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]

[Executive Summary & Fiscal Second Quarter 2024 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Fiscal%20Second%20Quarter%202024%20Highlights) [CEO Commentary & Strategic Overview](index=1&type=section&id=CEO%20Commentary) Greif CEO Ole Rosgaard highlighted steady progress on the "Build to Last" strategy, including the Ipackchem acquisition, noting demand improvement but negative price/cost impact on paper due to delayed price realization - Completed the Ipackchem acquisition, a key milestone in developing a global leading platform for high-performance small plastic containers[4](index=4&type=chunk)[6](index=6&type=chunk) - Demand improvement exceeded expectations, but the paper business experienced a significant negative price/cost impact due to delayed realization of announced price increases[4](index=4&type=chunk) [Key Financial Highlights (Consolidated Statements)](index=1&type=section&id=Fiscal%20Second%20Quarter%202024%20Financial%20Highlights) Greif's Q2 FY2024 saw significant year-over-year declines in net income and adjusted EBITDA, reduced operating and adjusted free cash flow, and increased total debt and leverage due to the Ipackchem acquisition Fiscal Second Quarter 2024 Consolidated Financial Highlights (Year-over-Year Change) | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | Change (%) | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Net income | $44.4 | $111.2 | -60.1% | | Net income (excl. adjustments) | $47.9 | $103.8 | -53.9% | | Diluted Class A EPS | $0.77 | $1.90 | -59.5% | | Diluted Class A EPS (excl. adjustments) | $0.82 | $1.77 | -53.7% | | Adjusted EBITDA | $169.9 | $228.6 | -25.7% | | Net cash provided by operating activities | $87.5 | $210.8 | -58.5% | | Adjusted free cash flow | $59.0 | $185.5 | -68.2% | | Total debt | $2,916.1 | $2,289.2 | +27.4% | | Net debt | $2,720.1 | $2,130.7 | +27.7% | | Leverage ratio | 3.44x | 2.25x | +52.9% | [“Build to Last” Mission Progress & Sustainability](index=1&type=section&id=Build%20to%20Last%20Mission%20Progress) Greif achieved a 92.6 composite Customer Satisfaction Index, earned the 2024 Great Workplace Award with an 84 Gallup engagement score, and released its 15th annual sustainability report - Composite Customer Satisfaction Index (CSI) reached **92.6**, with Paper Packaging & Services at **93.7** and Global Industrial Packaging at **91.4**[5](index=5&type=chunk) - Achieved a score of **84** in the 2023 Gallup Employee Engagement Survey, placing in the top quartile of all manufacturing organizations, and received the 2024 Great Workplace Award[5](index=5&type=chunk) - Released the 15th annual Sustainability Report, detailing key milestones achieved in 2023 and updates on 2030 sustainability goals[7](index=7&type=chunk) [Fiscal Second Quarter 2024 Segment Results](index=3&type=section&id=Fiscal%20Second%20Quarter%202024%20Segment%20Results) [Global Industrial Packaging](index=3&type=section&id=Global%20Industrial%20Packaging) Global Industrial Packaging net sales grew due to increased volume, higher average selling prices, and acquisitions, but operating profit and adjusted EBITDA declined from higher SG&A and amortization expenses Global Industrial Packaging - Q2 2024 vs Q2 2023 | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | Change | | :-------------------- | :----------------- | :----------------- | :----- | | Net sales | $804.8 | $748.2 | +$56.6M | | Gross profit | $181.5 | $177.9 | +$3.6M | | Operating profit | $83.4 | $111.3 | -$27.9M | | Adjusted EBITDA | $118.3 | $121.2 | -$2.9M | - Net sales growth was primarily driven by increased volumes, higher average selling prices, and contributions from recent acquisitions[10](index=10&type=chunk) - Operating profit decreased mainly due to increased SG&A expenses (including compensation, strategic investment costs, and amortization from recent acquisitions) and a $9.8 million gain recognized in Q2 2023 related to the Centurion minority interest[11](index=11&type=chunk) [Paper Packaging & Services](index=3&type=section&id=Paper%20Packaging%20%26%20Services) Paper Packaging & Services net sales slightly increased from higher