Financial Performance - Net sales for the three months ended July 31, 2024, increased to $1,454.2 million, up 9.3% from $1,330.3 million in the same period of 2023[4]. - Gross profit for the nine months ended July 31, 2024, was $782.1 million, a decrease of 10.1% compared to $870.4 million for the same period in 2023[4]. - Operating profit for the three months ended July 31, 2024, was $171.0 million, an increase of 9.3% from $155.6 million in the prior year[4]. - Net income attributable to Greif, Inc. for the three months ended July 31, 2024, was $87.1 million, down from $90.3 million in the same period of 2023[4]. - Basic earnings per share for Class A common stock decreased to $1.51 for the three months ended July 31, 2024, from $1.57 in the prior year[4]. - The company reported comprehensive income of $80.2 million for the three months ended July 31, 2024, down from $108.2 million in the same period of 2023[6]. - Net income for the nine months ended July 31, 2024, was $219.9 million, a decrease of 28.1% compared to $305.8 million for the same period in 2023[14]. - The company reported a total operating profit of $171.0 million for the three months ended July 31, 2024, compared to $155.6 million for the same period in 2023, marking a 9.2% increase[105]. - The total pro forma net income attributable to Greif, Inc. for the nine months ended July 31, 2024, was $224.3 million, down from $289.2 million in the same period of 2023[32]. Assets and Liabilities - Cash and cash equivalents increased to $194.2 million as of July 31, 2024, compared to $180.9 million at the end of October 2023[9]. - Trade accounts receivable rose to $785.7 million as of July 31, 2024, up from $659.4 million at the end of October 2023[9]. - Total assets increased to $6,834.9 million as of July 31, 2024, compared to $5,960.8 million at the end of October 2023[9]. - Current liabilities increased to $1,010.2 million as of July 31, 2024, up from $939.3 million on October 31, 2023, reflecting a rise of 7.6%[12]. - Long-term debt rose significantly to $2,793.4 million as of July 31, 2024, compared to $2,121.4 million on October 31, 2023, marking an increase of 31.7%[12]. - Total shareholders' equity increased to $2,099.6 million as of July 31, 2024, up from $1,986.3 million on October 31, 2023, representing a growth of 5.7%[12]. - The company’s retained earnings increased to $2,449.0 million as of July 31, 2024, up from $2,337.9 million on October 31, 2023, reflecting a growth of 4.8%[12]. Cash Flow and Investments - Cash flows from operating activities provided $168.8 million, a decline of 62.2% from $446.0 million in the prior year[14]. - Net cash used in investing activities was $703.8 million, an increase of 41.8% compared to $496.7 million in the previous year[14]. - The company reported a net cash provided by financing activities of $541.7 million, a significant increase from $62.0 million in the previous year[14]. - The company invested $141.4 million in capital expenditures during the first nine months of 2024, compared to $136.4 million in 2023[173]. Acquisitions and Divestitures - The company completed the acquisition of Ipackchem Group SAS on March 26, 2024, for a total purchase price of $582.1 million, with transaction costs of $8.9 million incurred[24]. - Goodwill recognized from the Ipackchem acquisition amounted to $275.4 million, attributed to expected synergies and economies of scale[24]. - The company completed the acquisition of Centurion Container LLC on March 31, 2023, for a total purchase price of $144.5 million[39]. - The company recognized a gain of $9.8 million from the acquisition of Centurion, with a fair value of the previously held interest valued at $16.8 million[40]. - The Delta Divestiture generated net sales proceeds of $91.2 million and resulted in a gain of $46.1 million on the sale of business[52]. - The Tama Divestiture resulted in net cash proceeds of $100.2 million and a gain of $54.6 million on the sale of business[53]. Segment Performance - The Global Industrial Packaging segment reported net sales of $846.0 million in Q3 2024, up from $761.8 million in Q3 2023, with an operating profit of $131.8 million