Correction: Fourth quarter 2024 net income, excluding the impact of
adjustments, revised to $65.5 million and 2024 Class A diluted
earnings per share, excluding adjustments, revised to $1.13. In the
earnings release issued earlier today, the fourth quarter 2024 net
income, excluding the impact of adjustments, incorrectly presented
a $16.0 million income tax expense related to “(gain) loss on
disposal of businesses, net”. This resulted in stating net income,
excluding the impact of adjustments, for the period of $49.6
million and diluted Class A earnings per share, excluding
adjustments, for the period of $0.85. The corrected net income,
excluding the impact of adjustments, for the period is $65.5
million, and the corrected diluted Class A earnings per share,
excluding adjustments, for the period is $1.13.
Greif Reports Fourth Quarter and Fiscal
2024 Results
Greif, Inc. (NYSE: GEF, GEF.B), a world leader
in industrial packaging products and services, today announced
fourth quarter and fiscal 2024 results.
Fiscal Fourth
Quarter 2024 Financial
Highlights: (all results compared to the
fourth quarter
2023 unless otherwise noted)
-
Net income decreased 6.5% to $63.4 million or $1.08 per diluted
Class A share compared to net income of $67.8 million or $1.16 per
diluted Class A share. Net income, excluding the impact of
adjustments(1), decreased 29.3% to $65.5 million or $1.13 per
diluted Class A share compared to net income, excluding the impact
of adjustments, of $92.6 million or $1.59 per diluted Class A
share.
-
Adjusted EBITDA(2) decreased 2.0% to $197.6 million compared to
Adjusted EBITDA of $201.6 million.
-
Net cash provided by operating activities decreased by
$16.3 million to $187.2 million. Adjusted free cash flow(3)
increased by $8.5 million to $144.7 million.
Fiscal Year Results Include:(all results
compared to the fiscal year 2023
unless otherwise noted):
-
Net income decreased 27.0% to $262.1 million or $4.52 per diluted
Class A share compared to net income of $359.2 million or $6.15 per
diluted Class A share. Net income, excluding the impact of
adjustments, decreased 30.9% to $249.5 million or $4.31 per diluted
Class A share compared to net income, excluding the impact of
adjustments, of $361.2 million or $6.19 per diluted Class A
share.
-
Adjusted EBITDA decreased 15.6% to $694.2 million compared to
Adjusted EBITDA of $822.2 million.
-
Net cash provided by operating activities decreased by
$293.5 million to $356.0 million. Adjusted free cash flow
decreased by $291.4 million to $189.8 million.
- Total debt increased by
$525.5 million to $2,740.6 million. Net debt(4) increased by
$508.7 million to $2,542.9 million. The Company's leverage ratio(5)
increased to 3.53x from 2.2x in the prior year quarter, and
decreased from 3.64x sequentially.
Strategic Actions and
Announcements
-
Hosting Investor Day on December 11, 2024, at Convene: 75
Rockefeller Plaza in New York City.
-
Completed previously announced business model optimization project
to fully leverage our core competitive advantages and facilitate
accelerated growth. This operating model change will result in the
following four new reportable segments beginning in the first
quarter of 2025: Customized Polymer Solutions; Durable Metal
Solutions; Sustainable Fiber Solutions; and Integrated
Solutions.
- Related to our new segments, on
Thursday, December 5, 2024, we will be releasing online the
previous eight quarters of segment financial highlights to assist
our investor community in modeling our new reportable segments.
This information will be made available at our investor relations
site https://investor.greif.com/.
- Announcing targeted cost
optimization effort to eliminate $100 million of structural costs
from the business through a combination of SG&A
rationalization, network optimization, and operating efficiency
gains. More information on this effort will be provided at our
upcoming Investor Day.
Commentary from CEO Ole
Rosgaard
“I am pleased to report a solid fourth quarter
and full year 2024 result, particularly in light of the
continuation of this extended period of industrial contraction.
While managing the business for the present, we also made
significant strides under our Build to Last strategy towards the
future, and our executive team and I look forward to sharing more
information at our Investor Day next week. Our investors can expect
an interactive and engaging half day session, and we highly
encourage your in-person attendance as we look forward to 2025 and
beyond.”
Build to Last Mission
Progress
Recently completed our fourteenth wave NPS(6)
survey, receiving feedback from nearly five thousand customers
globally for a net score of 69, recognized as a world-class score
within the manufacturing industry. At our upcoming Investor Day, we
plan to further discuss the powerful correlation between NPS, an
indicator of our Legendary Customer Service, and financial
performance. We thank our customers for their continued feedback,
which is critical in helping us achieve our vision to be the best
performing customer service company in the world, and we are proud
to continue to earn positive feedback from our customers throughout
a difficult global operating environment.
|
(1) |
Adjustments that are excluded from net income before adjustments
and from earnings per diluted Class A share before adjustments are
acquisition and integration related costs, restructuring charges,
non-cash asset impairment charges, non-cash pension settlement
charges, (gain) loss on disposal of properties, plants and
equipment, net, (gain) loss on disposal of businesses, net, and
other costs. |
| |
|
| (2) |
Adjusted EBITDA is defined as net income, plus interest expense,
net, plus income tax (benefit) expense, plus depreciation,
depletion and amortization expense, plus acquisition and
integration related costs, plus restructuring charges, plus
non-cash asset impairment charges, plus non-cash pension settlement
charges, plus (gain) loss on disposal of properties, plants and
equipment, net, plus (gain) loss on disposal of businesses, net,
plus other costs. |
| |
|
| (3) |
Adjusted free cash flow is defined as net cash provided by
operating activities, less cash paid for purchases of properties,
plants and equipment, plus cash paid for acquisition and
integration related costs, plus cash paid for integration related
Enterprise Resource Planning ("ERP") systems and equipment, plus
cash paid for taxes related to Tama, Iowa mill divestment, plus
cash paid for fiscal year-end change costs. |
| |
|
| (4) |
Net debt is defined as total debt less cash and cash
equivalents. |
| |
|
| (5) |
Leverage ratio for the periods indicated is defined as adjusted net
debt divided by trailing twelve month EBITDA, each as calculated
under the terms of the Company's Second Amended and Restated Credit
Agreement dated as of March 1, 2022, filed as Exhibit 10.1 to the
Company's Quarterly Report on Form 10-Q for the fiscal quarter
ended January 31, 2022 (the "2022 Credit Agreement"). As calculated
under the 2022 Credit Agreement, adjusted net debt was $2,452.3
million, $2,608.5 million, and $1,856.8 million as of October 31,
2024, July 31, 2024 and October 31, 2023, respectively, and
trailing twelve month credit agreement EBITDA was $695.0 million,
$717.2 million, and $845.9 million as of October 31, 2024,
July 31, 2024 and October 31, 2023, respectively. |
| |
|
| (6) |
Net Promoter Score ("NPS") is derived from a survey conducted by a
third party that measures how likely a customer is to recommend
Greif as a business partner. NPS scores are calculated by
subtracting the percentage of detractors a business has from the
percentage of its promoters. |
| |
|
Note: A reconciliation of the differences
between all non-GAAP financial measures used in this release with
the most directly comparable GAAP financial measures is included in
the financial schedules that are a part of this release. These
non-GAAP financial measures are intended to supplement, and should
be read together with, our financial results. They should not be
considered an alternative or substitute for, and should not be
considered superior to, our reported financial results.
Accordingly, users of this financial information should not place
undue reliance on these non-GAAP financial measures.
Segment Results (all results compared to the
fourth quarter of
2023 unless otherwise noted)
Net sales are impacted mainly by the volume of
primary products(7) sold, selling prices, product mix and the
impact of changes in foreign currencies against the U.S. dollar.