volumes and acquisitions, offset by lower average selling prices, while gross profit, operating profit, and adjusted EBITDA significantly declined due to rising costs and increased SG&A Paper Packaging & Services - Q2 2024 vs Q2 2023 | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | Change | | :-------------------- | :----------------- | :----------------- | :----- | | Net sales | $560.8 | $554.8 | +$6.0M | | Gross profit | $86.0 | $131.4 | -$45.4M | | Operating profit | $12.6 | $67.6 | -$55.0M | | Adjusted EBITDA | $49.0 | $104.9 | -$55.9M | - Net sales growth was primarily due to increased volumes and contributions from recent acquisitions, partially offset by lower average selling prices[13](index=13&type=chunk) - Gross profit, operating profit, and adjusted EBITDA significantly decreased, mainly due to higher raw material, freight, and manufacturing costs, along with increased SG&A expenses from incentive compensation and strategic investment costs[13](index=13&type=chunk)[14](index=14&type=chunk) [Land Management](index=10&type=section&id=Land%20Management%20%28Segment%20Data%29) Land Management reported a slight decrease in net sales, while gross profit and adjusted EBITDA remained relatively stable Land Management - Q2 2024 vs Q2 2023 | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | Change | | :-------------------- | :----------------- | :----------------- | :----- | | Net sales | $5.4 | $5.9 | -$0.5M | | Gross profit | $2.6 | $2.5 | +$0.1M | | Operating profit | $2.1 | $2.2 | -$0.1M | | Adjusted EBITDA | $2.6 | $2.5 | +$0.1M | [Financial Details & Capital Structure](index=1&type=section&id=Financial%20Details%20%26%20Capital%20Structure) [Tax Summary](index=3&type=section&id=Tax%20Summary) The company reported an income tax rate of **24.9%** for Q2 FY2024, with a full-year FY2024 tax rate projected between **8.0%** and **12.0%** Income Tax Rates | Period | Reported Tax Rate | Tax Rate (Excl. Adjustments) | | :-------------------------- | :---------------- | :--------------------------- | | Q2 2024 | 24.9% | 25.0% | | Fiscal 2024 Outlook | 8.0% - 12.0% | 10.0% - 14.0% | [Dividend Summary](index=3&type=section&id=Dividend%20Summary) The Board of Directors declared quarterly cash dividends of **$0.52** per Class A common share and **$0.78** per Class B common share on June 3, 2024 Declared Quarterly Cash Dividends (June 3, 2024) | Stock Class | Dividend Per Share | | :---------- | :----------------- | | Class A | $0.52 | | Class B | $0.78 | [Debt & Leverage](index=1&type=section&id=Debt%20and%20Leverage) Total debt increased to **$2.9161 billion** and net debt to **$2.7201 billion** to fund the Ipackchem acquisition, raising the leverage ratio from **2.53x** to **3.44x** Debt and Leverage (Q2 2024 vs Q1 2024 vs Q2 2023) | Metric | April 30, 2024 (Millions) | January 31, 2024 (Millions) | April 30, 2023 (Millions) | | :---------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total debt | $2,916.1 | $2,291.8 | $2,289.2 | | Net debt | $2,720.1 | $2,112.5 | $2,130.7 | | Leverage ratio | 3.44x | 2.53x | 2.25x | - Total debt increased by **$626.9 million**, primarily to fund the Ipackchem acquisition[6](index=6&type=chunk) [Company Outlook](index=5&type=section&id=Company%20Outlook) [Company Outlook](index=5&type=section&id=Company%20Outlook) Greif provided its FY2024 outlook, projecting adjusted EBITDA between **$675 million** and **$725 million**, and adjusted free cash flow between **$175 million** and **225 million** Fiscal Year 2024 Outlook | Metric | Reported at Q2 (Millions) | | :-------------------- | :------------------------ | | Adjusted EBITDA | $675 - $725 | | Adjusted free cash flow | $175 - $225 | - This press release does not provide GAAP net income guidance for fiscal year 2024 due to the highly variable and difficult-to-predict nature of certain excluded information[18](index=18&type=chunk) [Corporate Information](index=5&type=section&id=Corporate%20Information) [Conference Call & Investor Relations](index=5&type=section&id=Conference%20Call) The company held a conference call for Q2 FY2024 results and plans an Investor Day event in New York City on December 11, 2024 - The fiscal second