compared to $102.0 million[139]. - The Paper Packaging & Services segment reported net sales of $603.6 million, up from $563.9 million, marking a 7.9% increase[129]. - Operating profit for the Global Industrial Packaging segment was $131.8 million for the three months ended July 31, 2024, compared to $102.0 million in the same period of 2023, representing a 29.1% increase[105]. - The Paper Packaging & Services segment's net sales increased to $603.6 million in Q3 2024 from $563.9 million in Q3 2023, but operating profit decreased to $37.5 million from $52.1 million[142][143]. Expenses and Profit Margins - Gross profit decreased to $290.4 million in Q3 2024 from $307.0 million in Q3 2023, with a gross profit margin of 20.0% compared to 23.1% in the prior year[135]. - SG&A expenses rose to $164.0 million in Q3 2024 from $135.7 million in Q3 2023, representing 11.3% of net sales compared to 10.2% in the previous year[136]. - Adjusted EBITDA decreased to $193.7 million from $226.5 million, a decline of 14.5% year-over-year[129]. - Operating profit for the first nine months of 2024 was $338.0 million, down from $493.1 million in the same period of 2023[162]. Tax and Compliance - For the nine months ended July 31, 2024, the Company recorded income tax expense of $15.0 million, a decrease of $92.9 million from $107.9 million for the same period in 2023[84]. - The company was in compliance with all covenants under the 2023 Credit Agreement and the U.S. RFA as of July 31, 2024[185][187]. Risks and Future Outlook - The company faces various risks including economic conditions, supply chain disruptions, and competitive pressures that could impact future performance[114]. - The company anticipates mixed demand trends to continue through the fiscal year end, with stable costs for key materials expected[137].

Financial Performance - Net income decreased by 60.1% to $44.4 million or $0.77 per diluted Class A share compared to $111.2 million or $1.90 per diluted Class A share in the prior year[6] - Adjusted EBITDA decreased by 25.7% to $169.9 million compared to $228.6 million in the same quarter last year[6] - Net income attributable to Greif, Inc. for the three months ended April 30, 2024, was $44.4 million, compared to $111.2 million in the same period of 2023, reflecting a decline of 60%[26] - Basic earnings per share for Class A common stock decreased to $0.77 for the three months ended April 30, 2024, from $1.91 in the same period of 2023, a drop of 59.6%[26] - Net income for the three months ended April 30, 2024, was $52.0 million, a decrease of 55.2% compared to $116.0 million in the same period of 2023[30] - Gross profit for the six months ended April 30, 2024, was $491.7 million, down from $563.4 million in 2023, indicating a decrease of 12.7%[26] - Gross profit for the three months ended April 30, 2024, was $270.1 million, down 13.3% from $311.8 million in the same period of 2023[32] - Operating profit for the three months ended April 30, 2024, decreased to $98.1 million, a decline of 45.8% compared to $181.1 million in the same period of 2023[32] - Net cash provided by operating activities for the six months ended April 30, 2024, was $92.0 million, compared to $243.7 million for the same period in 2023, reflecting a decrease of 62.2%[30] - Total adjusted EBITDA for the six months ended April 30, 2024, was $297.9 million, down 24.2% from $393.1 million in the same period of 2023[34] - Net income for the trailing twelve months ended April 30, 2024, was $296.3 million, down from $457.8 million in the same period last year, representing a decrease of 35.2%[43] - Adjusted EBITDA for the trailing twelve months ended April 30, 2024, was $723.6 million, a decline of 16.1% compared to $862.8 million for the same period last year[43] Sales and Revenue - Net sales for Global Industrial Packaging increased by $56.6 million to $804.8 million, driven by higher volumes and average selling prices[10] - Net sales for Paper Packaging & Services increased by $6.0 million to $560.8 million, primarily due to higher volumes despite lower average selling prices[13] - Net sales for the three months ended April 30, 2024, were $1,371.0 million, an