The table below shows the percentage impact of each of these items
on net sales for our primary products for the fourth quarter of
2024 as compared to the prior year quarter for the business
segments with manufacturing operations. Net sales from completed
acquisitions of Reliance Products Ltd. (“Reliance”) and Ipackchem
Group SAS ("Ipackchem") primary products are not included in the
table below, but will be included in their respective segments
starting in the fiscal first quarter of 2025 for Reliance and
fiscal third quarter of 2025 for Ipackchem.
| Net Sales Impact -
Primary Products |
Global Industrial Packaging |
|
Paper Packaging &Services |
|
Currency Translation |
— |
% |
|
— |
% |
| Volume |
3.7 |
% |
|
0.7 |
% |
| Selling Prices and
Product Mix |
0.4 |
% |
|
5.0 |
% |
| Total Impact of Primary
Products |
4.1 |
% |
|
5.7 |
% |
| |
|
|
|
|
|
| |
|
|
|
|
|
Global Industrial Packaging
Net sales increased by $65.9 million to
$786.9 million primarily due to contributions from recent
acquisitions and higher volumes.
Gross profit increased by $12.6 million to
$167.0 million due to the same factors that impacted net sales,
partially offset by higher raw material, labor and manufacturing
costs.
Operating profit decreased by $0.1 million
to $75.0 million primarily due to higher SG&A expenses from
recent acquisitions, offset by the same factors that impacted gross
profit. Adjusted EBITDA increased by $4.0 million to $109.4
million primarily due to the same factors that impacted gross
profit, partially offset by higher SG&A expenses from recent
acquisitions.
Paper Packaging &
Services
Net sales increased by $42.9 million to
$624.5 million primarily due to higher average selling prices as a
result of higher published containerboard and boxboard prices.
Gross profit decreased by $0.1 million to
$118.7 million primarily due to higher raw material and labor
costs, offset by the same factors that impacted net sales.
Operating profit increased by $13.4 million
to $48.7 million primarily due to lower non-cash impairment charges
and restructuring charges related to optimizing and rationalizing
operations in the prior year, partially offset by the same factors
that impacted gross profit and higher SG&A expenses related to
higher health, medical, incentive and pension expenses. Adjusted
EBITDA decreased by $8.4 million to $85.3 million primarily
due to the same factors that impacted gross profit and higher
SG&A expenses related to higher health, medical, incentive and
pension expenses.
Tax Summary
During the fourth quarter, we recorded an income
tax rate of 21.8 percent and a tax rate excluding the impact of
adjustments of 21.9 percent. Note that the application of
accounting for income taxes often causes fluctuations in our
quarterly effective tax rates. For the full year, we recorded an
income tax rate of 10.6 percent and a tax rate excluding the impact
of adjustments of 7.4 percent.
Dividend Summary
On December 3, 2024, the Board of Directors
declared quarterly cash dividends of $0.54 per share of Class A
Common Stock and $0.80 per share of Class B Common Stock. Dividends
are payable on January 1, 2025, to stockholders of record at the
close of business on December 16, 2024.
|
(7) |
Primary products are manufactured steel, plastic and fibre drums;
new and reconditioned intermediate bulk containers; jerrycans and
other small plastics; linerboard, containerboard, corrugated sheets
and corrugated containers; and boxboard and tube and core
products. |
|
|
|
Company Outlook
Our markets have now experienced a multi-year
period of industrial contraction, and we have not identified any
compelling demand inflection on the horizon, despite slightly
improved year over year volumes. While we believe we are well
positioned for an eventual recovery of the industrial economy, at
this time we believe it is appropriate to provide only low-end
guidance based on the continuation of demand trends reflected in
the past year, current price/cost factors in Paper Packaging and
Services, and other identifiable discrete items which we will
discuss during our fourth quarter earnings release call. Call-in
details are provided below.
|
(in millions, except per share amounts) |
Fiscal 2025 Low-End
Guidance Estimate |
|
Adjusted EBITDA |
$675 |
| Adjusted free cash flow |
$225 |
|
|
|
Note: Fiscal 2025 net income guidance, the most
directly comparable GAAP financial measure to Adjusted EBITDA, is
not provided in this release due to the potential for one or more
of the following, the timing and magnitude of which we are unable
to reliably forecast: gains or losses on the disposal of businesses
or properties, plants and equipment, net; non-cash asset impairment
charges due to unanticipated changes in the business;
restructuring-related activities; acquisition and integration
related costs; and ongoing initiatives under our Build to Last
strategy. No reconciliation of the 2025 low-end guidance estimate
of Adjusted EBITDA, a non-GAAP financial measure which excludes
restructuring charges, acquisition and integration related costs,
non-cash asset impairment charges, and (gain) loss on the disposal
of properties, plants and equipment, (gain) loss on the disposal of
businesses, net, and other costs, is included in this release
because, due to the high variability and difficulty in making
accurate forecasts and projections of some of the excluded
information, together with some of the excluded information not
being ascertainable or accessible, we are unable to quantify
certain amounts that would be required to be included in net
income, the most directly comparable GAAP financial measure,
without unreasonable efforts. A reconciliation of 2025 low-end
guidance estimate of adjusted free cash flow to fiscal 2025
forecasted net cash provided by operating activities, the most
directly comparable GAAP financial measure, is included in this
release.
Conference Call
The Company will host a conference call to
discuss the fourth quarter and fiscal 2024 results on December 5,
2024, at 8:30 a.m. Eastern Time (ET). Participants may access the
call using the following online registration link:
https://register.vevent.com/register/BId6a2105d615e45438d7c615c6b1ce4d5.
Registrants will receive a confirmation email containing dial in
details and a unique conference call code for entry. Phone lines
will open at 8:00 a.m. ET on December 5, 2024. A digital
replay of the conference call will be available two hours following
the call on the Company's web site at
http://investor.greif.com.
Investor Relations contact
information
Bill D’Onofrio, Vice President, Corporate
Development & Investor Relations, 614-499-7233.
Bill.Donofrio@greif.com
About Greif
Greif is a global leader in industrial packaging
products and services and is pursuing its vision: to be the best
performing customer service company in the world. The Company
produces steel, plastic and fibre drums, intermediate bulk
containers, reconditioned containers, jerrycans and other small
plastics, containerboard, uncoated recycled paperboard, coated
recycled paperboard, tubes and cores and a diverse mix of specialty
products. The Company also manufactures packaging accessories and
provides other services for a wide range of industries. In
addition, the Company manages timber properties in the southeastern
United States. The Company is strategically positioned in over 35
countries to serve global as well as regional customers. Additional
information is on the Company's website at www.greif.com.
Forward-Looking Statements
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The words “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “aspiration,” “objective,” “project,” “believe,”
“continue,” “on track” or “target” or the negative thereof and
similar expressions, among others, identify forward-looking
statements. All forward-looking statements are based on
assumptions, expectations and other information currently available
to management. Although the Company believes that the
expectations reflected in forward-looking statements have a
reasonable basis, the Company can give no assurance that these
expectations will prove to be correct. Such forward-looking
statements are subject to certain risks and uncertainties that
could cause the Company’s actual results to differ materially from
those forecasted, projected or anticipated, whether expressed or
implied.