quarter 2024 earnings conference call was held on June 6, 2024, at 8:30 a.m. ET[19](index=19&type=chunk) - An Investor Day event will be held in New York City on December 11, 2024[6](index=6&type=chunk) - Investor Relations contact: Bill D'Onofrio, Vice President, Corporate Development & Investor Relations[20](index=20&type=chunk) [About Greif](index=5&type=section&id=About%20Greif) Greif is a global leader in industrial packaging products and services, aiming to be the world's best customer service company, operating in over 35 countries and managing timberlands in the U.S. Southeast - Greif is a global leader in industrial packaging products and services, with a vision to be the world's best customer service company[20](index=20&type=chunk) - Products include steel drums, plastic drums, fiber drums, intermediate bulk containers, reconditioned containers, pails, other small plastic products, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores, and various specialty products[20](index=20&type=chunk) - The company is strategically located in over **35** countries, serving global and regional customers, and manages timberlands in the U.S. Southeast[20](index=20&type=chunk) [Forward-Looking Statements & Risk Factors](index=6&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements whose results may differ materially from expectations due to various risks and uncertainties; investors should consult the "Risk Factors" section in the company's latest Form 10-K - All forward-looking statements in this press release are based on management's current assumptions and expectations, but actual results may differ materially due to specific risks and uncertainties[21](index=21&type=chunk) - Key risks include changes in economic conditions, global operational risks, market volatility, increased competition, fluctuations in raw material and energy prices, supply chain disruptions, difficulties with acquisitions and divestitures, cyberattacks, changes in tax rates, and climate change regulations[22](index=22&type=chunk) - Investors should not place undue reliance on forward-looking statements and should consult the "Risk Factors" section in the company's latest Form 10-K for a more detailed discussion of risks and uncertainties[23](index=23&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) This section presents Greif, Inc. and its subsidiaries' unaudited condensed consolidated statements of income for the three and six months ended April 30, 2024, compared to the prior year periods Condensed Consolidated Statements of Income (Three Months Ended April 30) | (in millions, except per share amounts) | 2024 | 2023 | | :-------------------------------------- | :--- | :--- | | Net sales | $1,371.0 | $1,308.9 | | Cost of products sold | 1,100.9 | 997.1 | | Gross profit | 270.1 | 311.8 | | Operating profit | 98.1 | 181.1 | | Net income attributable to Greif, Inc. | $44.4 | $111.2 | | Diluted Class A common stock EPS | $0.77 | $1.90 | Condensed Consolidated Statements of Income (Six Months Ended April 30) | (in millions, except per share amounts) | 2024 | 2023 | | :-------------------------------------- | :--- | :--- | | Net sales | $2,576.8 | $2,579.9 | | Cost of products sold | 2,085.1 | 2,016.5 | | Gross profit | 491.7 | 563.4 | | Operating profit | 167.0 | 337.5 | | Net income attributable to Greif, Inc. | $111.6 | $201.1 | | Diluted Class A common stock EPS | $1.94 | $3.44 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents Greif, Inc. and its subsidiaries' unaudited condensed consolidated balance sheets, detailing assets, liabilities, and equity as of April 30, 2024, and October 31, 2023 Condensed Consolidated Balance Sheets (As of April 30, 2024 vs October 31, 2023) | (in millions) | April 30, 2024 | October 31, 2023 | | :-------------------------- | :------------- | :--------------- | | **ASSETS** | | | | Cash and cash equivalents | $196.0 | $180.9 | | Total current assets | 1,614.2 | 1,369.1 | | Goodwill | 1,968.3 | 1,693.0 | | Intangible assets | 980.1 | 792.2 | | Total assets | $6,828.8 | $5,960.8 | | **LIABILITIES AND EQUITY** | | | | Total current liabilities | $1,026.4 | $939.3 | | Long-term debt | 2,782.9 | 