Greif, Inc. (GEF) reported adjusted earnings per share (EPS) of $1.03 in third-quarter fiscal 2024 (ended July 31, 2024), missing the Zacks Consensus Estimate of $1.17. The bottom line fell 41.1% year over year. Including one-time items, EPS was $1.50 in the quarter compared with $1.55 in the prior-year quarter. Greif's Sales Rise in Q3, Margins Dip GEF's sales moved up 9.3% year over year to $1.45 billion. The top line surpassed the Zacks Consensus Estimate of $1.42 billion. The upside was mainly due to hi ...

Greif (GEF) reported $1.45 billion in revenue for the quarter ended July 2024, representing a year-over-year increase of 9.3%. EPS of $1.03 for the same period compares to $1.75 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.43 billion, representing a surprise of +1.85%. The company delivered an EPS surprise of -11.97%, with the consensus EPS estimate being $1.17. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Greif (GEF) came out with quarterly earnings of $1.03 per share, missing the Zacks Consensus Estimate of $1.17 per share. This compares to earnings of $1.75 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -11.97%. A quarter ago, it was expected that this industrial packaging company would post earnings of $0.77 per share when it actually produced earnings of $0.82, delivering a surprise of 6.49%. Over the last four quarters, t ...

Wall Street analysts forecast that Greif (GEF) will report quarterly earnings of $1.18 per share in its upcoming release, pointing to a year-over-year decline of 32.6%. It is anticipated that revenues will amount to $1.43 billion, exhibiting an increase of 7.8% compared to the year-ago quarter. Over the last 30 days, there has been an upward revision of 0.7% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their ...

DELAWARE, Ohio, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced it has sold Delta Petroleum Company, Inc. ("Delta"), a North American filling and logistics services business, to PSC Group LLC, a North American leader in product handling, site logistics, railcar repair, and sustainability services for the petrochemical, refining, and marine industries. "We are happy to have worked with the PSC Group in a transact ...

DELAWARE, Ohio, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced it has sold Delta Petroleum Company, Inc. ("Delta"), a North American filling and logistics services business, to PSC Group LLC, a North American leader in product handling, site logistics, railcar repair, and sustainability services for the petrochemical, refining, and marine industries. "We are happy to have worked with the PSC Group in a transact ...

Greif will provide conference call slides in combination with its third quarter earnings press release. The conference call will include management's prepared remarks and a question and answer session. About Greif Bill D'Onofrio 614-499-7233 bill.donofrio@greif.com DELAWARE, Ohio, July 31, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE:GEF, GEF.B))), a global leader in industrial packaging products and services, announced today it will report the company's 2024 third quarter financial results after the market c ...

Company Overview - Greif, Inc. is a global leader in industrial packaging products and services, aiming to be the best performing customer service company in the world [4] - The company produces a variety of products including steel, plastic, and fiber drums, intermediate bulk containers, reconditioned containers, jerrycans, containerboard, and specialty products [4] - Greif operates in over 35 countries, strategically positioned to serve both global and regional customers [4] Upcoming Investor Day - The company will host an Investor Day in New York City on December 11, 2024 [2] - Key executives, including the President and CEO and the CFO, will present the company's "Build to Last" strategy, focusing on value creation through the service profit chain [3] - A live webcast of the event will be available, with presentation materials posted on the company's Investor Relations webpage [1][2] Communication and Engagement - Formal invitations with registration details for the Investor Day will be sent in the coming months [5] - For immediate inquiries, interested parties can contact the company via email [5]

Company Performance - Greif's shares have declined by 7% over the past month, while the industry has only seen a 1.5% decline [1] - The company reported a 4% increase in sales for the fiscal second quarter, alongside a return to volume growth [7] - Despite the sales increase, Greif experienced a 54% drop in earnings due to high raw material, transportation, and manufacturing costs, as well as increased SG&A expenses [7][16][17] Revenue and Earnings - Greif's total revenues rose by 4.7% in the fiscal second quarter, driven by a 1.7% increase in Global Industrial Packaging and a 2.2% rise in Paper Packaging Services [3] - The company has faced declining adjusted earnings since the fourth quarter of fiscal 2022, with a notable 19.8% improvement in the first quarter of fiscal 2024 that was not sustained in the second quarter [4][7] - The updated EBITDA guidance for fiscal 2024 is between $675 million and $725 million, reflecting a 14.5% decline from the previous year's adjusted EBITDA of $819 million [12] Market Conditions - Demand in the Paper Packaging and Services segment has remained weak across key end markets, particularly in textiles and paper cores, with volumes declining for seven consecutive quarters [9] - The Global Industrial Packaging segment has also seen negative volume growth for eight consecutive quarters, influenced by the overall contraction in the industrial sector [15] Cost Management - Greif's cost of sales increased by 10.4%, and SG&A expenses surged by 21.9%, attributed to rising raw material and transportation costs, as well as higher compensation expenses [16] - The company is focusing on cost-rationalization measures, operational execution improvements, and capital discipline to mitigate the impact of cost headwinds on margins [19] Future Outlook - Greif's adjusted free cash flow is now expected to be between $175 million and $225 million, down from a previous estimate of around $200 million, compared to $481 million in fiscal 2023 [18] - The Zacks Consensus Estimate for fiscal 2025 indicates a projected 19% year-over-year growth [19]

Core Insights - Greif, Inc. announced a minimum price increase of 6.0 percent on all tube and core and protective packaging products, effective from July 15, 2024 [1][2] - The price increase is attributed to the rise in the cost of URB, the primary raw material used in these products [2] Company Overview - Greif is a global leader in industrial packaging products and services, aiming to be the best performing customer service company in the world [3] - The company produces a wide range of products including steel, plastic, and fibre drums, intermediate bulk containers, and various types of paperboard [3] - Greif operates over 248 facilities in 37 countries, employing more than 14,000 colleagues to serve both global and regional customers [3]