Such risks and uncertainties that might cause a
difference include, but are not limited to, the following: (i)
historically, our business has been sensitive to changes in general
economic or business conditions, (ii) our global operations subject
us to political risks, instability and currency exchange that could
adversely affect our results of operations, (iii) the current and
future challenging global economy and disruption and volatility of
the financial and credit markets may adversely affect our business,
(iv) the continuing consolidation of our customer base and
suppliers may intensify pricing pressure, (v) we operate in highly
competitive industries, (vi) our business is sensitive to changes
in industry demands and customer preferences, (vii) raw material
shortages, price fluctuations, global supply chain disruptions and
increased inflation may adversely impact our results of operations,
(viii) energy and transportation price fluctuations and shortages
may adversely impact our manufacturing operations and costs, (ix)
we may encounter difficulties or liabilities arising from
acquisitions or divestitures, (x) we may incur additional
rationalization costs and there is no guarantee that our efforts to
reduce costs will be successful, (xi) several operations are
conducted by joint ventures that we cannot operate solely for our
benefit, (xii) certain of the agreements that govern our joint
ventures provide our partners with put or call options, (xiii) our
ability to attract, develop and retain talented and qualified
employees, managers and executives is critical to our success,
(xiv) our business may be adversely impacted by work stoppages and
other labor relations matters, (xv) we may be subject to losses
that might not be covered in whole or in part by existing insurance
reserves or insurance coverage and general insurance premium and
deductible increases, (xvi) our business depends on the
uninterrupted operations of our facilities, systems and business
functions, including our information technology and other business
systems, (xvii) a cyber-attack, security breach of customer,
employee, supplier or Company information and data privacy risks
and costs of compliance with new regulations may have a material
adverse effect on our business, financial condition, results of
operations and cash flows, (xviii) we could be subject to changes
in our tax rates, the adoption of new U.S. or foreign tax
legislation or exposure to additional tax liabilities, (xix) we
have a significant amount of goodwill and long-lived assets which,
if impaired in the future, would adversely impact our results of
operations, (xx) changing climate, global climate change
regulations and greenhouse gas effects may adversely affect our
operations and financial performance, (xxi) we may be unable to
achieve our greenhouse gas emission reduction target by 2030,
(xxii) legislation/regulation related to environmental and health
and safety matters could negatively impact our operations and
financial performance, (xxiii) product liability claims and other
legal proceedings could adversely affect our operations and
financial performance, and (xxiv) we may incur fines or penalties,
damage to our reputation or other adverse consequences if our
employees, agents or business partners violate, or are alleged to
have violated, anti-bribery, competition or other laws.
The risks described above are not all-inclusive,
and given these and other possible risks and uncertainties,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. For a detailed
discussion of the most significant risks and uncertainties that
could cause our actual results to differ materially from those
forecasted, projected or anticipated, see “Risk Factors” in Part I,
Item 1A of our most recently filed Form 10-K and our other filings
with the Securities and Exchange Commission.
All forward-looking statements made in this news
release are expressly qualified in their entirety by reference to
such risk factors. Except to the limited extent required by
applicable law, we undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
| |
|
GREIF, INC. AND SUBSIDIARY
COMPANIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOMEUNAUDITED |
| |
| |
Three Months EndedOctober
31, |
|
Twelve Months EndedOctober
31, |
|
(in millions, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net sales |
$ |
1,417.1 |
|
|
$ |
1,308.4 |
|
|
$ |
5,448.1 |
|
|
$ |
5,218.6 |
|
| Cost of products sold |
|
1,128.4 |
|
|
|
1,032.7 |
|
|
|
4,377.3 |
|
|
|
4,072.5 |
|
|
Gross profit |
|
288.7 |
|
|
|
275.7 |
|
|
|
1,070.8 |
|
|
|
1,146.1 |
|
| Selling, general and
administrative expenses |
|
157.5 |
|
|
|
136.8 |
|
|
|
634.5 |
|
|
|
549.1 |
|
| Acquisition and integration
related costs |
|
2.4 |
|
|
|
3.5 |
|
|
|
18.5 |
|
|
|
19.0 |
|
| Restructuring charges |
|
3.8 |
|
|
|
5.2 |
|
|
|
5.4 |
|
|
|
18.7 |
|
| Non-cash asset impairment
charges |
|
0.7 |
|
|
|
16.9 |
|
|
|
2.6 |
|
|
|
20.3 |
|
| (Gain) loss on disposal of
properties, plants and equipment, net |
|
(2.4 |
) |
|
|
0.8 |
|
|
|
(8.8 |
) |
|
|
(2.5 |
) |
| (Gain) loss on disposal of
businesses, net |
|
0.1 |
|
|
|
0.1 |
|
|
|
(46.0 |
) |
|
|
(64.0 |
) |
|
Operating profit |
|
126.6 |
|
|
|
112.4 |
|
|
|
464.6 |
|
|
|
605.5 |
|
| Interest expense, net |
|
39.2 |
|
|
|
24.8 |
|
|
|
134.9 |
|
|
|
96.3 |
|
| Non-cash pension settlement
charges |
|
— |
|
|
|
3.5 |
|
|
|
— |
|
|
|
3.5 |
|
| Other (income) expense,
net |
|
0.6 |
|
|
|
1.4 |
|
|
|
10.1 |
|
|
|
11.0 |
|
|
Income before income tax expense and equity earnings of
unconsolidated affiliates, net |
|
86.8 |
|
|
|
82.7 |
|
|
|
319.6 |
|
|
|
494.7 |
|
| Income tax (benefit)
expense |
|
18.9 |
|
|
|
9.9 |
|
|
|
33.9 |
|
|
|
117.8 |
|
| Equity earnings of
unconsolidated affiliates, net of tax |
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
(3.0 |
) |
|
|
(2.2 |
) |
|
Net income |
|
68.8 |
|
|
|
73.3 |
|
|
|
288.7 |
|
|
|
379.1 |
|
| Net income attributable to
noncontrolling interests |
|
(5.4 |
) |
|
|
(5.5 |
) |
|
|
(26.6 |
) |
|
|
(19.9 |
) |
|
Net income attributable to Greif, Inc. |
$ |
63.4 |
|
|
$ |
67.8 |
|
|
$ |
262.1 |
|
|
$ |
359.2 |
|
| Basic earnings per
share attributable to Greif, Inc. common
shareholders: |
|
|
|
|
|
|
|
| Class A common stock |
$ |
1.09 |
|
|
$ |
1.19 |
|
|
$ |
4.54 |
|
|
$ |
6.22 |
|
| Class B common stock |
$ |
1.64 |
|
|
$ |
1.78 |
|
|
$ |
6.80 |
|
|
$ |
9.32 |
|
| Diluted earnings per
share attributable to Greif, Inc. common
shareholders: |
|
|
|
|
|
|
|
| Class A common stock |
$ |
1.08 |
|
|
$ |
1.16 |
|
|
$ |
4.52 |
|
|
$ |
6.15 |
|
| Class B common stock |
$ |
1.64 |
|
|
$ |
1.78 |
|
|
$ |
6.80 |
|
|
$ |
9.32 |
|
| Shares used to
calculate basic earnings per share attributable to Greif, Inc.
common shareholders: |
|
|
|
|
|
|
|
| Class A common stock |
|
25.8 |
|
|
|
25.5 |
|
|
|
25.8 |
|
|
|
25.6 |
|
| Class B common stock |
|
21.3 |
|
|
|
21.3 |
|
|
|
21.3 |
|
|
|
21.5 |
|
| Shares used to
calculate diluted earnings per share attributable to Greif, Inc.