increase from $1,308.9 million in the same period of 2023, representing a growth of 4.8%[26] - Total net sales for the three months ended April 30, 2024, increased to $1,371.0 million, up 4.7% from $1,308.9 million in the same period of 2023[32] - The Global Industrial Packaging segment reported net sales of $804.8 million for the three months ended April 30, 2024, an increase of 7.5% from $748.2 million in the same period of 2023[32] Debt and Financial Position - Total debt increased by $626.9 million to $2,916.1 million, primarily due to the acquisition of Ipackchem, resulting in a leverage ratio increase to 3.44x from 2.53x sequentially[6] - Long-term debt rose to $2,782.9 million as of April 30, 2024, compared to $2,121.4 million as of October 31, 2023, an increase of 31.1%[28] - The total debt as of April 30, 2024, was $2,916.1 million, an increase from $2,291.8 million as of January 31, 2024[41] - The net debt increased to $2,720.1 million as of April 30, 2024, compared to $2,112.5 million as of January 31, 2024[41] - The leverage ratio as of April 30, 2024, was 3.44x, compared to 2.25x a year ago, indicating increased financial leverage[43] Cash Flow and Projections - Adjusted free cash flow for fiscal 2024 is projected to be between $175 million and $225 million[18] - Projected free cash flow for fiscal 2024 ranges from $144.0 million to $188.0 million, with adjusted free cash flow expected to be between $175.0 million and $225.0 million[45] - The adjusted free cash flow for the six months ended April 30, 2024, was $185.5 million, up from $177.9 million for the same period in 2023, indicating a 4.3% growth[38] Acquisitions and Strategic Initiatives - The company completed the acquisition of Ipackchem on March 26, 2024, enhancing its position in high-performance small plastic containers[6] - The company reported acquisition and integration related costs of $11.5 million for the three months ended April 30, 2024, compared to $4.6 million in the same period of 2023[26] - Greif will host its Investor Day in New York City on December 11, 2024, to provide further insights into its strategic objectives[6] Customer Satisfaction - Customer satisfaction index (CSI) score was 92.6, with the Paper Packaging & Services segment at 93.7 and Global Industrial Packaging at 91.4[5] Risks and Challenges - The company highlighted potential risks including economic conditions, competitive pressures, and supply chain disruptions that could impact future performance[24]

Financial Performance - Net sales for the three months ended April 30, 2024, were $1,371.0 million, a 4.7% increase from $1,308.9 million in the same period of 2023[9]. - Gross profit decreased to $270.1 million for the three months ended April 30, 2024, down 13.4% from $311.8 million in 2023[9]. - Operating profit for the six months ended April 30, 2024, was $167.0 million, a decline of 50.5% compared to $337.5 million in the same period of 2023[9]. - Net income attributable to Greif, Inc. for the three months ended April 30, 2024, was $44.4 million, down 60% from $111.2 million in 2023[9]. - Comprehensive income for the three months ended April 30, 2024, was $50.8 million, down from $107.2 million in 2023[10]. - Net income for the six months ended April 30, 2024, was $126.3 million, a decrease of 39.5% compared to $209.1 million in the same period of 2023[14]. - Total net sales for the first six months of 2024 were $2,576.8 million, a slight decrease from $2,579.9 million in the same period of 2023[161]. - Adjusted EBITDA fell to $297.9 million for the first six months of 2024, compared to $393.1 million in 2023, a decrease of 24.2%[164]. Assets and Liabilities - Total assets increased to $6,828.8 million as of April 30, 2024, compared to $5,960.8 million as of October 31, 2023[12]. - Long-term debt rose to $2,782.9 million as of April 30, 2024, up from $2,121.4 million as of October 31, 2023[13]. - Cash and cash equivalents increased to $196.0 million as of April 30, 2024, compared to $180.9 million as of October 31, 2023[12]. - Total shareholders' equity as of April 30, 2024, was $2,047.4 million, an increase from $2,036.4 million at the beginning of the