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Greif(GEF) - 2024 Q4 - Annual Report
GEFGreif(GEF)2024-12-23 15:31
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Financial Performance - The Company reported total net sales of 5,448.1millionforthefiscalyearendedOctober31,2024,comparedto5,448.1 million for the fiscal year ended October 31, 2024, compared to 5,405.7 million in the previous year, reflecting a slight increase[37]. - Total operating profit for 2024 was 464.6million,adecreaseof23.3464.6 million, a decrease of 23.3% from 605.5 million in 2023[39]. - Total capital expenditures for 2024 were 174.2million,down20.2174.2 million, down 20.2% from 218.2 million in 2023[39]. - Depreciation, depletion, and amortization expense increased to 261.3millionin2024from261.3 million in 2024 from 230.6 million in 2023, reflecting a rise of 13.3%[39]. Segment Performance - The Global Industrial Packaging segment generated net sales of 3,124.3 million, while Paper Packaging & Services contributed 2,303.5 million, and Land Management accounted for 20.3million[37].−GlobalIndustrialPackagingsegmentreportedanoperatingprofitof20.3 million[37]. - Global Industrial Packaging segment reported an operating profit of 341.1 million, up from 334.3 million in 2023, while Paper Packaging & Services segment saw a decline to 115.6 million from 264.1million[39].ShareholderInformation−TheaverageClassAsharesoutstandingincreasedto25,751,386in2024from25,592,928in2023,whiledilutedsharesdecreasedslightlyto25,977,401[28].−TheCompany’sbasicClassAEPSwascalculatedusingatwo−classmethod,reflectinga40264.1 million[39]. Shareholder Information - The average Class A shares outstanding increased to 25,751,386 in 2024 from 25,592,928 in 2023, while diluted shares decreased slightly to 25,977,401[28]. - The Company’s basic Class A EPS was calculated using a two-class method, reflecting a 40% to 60% split between Class A and Class B shareholders[24]. - Basic Class A shares outstanding increased to 25,751,386 in 2024 from 25,592,928 in 2023[28]. Cash Flow and Liabilities - Operating cash flows used for operating liabilities amounted to 71.9 million in 2024, up from 64.3millionin2023[32].−TheCompany’sleaseliabilitiesincluded64.3 million in 2023[32]. - The Company’s lease liabilities included 69.6 million in new operating lease liabilities and 6.4millioninnewfinanceleaseliabilitiesfortheyearendedOctober31,2024[32].−Leasedassetsobtainedinexchangefornewoperatingleaseliabilitieswere6.4 million in new finance lease liabilities for the year ended October 31, 2024[32]. - Leased assets obtained in exchange for new operating lease liabilities were 69.6 million in 2024, down from 95.0millionin2023[32].OtherComprehensiveLossandAccruals−TheCompany’saccumulatedothercomprehensivelossatyear−endwas95.0 million in 2023[32]. Other Comprehensive Loss and Accruals - The Company’s accumulated other comprehensive loss at year-end was 114.3 million, an increase from 109.2millionatthebeginningoftheyear[20].−AsofOctober31,2024,theCompanyaccrued109.2 million at the beginning of the year[20]. - As of October 31, 2024, the Company accrued 9.8 million for the Diamond Alkali Superfund Site, indicating potential future charges that could impact earnings[23]. - The Company accrued 9.8millionfortheDiamondAlkaliSuperfundSiteasofOctober31,2024[23].TimberManagement−TheCompanyoperatesonapproximately175,000acresoftimberproperties,focusingonsustainablelong−termyieldsthroughactiveharvestingandregeneration[35].−Thecompanyaimstomaintainaconsistentcuttingschedulefortimbersales,despitemarketandweatherfluctuations[35].−Thevalueoftimberlandisassessedbasedonvariousfactors,includingproximitytopopulationcentersandanticipatedgrowth,requiringongoingreviewandre−characterization[36].EmployeeBenefits−TheCompany’scontributionsto401(k)planswere9.8 million for the Diamond Alkali Superfund Site as of October 31, 2024[23]. Timber Management - The Company operates on approximately 175,000 acres of timber properties, focusing on sustainable long-term yields through active harvesting and regeneration[35]. - The company aims to maintain a consistent cutting schedule for timber sales, despite market and weather fluctuations[35]. - The value of timberland is assessed based on various factors, including proximity to population centers and anticipated growth, requiring ongoing review and re-characterization[36]. Employee Benefits - The Company’s contributions to 401(k) plans were 29.0 million in 2024, slightly down from $29.1 million in 2023[21].