DELAWARE, Ohio, June 05, 2024 - Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced fiscal second quarter 2024 results.
Fiscal Second Quarter 2024 Financial Highlights:
(all results compared to the second quarter of 2023 unless otherwise noted)
- Net income decreased 60.1% to
$44.4 million or$0.77 per diluted Class A share compared to net income of$111.2 million or$1.90 per diluted Class A share. Net income, excluding the impact of adjustments(1), decreased 53.9% to$47.9 million or$0.82 per diluted Class A share compared to net income, excluding the impact of adjustments, of$103.8 million or$1.77 per diluted Class A share. - Adjusted EBITDA(2) decreased 25.7% to
$169.9 million compared to Adjusted EBITDA of$228.6 million . - Net cash provided by operating activities decreased by
$123 .3 million to$87.5 million . Adjusted free cash flow(3) decreased by$126 .5 million to a source of$59.0 million . - Total debt of
$2,916.1 million increased by$626 .9 million, primarily to fund the acquisition of Ipackchem. Net debt(4) increased by$589 .4 million to$2,720 .1 million. Our leverage ratio(5) increased to 3.44x from 2.53x sequentially, and increased from 2.25x in the prior year quarter.
Strategic Actions and Announcements
- On
March 26, 2024 , Greif announced completion of its acquisition of Ipackchem. This acquisition is another key milestone in our strategic objective to grow a global leading platform in high-performance small plastic containers. - Greif will host its Investor Day in
New York City onDecember 11 th, 2024. Further information, including a save the date and formal invitations will be provided closer to the date.
CEO Commentary
“We are excited to present another quarter of solid progress on our Build to Last Strategy, including completing our Ipackchem acquisition and achieving multiple other milestones on our Build to Last missions,” stated
Source: Greif