period[15]. - The company’s accumulated other comprehensive loss increased to $(328.1) million as of April 30, 2024, from $(316.5) million as of October 31, 2023[95]. Dividends and Shareholder Returns - The company declared cash dividends of $0.52 per share for Class A common stock and $0.78 per share for Class B common stock, compared to $0.50 and $0.75 respectively in the previous year[9]. - The company paid dividends of $59.7 million to Greif, Inc. shareholders during the period, compared to $57.9 million in the previous year[14]. - Greif, Inc. paid dividends of $29.0 million to shareholders during the three months ended April 30, 2023, with dividends of $0.50 and $0.75 per Class A and Class B share, respectively[16]. Acquisitions and Integration - The company completed the acquisition of Ipackchem Group SAS on March 26, 2024, for a total purchase price of $582.1 million, with transaction costs amounting to $8.9 million[24]. - Ipackchem contributed net sales of $22.6 million for the three months ended April 30, 2024, following its acquisition on March 26, 2024[29]. - The company acquired a 51% ownership interest in ColePak for a total purchase price of $74.6 million, with recognized goodwill of $60.1 million attributed to expected synergies and expanded market presence[33]. - The company completed the acquisition of Centurion for a total purchase price of $144.5 million, recognizing goodwill of $95.4 million related to expanded market presence and enhanced business network[37]. - The company completed the Ipackchem Acquisition on March 26, 2024, enhancing its Global Industrial Packaging segment with high-performance plastic packaging products[98]. Segment Performance - For the three months ended April 30, 2024, the Global Industrial Packaging segment generated net sales of $804.8 million, while Paper Packaging & Services generated $560.8 million[99]. - Operating profit for the Global Industrial Packaging segment was $83.4 million for the three months ended April 30, 2024, compared to $111.3 million for the same period in 2023, reflecting a decrease of approximately 25.1%[100]. - The Paper Packaging & Services segment reported an operating profit of $12.6 million for the three months ended April 30, 2024, a significant decrease from $67.6 million in the same period of 2023, indicating a decline of approximately 81.4%[100]. - Global Industrial Packaging net sales increased to $1,491.4 million in the first half of 2024, up 2.6% from $1,454.0 million in 2023[165]. - Gross profit for Global Industrial Packaging rose to $316.8 million, a 4.5% increase from $303.2 million in 2023, with a gross profit margin of 21.2%[166]. Cash Flow and Investments - Cash provided by operating activities decreased to $92.0 million, down 62.2% from $243.7 million in the prior year[14]. - Net cash used in investing activities increased to $662.6 million, compared to $451.0 million in the same period last year, reflecting higher business acquisitions[14]. - The company invested $96.6 million in capital expenditures during the first half of 2024, compared to $91.1 million in 2023[179]. Debt and Financing - Proceeds from the issuance of long-term debt amounted to $1,571.6 million, an increase from $1,252.0 million in the previous year[14]. - The company entered into a $300.0 million senior secured credit agreement on May 17, 2023, with CoBank, which includes a secured term loan facility with quarterly principal installments starting July 31, 2023, and maturing on May 17, 2028[61]. - As of April 30, 2024, the outstanding borrowings under the 2022 and 2023 Credit Agreements totaled $2,536.3 million, with a current portion of $95.8 million and a long-term portion of $2,440.5 million[63]. Market Outlook and Strategic Focus - The company anticipates stable prices for steel and resin through the rest of the year, with potential slight increases in certain regions[135]. - Customer demand patterns are expected to show slight sequential improvement, although some markets may experience uncertainty in business volumes[134]. - The company is focusing on strategic investments and acquisitions to enhance operational efficiency and profitability[132].