2,121.4 | | Total Greif, Inc. equity | 2,009.1 | 1,947.9 | | Total equity | 2,047.4 | 1,986.3 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section presents Greif, Inc. and its subsidiaries' unaudited condensed consolidated statements of cash flows for the three and six months ended April 30, 2024, compared to the prior year periods Condensed Consolidated Statements of Cash Flows (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :------------------------------------------ | :--- | :--- | | Net cash provided by operating activities | $87.5 | $210.8 | | Net cash used in investing activities | $(609.0) | $(181.9) | | Net cash provided by (used in) financing activities | $548.8 | $(23.9) | | Net increase (decrease) in cash and cash equivalents | $16.7 | $(2.5) | Condensed Consolidated Statements of Cash Flows (Six Months Ended April 30) | (in millions) | 2024 | 2023 | | :------------------------------------------ | :--- | :--- | | Net cash provided by operating activities | $92.0 | $243.7 | | Net cash used in investing activities | $(662.6) | $(451.0) | | Net cash provided by (used in) financing activities | $584.9 | $215.6 | | Net increase (decrease) in cash and cash equivalents | $15.1 | $11.4 | - Acquisitions of companies (net of cash acquired) resulted in cash outflows of **$567.6 million** for both the three and six months ended April 30, 2024[30](index=30&type=chunk) [Financial Highlights by Segment (Detailed Tables)](index=10&type=section&id=FINANCIAL%20HIGHLIGHTS%20BY%20SEGMENT) [Financial Highlights by Segment](index=10&type=section&id=FINANCIAL%20HIGHLIGHTS%20BY%20SEGMENT) This section provides detailed financial highlights by business segment, including net sales, gross profit, operating profit, EBITDA, and adjusted EBITDA for Global Industrial Packaging, Paper Packaging & Services, and Land Management for the three and six months ended April 30, 2024, and 2023 Segment Net Sales (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :-------------------------- | :--- | :--- | | Global Industrial Packaging | $804.8 | $748.2 | | Paper Packaging & Services | 560.8 | 554.8 | | Land Management | 5.4 | 5.9 | | **Total net sales** | **$1,371.0** | **$1,308.9** | Segment Operating Profit (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :-------------------------- | :--- | :--- | | Global Industrial Packaging | $83.4 | $111.3 | | Paper Packaging & Services | 12.6 | $67.6 | | Land Management | 2.1 | $2.2 | | **Total operating profit** | **$98.1** | **$181.1** | Segment Adjusted EBITDA (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :-------------------------- | :--- | :--- | | Global Industrial Packaging | $118.3 | $121.2 | | Paper Packaging & Services | 49.0 | $104.9 | | Land Management | 2.6 | $2.5 | | **Total adjusted EBITDA** | **$169.9** | **$228.6** | [GAAP to Non-GAAP Reconciliation](index=11&type=section&id=GAAP%20TO%20NON-GAAP%20RECONCILIATION) [Consolidated Adjusted EBITDA Reconciliation](index=11&type=section&id=CONSOLIDATED%20ADJUSTED%20EBITDA) This section provides a reconciliation of consolidated adjusted EBITDA to net income, detailing interest expense, income taxes, depreciation, amortization, and various adjustments like acquisition and integration costs or restructuring charges Consolidated Adjusted EBITDA Reconciliation (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :------------------------------------------ | :--- | :--- | | Net income | $52.0 | $116.0 | | Plus: Interest expense, net | 30.2 | 23.4 | | Plus: Income tax (benefit) expense | 17.0 | 39.1 | | Plus: Depreciation, depletion and amortization expense | 65.9 | 56.6 | | **EBITDA** | **$165.1** | **$235.1** | | Plus: Acquisition and integration related costs | 11.5 | 4.6 | | Plus: Restructuring charges | (6.8) | 2.4 | | Plus: Non-cash asset impairment charges | 0.4 | 1.3 | | Plus: (Gain) loss on disposal of properties, plants and equipment, net | (0.3) | (5.0) | | Plus: (Gain) loss on disposal of businesses, net | — | (9.8) | | **Adjusted EBITDA** | **$169.9** | **$228.6** | [Segment Adjusted EBITDA Reconciliation](index=12&type=section&id=SEGMENT%20ADJUSTED%20EBITDA) This section provides a reconciliation of adjusted EBITDA