased, primarily driven by the Lee Container acquisition **Balance Sheet Summary (Unaudited)** | Metric | Jan 31, 2023 (in millions) | Oct 31, 2022 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total Assets | $5,690.6 | $5,469.9 | +$220.7M | | Goodwill | $1,540.8 | $1,464.5 | +$76.3M | | Other intangible assets, net | $695.9 | $576.2 | +$119.7M | | Long-term debt | $2,143.9 | $1,839.3 | +$304.6M | | Total Greif, Inc. shareholders' equity | $1,845.4 | $1,761.3 | +$84.1M | - The increase in **Goodwill and Other intangible assets** is primarily due to the **Lee Container acquisition**, and the rise in **long-term debt** was used to fund this acquisition[10](index=10&type=chunk)[11](index=11&type=chunk)[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow reflects significant investing and financing activities related to acquisitions and divestitures **Cash Flow Summary (Unaudited)** | Cash Flow Activity | Three Months Ended Jan 31, 2023 (in millions) | Three Months Ended Jan 31, 2022 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $32.9 | $22.4 | | Net cash used in investing activities | ($269.1) | ($45.8) | | Net cash provided by financing activities | $239.5 | $54.0 | - Investing activities were dominated by the **$301.9 million purchase of businesses (Lee Container)**, partially offset by **$105.6 million in proceeds from the sale of businesses (Tama Divestiture)**[12](index=12&type=chunk) - Financing activities included **net proceeds from long-term debt of $298.0 million**, which was used to fund acquisitions and operations[12](index=12&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the financial impact of recent acquisitions, divestitures, debt, and subsequent events - The company completed the **acquisition of Lee Container for $302.8 million**, which is now part of the Global Industrial Packaging segment, resulting in **$71.2 million of goodwill** and **$133.5 million of intangible assets**[20](index=20&type=chunk)[21](index=21&type=chunk) - The company completed the **divestiture of Tama Paperboard, LLC for net cash proceeds of $100.2 million**, resulting in a **$54.6 million gain on sale**[29](index=29&type=chunk) - As of January 31, 2023, **total long-term debt, net, stood at $2,143.9 million**, an increase from $1,839.3 million at October 31, 2022, primarily to finance acquisitions[33](index=33&type=chunk) - Subsequent to the quarter end, the company entered into an agreement to **increase its ownership stake in Centurion Container LLC to 80% for $145.0 million**[91](index=91&type=chunk)[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased net sales due to lower volumes but higher operating profit from a divestiture gain [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Consolidated results show lower net sales and Adjusted EBITDA, but a significant increase in operating profit **Consolidated Financial Performance (Q1 2023 vs Q1 2022)** | Metric (in millions) | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,271.0 | $1,564.3 | -$293.3 | | Gross Profit | $251.6 | $289.7 | -$38.1 | | Operating Profit | $156.4 | $72.0 | +$84.4 | | Adjusted EBITDA | $164.5 | $196.8 | -$32.3 | - The decrease in net sales was primarily due to **lower average sale prices and volumes** in the Global Industrial Packaging segment, lower volumes in Paper Packaging & Services, and the impact of the FPS Divestiture[123](index=123&type=chunk) - Management anticipates that the **lower customer demand patterns** experienced in Q1 will continue through Q2, subject to normal seasonal increases[127](index=127&type=chunk) [Segment Review](index=38&type=section&id=Segment%20Review) Performance varied by segment, with Paper Packaging showing strong profit growth while Industrial Packaging declined **Segment Performance (Q1 2023 vs Q1 2022)** | Segment | Metric (in millions) | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | :--- | | **Global Industrial Packaging** | Net Sales | $705.8 | $949.1 | | | Operating Profit | $45.9 | $31.0 | | | Adjusted EBITDA | $71.8 | $114.2 | | **Paper Packaging & Services** | Net Sales | $560.2 | $610.0 | | | Operating Profit | $109.1 | $38.3 | | | Adjusted EBITDA | $90.7 | $80.5 | | **Land Management** | Net Sales | $5.0 | $5.2 | | | Operating Profit | $1.4 | $2.7 | | | Adjusted EBITDA | $2.0 | $2.1 | - Global Industrial Packaging sales **fell $243.3 million** due to the FPS divestiture, negative currency effects, and lower volumes/prices, causing **Adjusted EBITDA to decrease by $42.4 million**[129](index=129&type=chunk)[131](index=131&type=chunk) - Paper Packaging & Services operating profit **surged by $70.8 million**, driven by a **$54.6 million gain from the Tama Divestiture** and higher containerboard prices[135](index=135&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity through cash flow and credit facilities while executing a share repurchase program - Primary liquidity sources are **operating cash flow and credit facilities**, which are expected to be sufficient for needs over the next 12 months[149](index=149&type=chunk) - The company has a **$150.0 million share repurchase program**, split between a $75.0 million accelerated share repurchase (ASR) agreement and a $75.0 million open market repurchase (OSR) program[155](index=155&type=chunk)[159](index=159&type=chunk) - As of January 31, 2023, the company had **$448.0 million of available borrowing capacity** under its $800.0 million secured revolving credit facility[165](index=165&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes in market risk disclosures were reported since the last annual filing - There have been **no significant changes** in the quantitative and qualitative disclosures about market risk from the disclosures contained in the 2022 Form 10-K[180](index=180&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) The recent Lee Container acquisition is excluded from the internal controls assessment, with no other material changes reported - The recently completed **Lee Container Acquisition will be excluded** from the scope of the Company's assessment of internal controls over financial reporting for the fiscal year ending October 31, 2023[181](index=181&type=chunk) - **No changes in internal control** over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[182](index=182&type=chunk) - The principal executive officer and principal financial officer concluded that **disclosure controls and procedures were effective** as of the end of the reporting period[183](index=183&type=chunk)[185](index=185&type=chunk) [Part II. Other Information](index=51&type=section&id=Part%20II.%20Other%20Information) This section covers risk factors, share repurchase activities, and a list of filed exhibits [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the previous annual filing - There have been **no material changes in risk factors** from those disclosed in the 2022 Form 10-K[186](index=186&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its ongoing $150 million share repurchase program and quarterly repurchase activity - In June 2022, the Board authorized a **$150.0 million share repurchase program**, consisting of a $75.0 million ASR for Class A stock and a $75.0 million OSR program for Class A or B stock[187](index=187&type=chunk) **Issuer Purchases of Equity Securities (Q1 2023)** | Period | Total Class B Shares Purchased | Average Price Paid per Share | Approximate Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | Nov 2022 | 75,149 | $74.90 | $58,258,591 | | Dec 2022 | 73,626 | $75.89 | $52,670,848 | | Jan 2023 | 83,171 | $79.72 | $46,040,699 | | **Total** | **231,946** | **$76.94** | | [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including certifications and financial data - Filed exhibits include **CEO/CFO certifications** under Sarbanes-Oxley rules, an amended director equity plan, and financial statements formatted in Inline XBRL[193](index=193&type=chunk)