Financial Performance - Net income for Q1 2024 was $67.2 million or $1.17 per diluted Class A share, a decrease from $89.9 million or $1.54 per diluted Class A share in Q1 2023[7] - Adjusted EBITDA decreased by $36.5 million to $128.0 million compared to $164.5 million in the prior year[7] - Net sales for the three months ended January 31, 2024, were $1,205.8 million, a decrease of 5.1% compared to $1,271.0 million in the same period of 2023[26] - Gross profit for the same period was $221.6 million, down 11.9% from $251.6 million year-over-year[26] - Operating profit decreased significantly to $68.9 million, a decline of 56.0% from $156.4 million in the prior year[26] - Net income attributable to Greif, Inc. was $67.2 million, down 25.5% from $89.9 million in the same quarter of 2023[26] - Basic earnings per share for Class A common stock decreased to $1.17, down 24.5% from $1.55 in the previous year[26] - Total adjusted EBITDA for the three months ended January 31, 2024, was $128.0 million, a decrease of 22.2% compared to $164.5 million in the same period of 2023[34] Debt and Cash Flow - Total debt increased by $62.5 million to $2,291.8 million, with net debt rising by $44.2 million to $2,112.5 million, resulting in a leverage ratio increase to 2.53x from 2.20x sequentially[7] - Cash and cash equivalents at the end of the period were $179.3 million, a slight decrease from $180.9 million at the beginning of the period[30] - The company reported a net cash used in operating activities of $4.5 million, a significant decline from $32.9 million in the same quarter of the previous year[30] - Net cash provided by operating activities was $4.5 million in Q1 2024, a decrease from $32.9 million in Q1 2023, resulting in a free cash flow of $(51.1) million compared to $(16.4) million in the prior year[38] - Projected adjusted free cash flow for fiscal 2024 is estimated at $200.0 million, with net cash provided by operating activities expected to be $346.8 million[45] Segment Performance - Net sales in the Global Industrial Packaging segment decreased by $19.2 million to $686.6 million, while Paper Packaging & Services net sales decreased by $45.6 million to $514.6 million[11][13] - Global Industrial Packaging segment reported an operating profit of $50.9 million for Q1 2024, up from $45.9 million in Q1 2023, with an EBITDA of $67.3 million compared to $64.2 million[36] - Paper Packaging & Services segment's operating profit decreased significantly to $16.8 million in Q1 2024 from $109.1 million in Q1 2023, with EBITDA dropping to $51.7 million from $142.5 million[36] Customer Experience and Initiatives - Customer satisfaction index (CSI) score was 93.3, with the Paper Packaging & Services segment at 92.7 and Global Industrial Packaging at 94.0[5] - The company announced a partnership with Ionkraft to explore innovative packaging technology aimed at the Agrochemical industry[6] - A new customer digital portal was launched to enhance customer experience and streamline order processes, currently available for select U.S. facilities[6] Dividends and Taxation - Quarterly cash dividends declared were $0.52 per share for Class A Common Stock and $0.78 per share for Class B Common Stock, payable on April 1, 2024[16] - The company recorded a negative income tax rate of 107.3% due to one-time discrete tax benefits of $48.1 million related to deferred tax assets[15] Costs and Charges - The company incurred acquisition and integration related costs of $2.6 million, down from $7.5 million in the prior year[26] - Restructuring charges for Q1 2024 were $5.7 million, compared to $2.4 million in Q1 2023[39]

Financial Performance - Net sales for the three months ended January 31, 2024, were $1,205.8 million, a decrease of 5.1% compared to $1,271.0 million in the same period of 2023[8]. - Gross profit decreased to $221.6 million, down 11.9% from $251.6 million year-over-year[8]. - Operating profit fell to $68.9 million, a decline of 56.0% from $156.4 million in the prior year[8]. - Net income attributable to Greif, Inc. was $67.2 million, down 25.5% from $89.9 million in the same quarter of 2023[8]. - Basic earnings per share for Class A common stock decreased to $1.17, down from $1.55 in the previous year, representing a decline of 24.5%[8]. - Comprehensive income attributable to Greif, Inc. was $55.9 million, down from $112.8 million, a