to operating profit for each business segment (Global Industrial Packaging, Paper Packaging & Services), detailing depreciation, amortization, and various adjustment items Global Industrial Packaging Adjusted EBITDA Reconciliation (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :------------------------------------------ | :--- | :--- | | Operating profit | $83.4 | $111.3 | | Plus: Depreciation and amortization expense | 31.1 | 23.2 | | **EBITDA** | **$115.2** | **$131.5** | | Plus: Acquisition and integration related costs | 11.5 | 2.5 | | Plus: Restructuring charges | (8.6) | 0.8 | | **Adjusted EBITDA** | **$118.3** | **$121.2** | Paper Packaging & Services Adjusted EBITDA Reconciliation (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :------------------------------------------ | :--- | :--- | | Operating profit | $12.6 | $67.6 | | Plus: Depreciation and amortization expense | 34.1 | 32.8 | | **EBITDA** | **$47.1** | **$100.8** | | Plus: Restructuring charges | 1.8 | 1.6 | | **Adjusted EBITDA** | **$49.0** | **$104.9** | [Adjusted Free Cash Flow Reconciliation](index=13&type=section&id=ADJUSTED%20FREE%20CASH%20FLOW) This section provides a reconciliation of adjusted free cash flow to net cash provided by operating activities, including capital expenditures, acquisition and integration-related costs, and other adjustments Adjusted Free Cash Flow Reconciliation (Three Months Ended April 30) | (in millions) | 2024 | 2023 | | :------------------------------------------ | :--- | :--- | | Net cash provided by operating activities | $87.5 | $210.8 | | Cash paid for purchases of properties, plants and equipment | (41.0) | (41.8) | | **Free cash flow** | **$46.5** | **$169.0** | | Cash paid for acquisition and integration related costs | 11.5 | 4.6 | | Cash paid for integration related ERP systems and equipment | 0.6 | 1.0 | | Cash paid for taxes related to Tama, Iowa mill divestment | — | 10.9 | | Cash paid for fiscal year-end change costs | 0.4 | — | | **Adjusted free cash flow** | **$59.0** | **$185.5** | [Net Income, Class A Earnings Per Share and Tax Rate Before Adjustments Reconciliation](index=14&type=section&id=NET%20INCOME%2C%20CLASS%20A%20EARNINGS%20PER%20SHARE%20AND%20TAX%20RATE%20BEFORE%20ADJUSTMENTS) This section provides a reconciliation of net income, Class A earnings per share, and tax rate before and after various adjustments, such as acquisition and integration costs or restructuring charges Net Income, Class A Earnings Per Share and Tax Rate Before Adjustments (Three Months Ended April 30, 2024) | (in millions, except per share amounts) | Reported | Adjustments | Excluding Adjustments | | :-------------------------------------- | :------- | :---------- | :-------------------- | | Net income attributable to Greif, Inc. | $44.4 | +$3.5 | $47.9 | | Diluted Class A Earnings Per Share | $0.77 | +$0.05 | $0.82 | | Tax Rate | 24.9% | | 25.0% | Net Income, Class A Earnings Per Share and Tax Rate Before Adjustments (Three Months Ended April 30, 2023) | (in millions, except per share amounts) | Reported | Adjustments | Excluding Adjustments | | :-------------------------------------- | :------- | :---------- | :-------------------- | | Net income attributable to Greif, Inc. | $111.2 | -$7.4 | $103.8 | | Diluted Class A Earnings Per Share | $1.90 | -$0.13 | $1.77 | | Tax Rate | 25.3% | | 27.0% | [Net Debt Reconciliation](index=15&type=section&id=NET%20DEBT) This section provides a reconciliation of net debt, calculated as total debt minus cash and cash equivalents Net Debt Reconciliation (As of April 30, 2024) | (in millions) | April 30, 2024 | January 31, 2024 | April 30, 2023 | | :------------------------ | :------------- | :--------------- | :------------- | | Total debt | $2,916.1 | $2,291.8 | $2,289.2 | | Less: Cash and cash equivalents | (196.0) | (179.3) | (158.5) | | **Net debt** | **$2,720.1** | **$2,112.5** | **$2,130.7** | [Leverage Ratio Reconciliation](index=16&type=section&id=LEVERAGE%20RATIO) This section provides the calculation and reconciliation of the leverage ratio, defined as net debt divided by credit agreement EBITDA for the trailing twelve months Leverage Ratio Calculation (Trailing