common shareholders: |
|
|
|
|
|
|
|
| Class A common stock |
|
26.3 |
|
|
|
26.0 |
|
|
|
26.0 |
|
|
|
26.0 |
|
| Class B
common stock |
|
21.3 |
|
|
|
21.3 |
|
|
|
21.3 |
|
|
|
21.5 |
|
| |
|
GREIF, INC. AND SUBSIDIARY
COMPANIESCONDENSED CONSOLIDATED BALANCE
SHEETS UNAUDITED |
| |
| (in
millions) |
October 31, 2024 |
|
October 31, 2023 |
|
ASSETS |
|
|
|
| CURRENT ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
197.7 |
|
$ |
180.9 |
| Trade accounts receivable |
|
757.1 |
|
|
659.4 |
| Inventories |
|
396.8 |
|
|
338.6 |
| Other current assets |
|
197.1 |
|
|
190.2 |
| |
|
1,548.7 |
|
|
1,369.1 |
| LONG-TERM ASSETS |
|
|
|
| Goodwill |
|
1,953.7 |
|
|
1,693.0 |
| Intangible assets |
|
937.1 |
|
|
792.2 |
| Operating lease assets |
|
284.5 |
|
|
290.3 |
| Other long-term assets |
|
270.3 |
|
|
253.6 |
| |
|
3,445.6 |
|
|
3,029.1 |
| PROPERTIES, PLANTS AND
EQUIPMENT, NET |
|
1,652.1 |
|
|
1,562.6 |
| |
$ |
6,646.4 |
|
$ |
5,960.8 |
| LIABILITIES AND
EQUITY |
|
|
|
| CURRENT LIABILITIES |
|
|
|
| Accounts payable |
$ |
530.4 |
|
$ |
497.8 |
| Short-term borrowings |
|
18.6 |
|
|
5.4 |
| Current portion of long-term
debt |
|
95.8 |
|
|
88.3 |
| Current portion of operating
lease liabilities |
|
56.5 |
|
|
53.8 |
| Other current liabilities |
|
310.6 |
|
|
294.0 |
| |
|
1,011.9 |
|
|
939.3 |
| LONG-TERM LIABILITIES |
|
|
|
| Long-term debt |
|
2,626.2 |
|
|
2,121.4 |
| Operating lease
liabilities |
|
230.2 |
|
|
240.2 |
| Other long-term
liabilities |
|
537.4 |
|
|
548.3 |
| |
|
3,393.8 |
|
|
2,909.9 |
| REDEEMABLE NONCONTROLLING
INTERESTS |
|
129.9 |
|
|
125.3 |
| EQUITY |
|
|
|
| Total Greif, Inc. equity |
|
2,075.7 |
|
|
1,947.9 |
| Noncontrolling interests |
|
35.1 |
|
|
38.4 |
| |
|
2,110.8 |
|
|
1,986.3 |
| |
$ |
6,646.4 |
|
$ |
5,960.8 |
| |
|
GREIF, INC. AND SUBSIDIARY
COMPANIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWSUNAUDITED |
| |
| |
Three Months EndedOctober
31, |
|
Twelve Months EndedOctober
31, |
|
(in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
| Net income |
$ |
68.8 |
|
|
|
73.3 |
|
|
$ |
288.7 |
|
|
$ |
379.1 |
|
| Depreciation, depletion and
amortization |
|
67.9 |
|
|
|
61.2 |
|
|
|
261.3 |
|
|
|
230.6 |
|
| Asset impairments |
|
0.7 |
|
|
|
16.9 |
|
|
|
2.6 |
|
|
|
20.3 |
|
| Pension settlement
charges |
|
— |
|
|
|
3.5 |
|
|
|
— |
|
|
|
3.5 |
|
| Deferred income tax expense
(benefit) |
|
(23.2 |
) |
|
|
(27.8 |
) |
|
|
(76.8 |
) |
|
|
(28.7 |
) |
| Gain on disposal of
businesses, net |
|
0.1 |
|
|
|
— |
|
|
|
(46.0 |
) |
|
|
(64.0 |
) |
| Other non-cash adjustments to
net income |
|
8.9 |
|
|
|
15.7 |
|
|
|
50.9 |
|
|
|
50.4 |
|
| Operating working capital
changes |
|
52.4 |
|
|
|
57.7 |
|
|
|
(49.9 |
) |
|
|
151.5 |
|
| Increase (decrease) in cash
from changes in other assets and liabilities |
|
11.6 |
|
|
|
3.0 |
|
|
|
(74.8 |
) |
|
|
(93.2 |
) |
|
Net cash (used in) provided by operating activities |
|
187.2 |
|
|
|
203.5 |
|
|
|
356.0 |
|
|
|
649.5 |
|
| CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
| Acquisitions of companies, net
of cash acquired |
|
(1.2 |
) |
|
|
(94.9 |
) |
|
|
(568.8 |
) |
|
|
(542.4 |
) |
| Purchases of properties,
plants and equipment |
|
(45.1 |
) |
|
|
(77.2 |
) |
|
|
(186.5 |
) |
|
|
(213.6 |
) |
| Proceeds from the sale of
properties, plants and equipment and businesses, net of impacts
from the purchase of acquisitions |
|
93.4 |
|
|
|
0.6 |
|
|
|
103.9 |
|
|
|
113.9 |
|
| Payments for deferred purchase
price of acquisitions |
|
— |
|
|
|
(0.4 |
) |
|
|
(1.7 |
) |
|
|
(22.1 |
) |
| Other |
|
(1.6 |
) |
|
|
(1.6 |
) |
|
|
(5.2 |
) |
|
|
(6.0 |
) |
|
Net cash (used in) provided by investing activities |
|
45.5 |
|
|
|
(173.5 |
) |
|
|
(658.3 |
) |
|
|
(670.2 |
) |
| CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
| Payments on long-term debt,
net |
|
(171.8 |
) |
|
|
47.6 |
|
|
|
489.4 |
|
|
|
290.7 |
|
| Dividends paid to Greif, Inc.
shareholders |
|
(31.2 |
) |
|
|
(29.8 |
) |
|
|
(121.0 |
) |
|
|
(116.5 |
) |
| Payments for share
repurchases |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(63.9 |
) |
| Tax withholding payments for
stock-based awards |
|
— |
|
|
|
— |
|
|
|
(10.6 |
) |
|
|
(13.7 |
) |
| Other |
|
(14.4 |
) |
|
|
(10.1 |
) |
|
|
(33.5 |
) |
|
|
(26.9 |
) |
|
Net cash (used in) provided by for financing activities |
|
(217.4 |
) |
|
|
7.7 |
|
|
|
324.3 |
|
|
|
69.7 |
|
| Effects of exchange rates on
cash |
|
(11.8 |
) |
|
|
(14.5 |
) |
|
|
(5.2 |
) |
|
|
(15.2 |
) |
| Net increase (decrease) in
cash and cash equivalents |
|
3.5 |
|
|
|
23.2 |
|
|
|
16.8 |
|
|
|
33.8 |
|
| Cash and cash equivalents,
beginning of period |
|
194.2 |
|
|
|
157.7 |
|
|
|
180.9 |
|
|
|
147.1 |
|
| Cash and cash equivalents, end
of period |
$ |
197.7 |
|
|
$ |
180.9 |
|
|
$ |
197.7 |
|
|
$ |
180.9 |
|
| |
|
GREIF, INC. AND SUBSIDIARY
COMPANIESFINANCIAL HIGHLIGHTS BY
SEGMENTUNAUDITED |
| |
| |
Three Months EndedOctober
31, |
|
Twelve Months EndedOctober
31, |
|
(in millions) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net sales: |
|
|
|
|
|
|
|
|
Global Industrial Packaging |
$ |
786.9 |
|
$ |
721.0 |
|
$ |
3,124.3 |
|
$ |
2,936.8 |
|
Paper Packaging & Services |
|
624.5 |
|
|
581.6 |
|
|
2,303.5 |
|
|
2,260.5 |
|
Land Management |
|
5.7 |
|
|
5.8 |
|
|
20.3 |
|
|
21.3 |
|
Total net sales |
$ |
1,417.1 |
|
$ |
1,308.4 |
|