decrease of 50.5%[9]. - Net income for the three months ended January 31, 2024, was $74.3 million, a decrease of 20.5% compared to $93.1 million for the same period in 2023[13]. - Adjusted EBITDA for Q1 2024 was $128.0 million, a decrease of $36.5 million (22.2%) compared to $164.5 million in Q1 2023[112]. Assets and Liabilities - Total assets as of January 31, 2024, were $5,969.1 million, slightly up from $5,960.8 million at October 31, 2023[12]. - Long-term debt increased to $2,185.3 million from $2,121.4 million, reflecting a rise of 3.0%[12]. - The total shareholders' equity as of January 31, 2024, was $2,036.4 million, up from $1,882.2 million a year earlier, indicating growth in equity[14]. - As of January 31, 2024, long-term debt was $2,185.3 million, up from $2,121.4 million as of October 31, 2023[45]. Cash Flow - Cash flows from operating activities provided $4.5 million, down from $32.9 million year-over-year, reflecting a significant decline in cash generation[13]. - Total cash and cash equivalents at the end of the period were $179.3 million, compared to $161.0 million at the end of January 31, 2023[13]. - Net cash used in investing activities was $53.6 million, a decrease from $269.1 million in the same quarter last year, indicating reduced investment outflows[13]. - The company paid dividends of $29.7 million to shareholders, reflecting a slight increase from $28.9 million in the previous year[14]. Segment Performance - Operating profit for the Global Industrial Packaging segment increased to $50.9 million in Q1 2024 from $45.9 million in Q1 2023, while the Paper Packaging & Services segment saw a significant decline from $109.1 million to $16.8 million[88]. - The Global Industrial Packaging segment generated net sales of $686.6 million in Q1 2024, compared to $705.8 million in Q1 2023, reflecting a decrease of 2.5%[87]. - The Paper Packaging & Services segment's net sales decreased to $514.6 million in Q1 2024 from $560.2 million in Q1 2023, a decline of 8.1%[87]. - Net sales in the Land Management segment were $4.6 million for Q1 2024, down from $5.0 million in Q1 2023, while gross profit decreased to $1.9 million from $2.1 million[123]. Acquisitions - The Company acquired a 51% ownership interest in ColePak for a total purchase price of $74.6 million, with a fair value of the remaining noncontrolling interest at $72.1 million[22]. - The acquisition of Centurion Container LLC was completed for $144.5 million, increasing the Company's ownership from approximately 10% to 80%, with a fair value of the remaining noncontrolling interest at $40.9 million[26]. - The total purchase price for the Lee Container Corporation acquisition was $303.0 million, with identifiable net assets recognized at $227.1 million and goodwill of $75.9 million[33]. - Goodwill recognized from the ColePak acquisition was $60.1 million, attributed to expected synergies and expanded market presence[23]. - The Company recognized goodwill of $95.4 million from the Centurion acquisition, reflecting enhanced business network and market presence[29]. Restructuring and Expenses - Restructuring charges for the three months ended January 31, 2024, totaled $5.7 million, an increase from $2.4 million in the same period of 2023[43]. - SG&A expenses increased to $145.8 million in Q1 2024, up $6.4 million (4.6%) from $139.4 million in Q1 2023, representing 12.1% of net sales compared to 11.0%[111]. - The company recorded a depreciation, depletion, and amortization expense of $60.4 million, an increase of 9.6% from $55.1 million in the prior year[13]. Market Conditions and Risks - The company continues to face risks related to economic conditions, supply chain disruptions, and competitive pressures that may impact future performance[92]. - The company anticipates slight increases in prices for old corrugated containers and a slight decrease in steel prices, with stable prices for resin and other direct materials expected throughout the year[113]. Tax and Other Financial Matters - The company reported a significant decrease in income tax expense, with a benefit of $(38.2) million for the three months ended January 31, 2024, compared to an expense of $37.7 million in 2023, resulting in a net decrease of $75.9 million[74]. - The estimated net decrease in unrecognized tax benefits for the next 12 months ranges from zero to $5.7 million[133].