Twelve Months Ended April 30, 2024) | (in millions) | Ended 4/30/2024 | Ended 1/31/2024 | Ended 4/30/2023 | | :------------------------------------------ | :-------------- | :-------------- | :-------------- | | Credit agreement EBITDA | $761.8 | $787.3 | $881.8 | | Adjusted net debt | $2,623.1 | $1,989.9 | $1,985.0 | | **Leverage ratio** | **3.44x** | **2.53x** | **2.25x** | [Projected Fiscal Year 2024 Guidance Reconciliation](index=17&type=section&id=PROJECTED%202024%20GUIDANCE%20RECONCILIATION%20ADJUSTED%20FREE%20CASH%20FLOW) [Projected Fiscal Year 2024 Adjusted Free Cash Flow Guidance Reconciliation](index=17&type=section&id=PROJECTED%202024%20GUIDANCE%20RECONCILIATION%20ADJUSTED%20FREE%20CASH%20FLOW) This section provides a reconciliation of the FY2024 adjusted free cash flow outlook to net cash provided by operating activities, detailing adjustments for capital expenditures and acquisition/integration-related costs Fiscal Year 2024 Outlook Reconciliation - Adjusted Free Cash Flow | (in millions) | Scenario 1 | Scenario 2 | | :------------------------------------------ | :--------- | :--------- | | Net cash provided by operating activities | $322.0 | $388.0 | | Cash paid for purchases of properties, plants and equipment | (178.0) | (200.0) | | **Free cash flow** | **$144.0** | **$188.0** | | Cash paid for acquisition and integration related costs | 26.8 | 30.8 | | Cash paid for integration related ERP systems and equipment | 3.0 | 5.0 | | Cash paid for fiscal year-end change costs | 1.2 | 1.2 | | **Adjusted free cash flow** | **$175.0** | **$225.0** |

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 April 30, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 Commission File Number 001-00566 GREIF, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) De ...

Greif, Inc. (GEF) reported adjusted earnings per share (EPS) of 82 cents in second-quarter fiscal 2024 (ended Apr 30, 2024), which surpassed the Zacks Consensus Estimate of 77 cents. The bottom line fell 54% year over year. Results were impacted by elevated raw material, transportation and manufacturing costs, and higher SG&A expenses, reflecting increased compensation expenses and costs incurred for strategic investments. Including one-time items, EPS was 77 cents in the quarter compared with $1.90 in the ...

Paper Packaging & Services (PPS) Review ▪ Improving Containerboard and URB operating rates ▪ Executing on announced price increases and margin enhancement initiatives to offset rising OCC and other inflationary costs June 6, 2024 P.10 F I S C A L 2 0 2 4 E B I T D A G U I D A N C E ( $ M ) $610 Non-GAAP measures are intended to supplement and should be read together with our financial results. They should not be considered an alternative or subsitiute for, and sho superior to, our reported financial results ...

Core Insights - Greif reported revenue of $1.37 billion for the quarter ended April 2024, a year-over-year increase of 4.7% [1] - The EPS for the same period was $0.82, down from $1.77 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $1.31 billion, resulting in a surprise of +4.76% [1] - The company also delivered an EPS surprise of +6.49%, with the consensus EPS estimate being $0.77 [1] Financial Performance Metrics - Global Industrial Packaging net sales were $804.80 million, surpassing the estimated $788.80 million, reflecting a +7.6% change year-over-year [4] - Land Management net sales were $5.40 million, below the estimated $5.78 million, showing a year-over-year decline of -8.5% [4] - Paper Packaging & Services net sales reached $560.80 million, exceeding the estimated $544.17 million, with a +1.1% change compared to the previous year [4] - Adjusted EBITDA for Global Industrial Packaging was $118.30 million, above the estimated $92.01 million [4] - Adjusted EBITDA for Land Management was $2.60 million, slightly below the estimated $2.85 million [4] - Adjusted EBITDA for Paper Packaging & Services was $49 million, below the estimated $61.49 million [4] Stock Performance - Greif's shares returned -0.3% over the past month, while the Zacks S&P 500 composite increased by +3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]