$ |
5,448.1 |
|
$ |
5,218.6 |
| Gross
profit: |
|
|
|
|
|
|
|
|
Global Industrial Packaging |
$ |
167.0 |
|
$ |
154.4 |
|
$ |
669.4 |
|
$ |
634.4 |
|
Paper Packaging & Services |
|
118.7 |
|
|
118.8 |
|
|
391.6 |
|
|
502.5 |
|
Land Management |
|
3.0 |
|
|
2.5 |
|
|
9.8 |
|
|
9.2 |
|
Total gross profit |
$ |
288.7 |
|
$ |
275.7 |
|
$ |
1,070.8 |
|
$ |
1,146.1 |
| Operating
profit: |
|
|
|
|
|
|
|
|
Global Industrial Packaging |
$ |
75.0 |
|
$ |
75.1 |
|
$ |
341.1 |
|
$ |
334.3 |
|
Paper Packaging & Services |
|
48.7 |
|
|
35.3 |
|
|
115.6 |
|
|
264.1 |
|
Land Management |
|
2.9 |
|
|
2.0 |
|
|
7.9 |
|
|
7.1 |
|
Total operating profit |
$ |
126.6 |
|
$ |
112.4 |
|
$ |
464.6 |
|
$ |
605.5 |
|
EBITDA(8): |
|
|
|
|
|
|
|
|
Global Industrial Packaging |
$ |
108.0 |
|
$ |
96.2 |
|
$ |
454.8 |
|
$ |
415.7 |
|
Paper Packaging & Services |
|
83.3 |
|
|
70.4 |
|
|
253.9 |
|
|
398.8 |
|
Land Management |
|
3.5 |
|
|
2.6 |
|
|
10.1 |
|
|
9.3 |
|
Total EBITDA |
$ |
194.8 |
|
$ |
169.2 |
|
$ |
718.8 |
|
$ |
823.8 |
| Adjusted
EBITDA(9): |
|
|
|
|
|
|
|
|
Global Industrial Packaging |
$ |
109.4 |
|
$ |
105.4 |
|
$ |
423.6 |
|
$ |
425.4 |
|
Paper Packaging & Services |
|
85.3 |
|
|
93.7 |
|
|
261.5 |
|
|
387.9 |
|
Land Management |
|
2.9 |
|
|
2.5 |
|
|
9.1 |
|
|
8.9 |
|
Total Adjusted EBITDA |
$ |
197.6 |
|
$ |
201.6 |
|
$ |
694.2 |
|
$ |
822.2 |
(8) EBITDA is defined as net income, plus
interest expense, net, plus income tax (benefit) expense, plus
depreciation, depletion and amortization. However, because the
Company does not calculate net income by segment, this table
calculates EBITDA by segment with reference to operating profit by
segment, which, as demonstrated in the table of Consolidated
EBITDA, is another method to achieve the same result. See the
reconciliations in the table of Segment EBITDA.
(9) Adjusted EBITDA is defined as net income,
plus interest expense, net, plus income tax (benefit) expense, plus
depreciation, depletion and amortization expense, plus acquisition
and integration related costs, plus restructuring charges, plus
non-cash asset impairment charges, plus non-cash pension settlement
charges, plus gain (loss) on disposal of properties, plants and
equipment, (gain) loss on disposal of businesses, net, plus other
costs.
| |
|
GREIF, INC. AND SUBSIDIARY COMPANIESGAAP
TO NON-GAAP RECONCILIATIONCONSOLIDATED ADJUSTED
EBITDAUNAUDITED |
| |
| |
Three Months EndedOctober
31, |
|
Twelve Months EndedOctober
31, |
|
(in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net income |
$ |
68.8 |
|
|
$ |
73.3 |
|
|
$ |
288.7 |
|
|
$ |
379.1 |
|
|
Plus: Interest expense, net |
|
39.2 |
|
|
|
24.8 |
|
|
|
134.9 |
|
|
|
96.3 |
|
|
Plus: Income tax (benefit) expense |
|
18.9 |
|
|
|
9.9 |
|
|
|
33.9 |
|
|
|
117.8 |
|
|
Plus: Depreciation, depletion and amortization expense |
|
67.9 |
|
|
|
61.2 |
|
|
|
261.3 |
|
|
|
230.6 |
|
| EBITDA |
$ |
194.8 |
|
|
$ |
169.2 |
|
|
$ |
718.8 |
|
|
$ |
823.8 |
|
| Net income |
$ |
68.8 |
|
|
$ |
73.3 |
|
|
$ |
288.7 |
|
|
$ |
379.1 |
|
|
Plus: Interest expense, net |
|
39.2 |
|
|
|
24.8 |
|
|
|
134.9 |
|
|
|
96.3 |
|
|
Plus: Non-cash pension settlement charges |
|
— |
|
|
|
3.5 |
|
|
|
— |
|
|
|
3.5 |
|
|
Plus: Other (income) expense, net |
|
0.6 |
|
|
|
1.4 |
|
|
|
10.1 |
|
|
|
11.0 |
|
|
Plus: Income tax (benefit) expense |
|
18.9 |
|
|
|
9.9 |
|
|
|
33.9 |
|
|
|
117.8 |
|
|
Plus: Equity earnings of unconsolidated affiliates, net of tax |
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
(3.0 |
) |
|
|
(2.2 |
) |
| Operating profit |
|
126.6 |
|
|
|
112.4 |
|
|
|
464.6 |
|
|
|
605.5 |
|
|
Less: Non-cash pension settlement charges |
|
— |
|
|
|
3.5 |
|
|
|
— |
|
|
|
3.5 |
|
|
Less: Other (income) expense, net |
|
0.6 |
|
|
|
1.4 |
|
|
|
10.1 |
|
|
|
11.0 |
|
|
Less: Equity earnings of unconsolidated affiliates, net of tax |
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
(3.0 |
) |
|
|
(2.2 |
) |
|
Plus: Depreciation, depletion and amortization expense |
|
67.9 |
|
|
|
61.2 |
|
|
|
261.3 |
|
|
|
230.6 |
|
| EBITDA |
$ |
194.8 |
|
|
$ |
169.2 |
|
|
$ |
718.8 |
|
|
$ |
823.8 |
|
|
Plus: Acquisition and integration related costs |
|
2.4 |
|
|
|
3.5 |
|
|
|
18.5 |
|
|
|
19.0 |
|
|
Plus: Restructuring charges |
$ |
3.8 |
|
|
$ |
5.2 |
|
|
$ |
5.4 |
|
|
$ |
18.7 |
|
|
Plus: Non-cash asset impairment charges |
|
0.7 |
|
|
|
16.9 |
|
|
|
2.6 |
|
|
|
20.3 |
|
|
Plus: (Gain) loss on disposal of properties, plants and equipment,
net |
|
(2.4 |
) |
|
|
0.8 |
|
|
|
(8.8 |
) |
|
|
(2.5 |
) |
|
Plus: (Gain) loss on disposal of businesses, net |
|
0.1 |
|
|
|
0.1 |
|
|
|
(46.0 |
) |
|
|
(64.0 |
) |
|
Plus: Non-cash pension settlement charges |
|
— |
|
|
|
3.5 |
|
|
|
— |
|
|
|
3.5 |
|
|
Plus: Other costs* |
|
(1.8 |
) |
|
|
2.4 |
|
|
|
3.7 |
|
|
|
3.4 |
|
| Adjusted EBITDA |
$ |
197.6 |
|
|
$ |
201.6 |
|
|
$ |
694.2 |
|
|
$ |
822.2 |
|
| *includes fiscal
year-end change costs and share-based compensation impact of
disposals of businesses |
| |
|
GREIF, INC. AND SUBSIDIARY COMPANIESGAAP
TO NON-GAAP RECONCILIATIONSEGMENT ADJUSTED
EBITDA(10) UNAUDITED |
| |
| |
Three Months EndedOctober
31, |
|
Twelve Months EndedOctober
31, |
|
(in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Global Industrial Packaging |
|
|
|
|
|
|
|
| Operating profit |
$ |
75.0 |
|
|
$ |
75.1 |
|
|
$ |
341.1 |
|
|
$ |