Company Operations and Segments - The company operates in over 35 countries, producing a comprehensive line of industrial packaging products, including steel, fiber, and plastic drums, with a focus on container life cycle management and logistics services[11] - The company operates in three reportable segments: Global Industrial Packaging, Paper Packaging & Services, and Land Management, with detailed financial information available in Note 13 of the consolidated financial statements[15] - The company operates in six segments, aggregated into three reportable segments: Global Industrial Packaging, Paper Packaging & Services, and Land Management[15] - The Global Industrial Packaging segment includes products such as steel, fiber, and plastic drums, serving industries like chemicals and food and beverage[16] - The Paper Packaging & Services segment produces containerboard and corrugated products, serving North American customers in various industries[17] - The company produces and sells coated and uncoated recycled paperboard, serving both industrial and consumer markets[17] Acquisitions and Growth Plans - The company announced a planned acquisition of Ipackchem Group SAS, a leader in high-performance plastic packaging, on October 31, 2023[14] - The company plans to acquire Ipackchem for a purchase price of $538.0 million, subject to certain adjustments and regulatory approvals[43] - The acquisition of Ipackchem is subject to risks including regulatory approvals and the ability to integrate the acquired business successfully[48] Employee and Workplace Initiatives - As of October 31, 2023, the company has approximately 12,000 full-time employees, with 58% located in North America and 17% female representation[38] - The company provides various wellness programs for employees, including health care insurances and mental health support, tailored to regional needs[33] - The company utilizes Greif University for employee training and development, enhancing leadership and customer service skills[37] - The company is focused on maintaining pay equity and fair compensation for its employees, monitoring pay equity data regularly[36] - The company aims to foster a diverse and inclusive work environment, with ongoing programs to support gender and ethnic diversity[36] - The company emphasizes diversity, equity, and inclusion, with ongoing programs to support gender and ethnic diversity within the workforce[34] Financial Performance and Cost Management - The company has closed higher-cost facilities and restructured operations, significantly improving cost competitiveness[22] - The company has closed higher-cost facilities and restructured operations over the past several years, significantly improving cost competitiveness[22] - The company does not anticipate any material capital expenditures related to environmental control in 2024[29] - The company has not experienced material adverse effects from raw material shortages, which have been managed through inter-facility shipments[23] Safety and Corporate Culture - The company has implemented a global safety program called LIFE, aimed at reducing at-risk situations and promoting a culture of safety across all facilities[32] - The company has implemented a safety program called LIFE to track incidents and improve workplace safety, promoting a culture of Zero Harm[32] - The company emphasizes a "Build to Last" strategy, focusing on creating thriving communities, delivering legendary customer service, and ensuring financial strength[31] - The company is focused on delivering legendary customer service as part of its "Build to Last" strategy, which includes creating thriving communities and ensuring financial strength[31]

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 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter) _ ...

Part I. Financial Information [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements for April 30, 2023, reflect decreased sales, mixed net income, asset growth from acquisitions, and increased operating cash flow with significant investing outflows [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net sales decreased for both three and six-month periods ended April 30, 2023, while net income varied, decreasing for three months but increasing for six months due to disposals Condensed Consolidated Statements of Income (in millions, except per share amounts) | Financial Metric | Three Months Ended April 30, 2023 | Three Months Ended April 30, 2022 | Six Months Ended April 30, 2023 | Six Months Ended April 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $1,308.9 | $1,667.3 | $2,579.9 | $3,231.6 | | **Gross profit** | $311.8 | $338.7 | $563.4 | $628.4 | | **Operating profit** | $181.1 | $190.1 | $337.5 | $262.1 | | **Net income attributable to Greif, Inc.** | $111.2 | $125.1 | $201.1 | $135.4 | | **Diluted EPS (Class A)** | $1.90 | $2.09 | $3.44 | $2.27 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of April 30, 2023, total assets increased due to acquisitions boosting goodwill, while total liabilities and long-term debt also rose, and shareholders' equity grew Condensed Consolidated Balance Sheet Highlights (in millions) | Account | April 30, 2023 (Unaudited) | October 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $1,481.7 | $1,499.4 | | **Goodwill** | $1,649.8 | $1,464.5 | | **Total Assets** | $5,911.5 | $5,469.9 | | **Total Current Liabilities** | $937.4 | $1,047.9 | | **Long-Term Debt** | $2,206.1 | $1,839.3 | | **Total Liabilities** | $3,943.9 | $3,659.8 | | **Total Shareholders' Equity** | $1,914.9 | $1,794.3 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended April 30, 2023, operating cash flow increased, while investing activities saw significant outflows for acquisitions, and