334.3 |
|
|
Less: Non-cash pension settlement charges |
|
— |
|
|
|
3.5 |
|
|
|
— |
|
|
|
3.5 |
|
|
Less: Other (income) expense, net |
|
0.9 |
|
|
|
1.7 |
|
|
|
11.6 |
|
|
|
12.6 |
|
|
Less: Equity earnings of unconsolidated affiliates, net of tax |
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
(3.0 |
) |
|
|
(2.2 |
) |
|
Plus: Depreciation and amortization expense |
|
33.0 |
|
|
|
25.8 |
|
|
|
122.3 |
|
|
|
95.3 |
|
| EBITDA |
$ |
108.0 |
|
|
$ |
96.2 |
|
|
$ |
454.8 |
|
|
$ |
415.7 |
|
|
Plus: Acquisition and integration related costs |
|
1.1 |
|
|
|
3.4 |
|
|
|
17.2 |
|
|
|
12.2 |
|
|
Plus: Restructuring charges |
|
3.0 |
|
|
|
— |
|
|
|
(2.8 |
) |
|
|
4.2 |
|
|
Plus: Non-cash asset impairment charges |
|
0.8 |
|
|
|
0.4 |
|
|
|
1.3 |
|
|
|
1.9 |
|
|
Plus: (Gain) loss on disposal of properties, plants and equipment,
net |
|
(2.6 |
) |
|
|
0.2 |
|
|
|
(2.9 |
) |
|
|
(4.4 |
) |
|
Plus: (Gain) loss on disposal of businesses, net |
|
0.1 |
|
|
|
0.5 |
|
|
|
(46.0 |
) |
|
|
(9.4 |
) |
|
Plus: Non-cash pension settlement charges |
|
— |
|
|
|
3.5 |
|
|
|
— |
|
|
|
3.5 |
|
|
Plus: Other costs* |
|
(1.0 |
) |
|
|
1.2 |
|
|
|
2.0 |
|
|
|
1.7 |
|
| Adjusted EBITDA |
$ |
109.4 |
|
|
$ |
105.4 |
|
|
$ |
423.6 |
|
|
$ |
425.4 |
|
| Paper
Packaging & Services |
|
|
|
|
|
|
|
| Operating profit |
$ |
48.7 |
|
|
$ |
35.3 |
|
|
$ |
115.6 |
|
|
$ |
264.1 |
|
|
Less: Other (income) expense, net |
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(1.5 |
) |
|
|
(1.6 |
) |
|
Plus: Depreciation and amortization expense |
|
34.3 |
|
|
|
34.8 |
|
|
|
136.8 |
|
|
|
133.1 |
|
| EBITDA |
$ |
83.3 |
|
|
$ |
70.4 |
|
|
$ |
253.9 |
|
|
$ |
398.8 |
|
|
Plus: Acquisition and integration related costs |
|
1.3 |
|
|
|
0.1 |
|
|
|
1.3 |
|
|
|
6.8 |
|
|
Plus: Restructuring charges |
|
0.8 |
|
|
|
5.2 |
|
|
|
8.2 |
|
|
|
14.5 |
|
|
Plus: Non-cash asset impairment charges |
|
(0.1 |
) |
|
|
16.5 |
|
|
|
1.3 |
|
|
|
18.4 |
|
|
Plus: (Gain) loss on disposal of properties, plants and equipment,
net |
|
0.8 |
|
|
|
0.7 |
|
|
|
(4.9 |
) |
|
|
2.3 |
|
|
Plus: (Gain) loss on disposal of businesses, net |
|
— |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
(54.6 |
) |
|
Plus: Other costs* |
|
(0.8 |
) |
|
|
1.2 |
|
|
|
1.7 |
|
|
|
1.7 |
|
| Adjusted EBITDA |
$ |
85.3 |
|
|
$ |
93.7 |
|
|
$ |
261.5 |
|
|
$ |
387.9 |
|
| Land
Management |
|
|
|
|
|
|
|
| Operating profit |
$ |
2.9 |
|
|
$ |
2.0 |
|
|
$ |
7.9 |
|
|
$ |
7.1 |
|
|
Plus: Depreciation, depletion and amortization expense |
|
0.6 |
|
|
|
0.6 |
|
|
|
2.2 |
|
|
|
2.2 |
|
| EBITDA |
$ |
3.5 |
|
|
$ |
2.6 |
|
|
$ |
10.1 |
|
|
$ |
9.3 |
|
|
Plus: (Gain) loss on disposal of properties, plants and equipment,
net |
|
(0.6 |
) |
|
|
(0.1 |
) |
|
|
(1.0 |
) |
|
|
(0.4 |
) |
| Adjusted EBITDA |
$ |
2.9 |
|
|
$ |
2.5 |
|
|
$ |
9.1 |
|
|
$ |
8.9 |
|
| Consolidated EBITDA |
$ |
194.8 |
|
|
$ |
169.2 |
|
|
$ |
718.8 |
|
|
$ |
823.8 |
|
| Consolidated Adjusted
EBITDA |
$ |
197.6 |
|
|
$ |
201.6 |
|
|
$ |
694.2 |
|
|
$ |
822.2 |
|
| *includes fiscal
year-end change costs and share-based compensation impact of
disposals of businesses |
(10) Adjusted EBITDA is defined as net
income, plus interest expense, net, plus income tax (benefit)
expense, plus depreciation, depletion and amortization expense,
plus acquisition and integration related costs, plus restructuring
charges, plus non-cash asset impairment charges, plus non-cash
pension settlement charges, plus (gain) loss on disposal of
properties, plants and equipment, plus (gain) loss on disposal of
businesses, net, plus other costs. However, because the Company
does not calculate net income by segment, this table calculates
adjusted EBITDA by segment with reference to operating profit by
segment, which, as demonstrated in the table of consolidated
adjusted EBITDA, is another method to achieve the same result.
| |
|
GREIF, INC. AND SUBSIDIARY COMPANIESGAAP
TO NON-GAAP RECONCILIATIONADJUSTED FREE CASH
FLOW(11)UNAUDITED |
| |
| |
Three Months EndedOctober
31, |
|
Twelve Months EndedOctober
31, |
|
(in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net cash provided by operating activities |
$ |
187.2 |
|
|
$ |
203.5 |
|
|
$ |
356.0 |
|
|
$ |
649.5 |
|
|
Cash paid for purchases of properties, plants and equipment |
|
(45.1 |
) |
|
|
(77.2 |
) |
|
|
(186.5 |
) |
|
|
(213.6 |
) |
| Free Cash
Flow |
$ |
142.1 |
|
|
$ |
126.3 |
|
|
$ |
169.5 |
|
|
$ |
435.9 |
|
|
Cash paid for acquisition and integration related costs |
|
2.4 |
|
|
|
3.5 |
|
|
|
18.5 |
|
|
|
19.0 |
|
|
Cash paid for integration related ERP systems and
equipment(12) |
|
0.2 |
|
|
|
1.0 |
|
|
|
1.3 |
|
|
|
4.6 |
|
|
Cash paid for taxes related to Tama, Iowa mill divestment |
|
— |
|
|
|
5.4 |
|
|
|
— |
|
|
|
21.7 |
|
|
Cash paid for fiscal year-end change costs |
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
| Adjusted Free Cash
Flow |
$ |
144.7 |
|
|
$ |
136.2 |
|
|
$ |
189.8 |
|
|
$ |
481.2 |
|
(11)Adjusted free cash flow is defined as net
cash provided by operating activities, less cash paid for purchases
of properties, plants and equipment, plus cash paid for acquisition
and integration related costs, net, plus cash paid for integration
related ERP systems and equipment, plus cash paid for taxes related
to Tama, Iowa mill divestment, plus cash paid for fiscal year-end
change costs.