financing activities were driven by debt issuance Six Months Ended April 30, Cash Flow Summary (in millions) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $243.7 | $161.6 | | **Net cash (used in) provided by investing activities** | $(451.0) | $62.7 | | **Net cash provided by (used in) financing activities** | $215.6 | $(197.1) | | **Net increase (decrease) in cash** | $11.4 | $(15.9) | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting events, including major acquisitions and a key divestiture, ongoing restructuring, use of credit facilities and derivatives, and varied segment performance - Completed the acquisition of Centurion Container LLC on March 31, 2023, for a net purchase price of **$144.5 million**, increasing ownership from ~10% to 80%, resulting in goodwill of **$104.8 million** and a gain of **$9.8 million** on the previously held interest[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Completed the acquisition of Lee Container Corporation, Inc. on December 15, 2022, for a net purchase price of **$302.8 million**, resulting in goodwill of **$71.7 million**[30](index=30&type=chunk)[31](index=31&type=chunk) - Completed the divestiture of Tama Paperboard, LLC during the first quarter of 2023 for net cash proceeds of **$100.2 million**, resulting in a **$54.6 million** gain on sale[40](index=40&type=chunk) - As of April 30, 2023, the company had various interest rate swaps with a total notional amount of **$1,300.0 million** to convert variable-rate debt to a fixed rate[58](index=58&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses declining net sales due to lower volumes and prices, increased operating profit from divestitures, key acquisitions and one divestiture, strong liquidity, and anticipated continued lower customer demand [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Net sales declined for both Q2 and H1 2023 due to lower volumes and prices, while operating profit decreased in Q2 but increased year-to-date due to divestiture gains Consolidated Results Summary (in millions) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $1,308.9 | $1,667.3 | $2,579.9 | $3,231.6 | | **Gross Profit** | $311.8 | $338.7 | $563.4 | $628.4 | | **Operating Profit** | $181.1 | $190.1 | $337.5 | $262.1 | | **Adjusted EBITDA** | $228.6 | $251.0 | $393.1 | $447.8 | - Management anticipates that the **lower customer demand patterns** experienced in the first half of the year will continue through the second half, with some raw material prices expected to increase slightly[143](index=143&type=chunk) [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by increased operating cash flow and credit facilities, with significant cash used for acquisitions, funded by debt, and a completed stock repurchase program - Net cash from operating activities increased to **$243.7 million** for the six months ended April 30, 2023, up from **$161.6 million** in the prior year period[186](index=186&type=chunk) - Investing activities included **$447.5 million** for business purchases (Lee Container and Centurion) and **$91.1 million** in capital expenditures during the first six months of 2023[189](index=189&type=chunk) - The company completed its **$150.0 million** stock repurchase program in May 2023, which included a **$75.0 million** accelerated share repurchase (ASR) and a **$75.0 million** open market repurchase (OSR) program[191](index=191&type=chunk)[194](index=194&type=chunk) - Subsequent to the quarter end, on May 17, 2023, the company entered into a new **$300.0 million** senior secured credit agreement (the "2023 Credit Agreement") to refinance a portion of borrowings under the 2022 Credit Agreement[203](index=203&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes have occurred in the company's quantitative and qualitative market risk disclosures since the October 31, 2022, Annual Report on Form 10-K - There have been **no significant changes** in market risk disclosures since the 2022 Form 10-K[218](index=218&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's internal control assessment for fiscal year 2023 will exclude recent acquisitions, with management confirming no material changes and effective disclosure controls and procedures - The recent acquisitions of Lee Container and Centurion 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[219](index=219&type=chunk) - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[221](index=221&type=chunk)[222](index=222&type=chunk) Part II. Other Information [Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the company's risk factors since the October 31, 2022, Annual Report on Form 10-K - **No material changes** in risk factors have occurred since the filing of the 2022 Form 10-K[223](index=223&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company completed its **$150.0 million** share repurchase program, comprising ASR and OSR components, with details provided on shares purchased and average prices paid - The company's **$150.0 million** share repurchase program, initiated in June 2022, was completed in May 2023[224](index=224&type=chunk) Share Repurchases for Three Months Ended April 30, 2023 | Stock Class | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **Class A Common Stock** | 500,602 | $62.60 | | **Class B Common Stock** | 216,878 | $77.19 | [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications, amendments to financing agreements, and financial statements in Inline XBRL format - Filed exhibits include required CEO/CFO certifications, amendments to financing agreements, and financial statements in Inline XBRL format[229](index=229&type=chunk)

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 January 31, 2023 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 ...