(12) Cash paid for integration related ERP
systems and equipment is defined as cash paid for ERP systems and
equipment required to bring the acquired facilities to Greif’s
standards.
| |
|
GREIF, INC. AND SUBSIDIARY COMPANIESGAAP
TO NON-GAAP RECONCILIATIONNET INCOME, CLASS A
EARNINGS PER SHARE, AND TAX RATE BEFORE
ADJUSTMENTSUNAUDITED |
| |
| (in
millions, except for per share amounts) |
|
Income before Income Tax Expense and Equity Earnings of
Unconsolidated Affiliates, net |
|
Income Tax (Benefit) Expense |
|
Equity Earnings |
|
Noncontrolling Interest |
|
Net Income Attributable to Greif, Inc. |
|
Diluted Class A Earnings Per Share |
Tax Rate |
|
Three Months Ended October 31, 2024 |
|
$ |
86.8 |
|
|
$ |
18.9 |
|
|
$ |
(0.9 |
) |
|
$ |
5.4 |
|
$ |
63.4 |
|
|
$ |
1.08 |
|
21.8 |
% |
|
Acquisition and integration related costs |
|
|
2.4 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
1.9 |
|
|
|
0.03 |
|
|
|
Restructuring charges |
|
|
3.8 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
— |
|
|
2.8 |
|
|
|
0.05 |
|
|
|
Non-cash asset impairment charges |
|
|
0.7 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
0.5 |
|
|
|
0.01 |
|
|
|
(Gain) loss on disposal of properties, plants and equipment,
net |
|
|
(2.4 |
) |
|
|
(0.5 |
) |
|
|
— |
|
|
|
— |
|
|
(1.9 |
) |
|
|
(0.03 |
) |
|
|
(Gain) loss on disposal of businesses, net |
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.1 |
|
|
|
0.01 |
|
|
|
Other costs* |
|
|
(1.8 |
) |
|
|
(0.5 |
) |
|
|
— |
|
|
|
— |
|
|
(1.3 |
) |
|
|
(0.02 |
) |
|
|
Excluding Adjustments |
|
$ |
89.6 |
|
|
$ |
19.6 |
|
|
$ |
(0.9 |
) |
|
$ |
5.4 |
|
$ |
65.5 |
|
|
$ |
1.13 |
|
21.9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended
October 31, 2023 |
|
$ |
82.7 |
|
|
$ |
9.9 |
|
|
$ |
(0.5 |
) |
|
$ |
5.5 |
|
$ |
67.8 |
|
|
$ |
1.16 |
|
12.0 |
% |
|
Acquisition and integration related costs |
|
|
3.5 |
|
|
|
0.8 |
|
|
|
— |
|
|
|
— |
|
|
2.7 |
|
|
|
0.04 |
|
|
|
Restructuring charges |
|
|
5.2 |
|
|
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
4.0 |
|
|
|
0.08 |
|
|
|
Non-cash asset impairment charges |
|
|
16.9 |
|
|
|
4.1 |
|
|
|
— |
|
|
|
— |
|
|
12.8 |
|
|
|
0.22 |
|
|
|
(Gain) loss on disposal of properties, plants and equipment,
net |
|
|
0.8 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
0.5 |
|
|
|
0.01 |
|
|
|
(Gain) loss on disposal of businesses, net |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
(0.2 |
) |
|
|
(0.01 |
) |
|
|
Non-cash pension settlement charges |
|
|
3.5 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
3.3 |
|
|
|
0.06 |
|
|
|
Other costs* |
|
|
2.4 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
1.7 |
|
|
|
0.03 |
|
|
|
Excluding Adjustments |
|
$ |
115.1 |
|
|
$ |
17.5 |
|
|
$ |
(0.5 |
) |
|
$ |
5.5 |
|
$ |
92.6 |
|
|
$ |
1.59 |
|
15.2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Twelve Months Ended
October 31, 2024 |
|
$ |
319.6 |
|
|
$ |
33.9 |
|
|
$ |
(3.0 |
) |
|
$ |
26.6 |
|
$ |
262.1 |
|
|
$ |
4.52 |
|
10.6 |
% |
|
Acquisition and integration related costs |
|
|
18.5 |
|
|
|
4.5 |
|
|
|
— |
|
|
|
— |
|
|
14.0 |
|
|
|
0.24 |
|
|
|
Restructuring charges |
|
|
5.4 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
— |
|
|
4.1 |
|
|
|
0.07 |
|
|
|
Non-cash asset impairment charges |
|
|
2.6 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
1.9 |
|
|
|
0.03 |
|
|
|
(Gain) loss on disposal of properties, plants and equipment,
net |
|
|
(8.8 |
) |
|
|
(2.1 |
) |
|
|
— |
|
|
|
— |
|
|
(6.7 |
) |
|
|
(0.11 |
) |
|
|
(Gain) loss on disposal of businesses, net |
|
|
(46.0 |
) |
|
|
(17.3 |
) |
|
|
— |
|
|
|
— |
|
|
(28.7 |
) |
|
|
(0.49 |
) |
|
|
Other costs* |
|
|
3.7 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
2.8 |
|
|
|
0.05 |
|
|
|
Excluding Adjustments |
|
$ |
295.0 |
|
|
$ |
21.9 |
|
|
$ |
(3.0 |
) |
|
$ |
26.6 |
|
$ |
249.5 |
|
|
$ |
4.31 |
|
7.4 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Twelve Months Ended
October 31, 2023 |
|
$ |
494.7 |
|
|
$ |
117.8 |
|
|
$ |
(2.2 |
) |
|
$ |
19.9 |
|
$ |
359.2 |
|
|
$ |
6.15 |
|
23.8 |
% |
|
Acquisition and integration related costs |
|
|
19.0 |
|
|
|
4.6 |
|
|
|
— |
|
|
|
— |
|
|
14.4 |
|
|
|
0.24 |
|
|
|
Restructuring charges |
|
|
18.7 |
|
|
|
4.4 |
|
|
|
— |
|
|
|
0.1 |
|
|
14.2 |
|
|
|
0.25 |
|
|
|
Non-cash asset impairment charges |
|
|
20.3 |
|
|
|
4.9 |
|
|
|
— |
|
|
|
— |
|
|
15.4 |
|
|
|
0.26 |
|
|
|
(Gain) loss on disposal of properties, plants and equipment,
net |
|
|
(2.5 |
) |
|
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
|
(2.2 |
) |
|
|
(0.04 |
) |
|
|
(Gain) loss on disposal of businesses, net |
|
|
(64.0 |
) |
|
|
(18.4 |
) |
|
|
— |
|
|
|
— |
|
|
(45.6 |
) |
|
|
(0.78 |
) |
|
|
Non-cash pension settlement charges |
|
|
3.5 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
3.3 |
|
|
|
0.06 |
|
|
|
Other costs* |
|
|
3.4 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
2.5 |
|
|
|
0.05 |
|
|
|
Excluding Adjustments |
|
$ |
493.1 |
|
|
$ |
114.1 |
|
|
$ |
(2.2 |
) |
|
$ |
20.0 |
|
$ |
361.2 |
|
|
$ |
6.19 |
|
23.1 |
% |
| *includes fiscal
year-end change costs and share-based compensation impact of
disposals of businesses |
The impact of income tax (benefit) expense and
noncontrolling interest on each adjustment is calculated based on
tax rates and ownership percentages specific to each applicable
entity.
| |
|
GREIF INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION NET DEBT
UNAUDITED |
| |
| (in
millions) |
October 31, 2024 |
|
July 31, 2024 |
|
October 31, 2023 |
|
Total Debt |
$ |
2,740.6 |
|
|
$ |
2,909.5 |
|
|
$ |
2,215.1 |
|
| Cash and cash equivalents |
|
(197.7 |
) |
|
|
(194.2 |
) |
|
|
(180.9 |
) |
| Net Debt |
$ |
2,542.9 |
|
|
$ |
2,715.3 |
|
|
$ |
2,034.2 |
|
| |
|
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION LEVERAGE
RATIOUNAUDITED |
| |
|
Trailing Twelve Month Credit Agreement EBITDA(in
millions) |
|
Trailing Twelve Months Ended 10/31/2024 |
Trailing Twelve Months Ended 7/31/2024 |
Trailing Twelve Months Ended 10/31/2023 |
|
Net income |
|
$ |
288.7 |
|
$ |
293.2 |
|
$ |
379.1 |
|
|
Plus: Interest expense, net |
|
|
134.9 |
|
|
120.5 |
|
|
96.3 |
|
|
Plus: Income tax expense |
|
|
33.9 |
|
|
24.9 |
|
|
117.8 |
|
|
Plus: Depreciation, depletion and amortization expense |
|
|
261.3 |
|
|
254.6 |
|
|
230.6 |
|
| EBITDA |
|
$ |
718.8 |
|
$ |
693.2 |
|
$ |
823.8 |
|
|
Plus: Acquisition and integration related costs |
|
|
18.5 |
|
|
19.6 |
|
|
19.0 |
|
|
Plus: Restructuring charges |
|
|
5.4 |
|
|
6.8 |
|
|
18.7 |
|
|
Plus: Non-cash asset impairment charges |
|
|
2.6 |
|
|
18.8 |
|
|
20.3 |
|
|
Plus: (Gain) loss on disposal of properties, plants and equipment,
net |
|
|
(8.8 |
) |
|
(5.6 |
) |
|
(2.5 |
) |
|
Plus: (Gain) loss on disposal of businesses, net |
|
|
(46.0 |
) |
|
(46.0 |
) |
|
(64.0 |
) |
|
Plus: Non-cash pension settlement charges |
|
|
— |
|
|
3.5 |
|
|
3.5 |
|
|
Plus: Other costs* |
|
|
3.7 |
|
|
5.5 |
|
|
3.4 |
|
| Adjusted EBITDA |
|
$ |
694.2 |
|
$ |
695.8 |
|
$ |
822.2 |
|
|
Credit Agreement adjustments to EBITDA(13) |
|
|
0.8 |
|
|
21.4 |
|
|
23.7 |
|
| Credit Agreement EBITDA |
|
$ |
695.0 |
|
$ |
717.2 |
|
$ |
845.9 |
|
| |
|
|
|
|
|
Adjusted Net Debt(in millions) |
|
For the Period Ended 10/31/2024 |
Trailing Twelve Months Ended 7/31/2024 |
For the Period Ended 10/31/2023 |
|
Total debt |
|
$ |
2,740.6 |
|
$ |
2,909.5 |
|
$ |
2,215.1 |
|
|
Cash and cash equivalents |
|
|
(197.7 |
) |
|
(194.2 |
) |
|
(180.9 |
) |
| Net debt |
|
$ |
2,542.9 |
|
$ |
2,715.3 |
|
$ |
2,034.2 |
|
|
Credit Agreement adjustments to debt(14) |
|
|
(90.6 |
) |
|
(106.8 |
) |
|
(177.4 |
) |
| Adjusted net debt |
|
$ |
2,452.3 |
|
$ |
2,608.5 |
|
$ |
1,856.8 |
|
| |
|
|
|
|
| Leverage
Ratio(15) |
|
|
3.53x |
|
|
3.64x |
|
|
2.2x |
|
| *includes fiscal
year-end change costs and share-based compensation impact of
disposals of businesses |
(13)Adjustments to EBITDA are specified by the
2022 Credit Agreement and include certain timberland gains, equity
earnings of unconsolidated affiliates, net of tax, certain
acquisition savings, deferred financing costs, capitalized
interest, income and expense in connection with asset dispositions,
and other items.
(14)Adjustments to net debt are specified by the
2022 Credit Agreement and include the European accounts receivable
program, letters of credit, and balances for swap contracts.
(15) Leverage ratio is defined as Credit
Agreement adjusted net debt divided by Credit Agreement adjusted
EBITDA.
The following table presents net sales by
reportable segments and geographic operating segments,
depreciation, depletion and amortization expenses by reportable
segments, and capital expenditures by reportable segments for
fiscal years 2024 and 2023. The following information is
unaudited:
|
|
Twelve Months Ended October 31, 2024 |
|
Twelve Months Ended October 31, 2023 |
|
(in millions) |
United States |
|
Europe, Middle East and Africa |
|
Asia Pacific and Other Americas |
|
United States |
|
Europe, Middle East and Africa |
|
Asia Pacific and Other Americas |
|
Global Industrial Packaging |
$ |
1,124.0 |
|
$ |
1,388.0 |
|
$ |
612.3 |
|
$ |
1,093.0 |
|
$ |
1,310.9 |
|
$ |
532.9 |
| Paper Packaging &
Services |
|
2,261.4 |
|
|
— |
|
|
42.1 |
|
|
2,218.0 |
|
|
— |
|
|
42.5 |
| Land Management |
|
20.3 |
|
|
— |
|
|
— |
|
|
21.3 |
|
|
— |
|
|
— |
|
Total net sales |
$ |
3,405.7 |
|
$ |
1,388.0 |
|
$ |
654.4 |
|
$ |
3,332.3 |
|
$ |
1,310.9 |
|
$ |
575.4 |
| |
Twelve Months EndedOctober
31, |
|
(in millions) |
|
2024 |
|
|
2023 |
| Depreciation,
depletion and amortization expense: |
|
|
|
| Global Industrial
Packaging |
$ |
122.3 |
|
$ |
95.3 |
| Paper Packaging &
Services |
|
136.8 |
|
|
133.1 |
| Land Management |
|
2.2 |
|
|
2.2 |
|
Total depreciation, depletion and amortization expense |
$ |
261.3 |
|
$ |
230.6 |
|
|
|
|
|
| Capital
expenditures: |
|
|
|
| Global Industrial
Packaging |
$ |
70.8 |
|
$ |
83.9 |
| Paper Packaging &
Services |
|
88.9 |
|
|
120.6 |
| Land Management |
|
0.2 |
|
|
1.1 |
|
Total segment |
|
159.9 |
|
|
205.6 |
| Corporate and other |
|
9.1 |
|
|
12.6 |
|
Total capital expenditures |
$ |
169.0 |
|
$ |
218.2 |
| |
|
GREIF, INC. AND SUBSIDIARY
COMPANIESPROJECTED 2025 GUIDANCE
RECONCILIATION ADJUSTED FREE CASH
FLOWUNAUDITED |
| |
| |
Fiscal 2025 Low-End Guidance Estimate |
| (in
millions) |
|
|
Net cash provided by operating activities |
$ |
371.0 |
|
|
Cash paid for purchases of properties, plants and equipment |
|
(166.0 |
) |
| Free cash
flow |
$ |
205.0 |
|
|
Cash paid for acquisition and integration related costs |
|
17.0 |
|
|
Cash paid for integration related ERP systems and equipment |
|
1.0 |
|
|
Cash paid for fiscal year-end change costs |
|
2.0 |
|
| Adjusted free cash
flow |
$ |
225.0 |
|
Greif (NYSE:GEF)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Greif (NYSE:GEF)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
