Greif, Inc. (NYSE:GEF, GEF.B), a world leader in industrial
packaging products and services, announced third quarter 2016
results. Pete Watson, President and Chief Executive Officer,
stated, “Greif’s third quarter results reflect improvement across
most of our portfolio despite a sluggish industrial economy.
Margins expanded year over year, and we continue to benefit from a
strong operational performance in our Rigid Industrial Packaging
and Services segment. This offset market headwinds impacting our
Paper Packaging and Services business. We remain firmly focused on
all of those business levers within our control - customer service
excellence, disciplined commercial and operational execution and
greater financial discipline. This will provide a pathway toward
creating greater value for our customers and shareholders."
Highlights include:
- Revised fiscal year 2016 Class A
earnings per share guidance to $2.36 - $2.56 per share, excluding
gains and losses on the sales of businesses, timberland and
property, plant and equipment, acquisition costs and restructuring
and impairment charges.
- Net income for the third quarter of
2016 of $46.1 million or $0.78 per diluted Class A share
compared to net income of $8.6 million or $0.15 per diluted
Class A share for the third quarter of 2015. Earnings per
share, excluding the impact of special items1, was $0.91 per
diluted Class A share for the third quarter of 2016 compared
to $0.60 per diluted Class A share for the third quarter of
2015.
- Net sales decreased $85.0 million to
$845.0 million for the third quarter of 2016 compared to $930.0
million for the third quarter of 2015. Net sales for the third
quarter of 2016, adjusting for the effect of divestitures for both
quarters and currency translation for the third quarter of 20162,
were flat compared to the third quarter 2015. Sales were negatively
impacted by weakness in agricultural markets in Europe and North
America.
- Gross profit improved to $176.5 million
for the third quarter of 2016 compared to $166.8 million for the
third quarter of 2015. Gross profit margin improved to 20.9 percent
for the third quarter of 2016 from 17.9 percent for the same period
in 2015. The third quarter of 2015 gross profit included a net
charge related to the contribution from our Venezuelan operations,
which decreased gross profit for the third quarter 2015 by $6.0
million.
- Operating profit improved $27.4 million
and operating profit before special items1 improved $4.6 million
from the third quarter of 2015 to the third quarter of 2016.
Operating profit margin before special items1 improved to 9.9
percent for the third quarter of 2016 from 8.5 percent for the same
period in 2015.
- Cash provided by operating activities
increased $0.4 million from the third quarter of 2016 compared to
the same period in 2015. Free cash flow3 improved $12.2 million for
the third quarter of 2016 compared to the third quarter of 2015 and
long-term debt has decreased $88.0 million since year-end.
1
A summary of all special items that are
excluded from the earnings per diluted Class A share before special
items and from operating profit before special items is set forth
in the Selected Financial Highlights table following the Dividend
Summary in this release.
2 A summary of the adjustments for the impact of divestitures and
currency translation is set forth in the GAAP to Non-GAAP
Reconciliation Net Sales to Net Sales Excluding the Impact of
Divestitures and Currency Translation in the financial schedules
that are part of this release. 3 Free cash flow is defined as net
cash provided by operating activities less cash paid for capital
expenditures.
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.
Company Outlook
Our 2016 fiscal year guidance is revised, as set forth below.
The Company’s ongoing emphasis on customer service excellence and
fundamental operational improvements will more than offset the
impacts of a continued sluggish global industrial economy, a
challenged containerboard pricing environment for the remainder of
the year and weaker than expected seasonal agricultural sales.
Class A Earnings Per Share
before Special Items $2.36 - $2.56 Capital Expenditures
$95 - $110 million
Free Cash Flow
$160 - $190 million
Restructuring Expense $20 - $30 million Tax Rate 35 - 38 percent
Note: No reconciliation of the fiscal year 2016 Class A
earnings per share guidance, a non-GAAP financial measure which
excludes gains and losses on the sales of businesses, timberland
and property, plant and equipment, acquisition costs and
restructuring and impairment charges 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 the most
directly comparable GAAP financial measure without unreasonable
efforts. A reconciliation of free cash flow guidance to the most
directly comparable GAAP financial measure is set forth in the
financial schedules that are part of this release.
Segment Results
Net sales are impacted primarily by the volume of products sold,
selling prices, product mix and the impact of changes in foreign
currencies against the U.S. Dollar. The tables below show the
percentage impact of each of these items on net sales for the third
quarter of 2016 as compared to the third quarter of 2015 for the
business segments with manufacturing operations. The first table
excludes the impact of divestitures while the second is not
adjusted for divestitures.
Net Sales Impact
- Excluding Divestitures:
Rigid Industrial
Packaging &
Services
Paper Packaging &
Services
Flexible Products
& Services
Currency Translation (9.1 )% — (2.2 )%
Volume 1.8 %
2.5 % (8.4 )%
Selling Prices and Product Mix (0.5 )% (4.9 )%
(0.1 )% (7.8 )% (2.4 )% (10.7 )%
Net Sales
Impact:
Rigid Industrial
Packaging & Services
Paper Packaging &
Services
Flexible Products
& Services
Currency Translation (8.8 )% — (2.3 )%
Volume (1.7 )%
2.5 % (8.4 )%
Selling Prices and Product Mix (0.3 )% (4.9 )%
(1.1 )% (10.8 )% (2.4 )% (11.8 )%
Rigid Industrial Packaging & Services
Net sales decreased $72.2 million to $596.8 million for the
third quarter of 2016 compared to $669.0 million for the third
quarter of 2015. Excluding the impact of divestitures4, net sales
decreased $50.7 million to $596.8 million for the third quarter
2016 compared to $647.5 million for the third quarter 2015, due
primarily to the negative impact of currency translation, which
included the significant devaluation of the exchange rate used to
translate our Venezuelan operations at the beginning of the fourth
quarter of 2015, partially offset by increased volumes year over
year.
Gross profit was $131.8 million (22.1 percent) for the third
quarter of 2016 compared to $120.9 million (18.1 percent) for the
third quarter of 2015. Margin improvements in North America, Europe
and Asia Pacific were primarily the result of strategic volume and
pricing decisions and cost containment efforts. The third quarter
of 2015 gross profit included a net charge that decreased gross
profit by $6.0 million related to the devaluation of the Venezuelan
inventory through costs of products sold of $9.3 million offset by
$3.3 million in operational gross profit margin contribution.
Operating profit was $56.7 million for the third quarter of 2016
compared to operating profit of $29.5 million for the third quarter
of 2015. The increase was primarily attributable to the same items
impacting gross profit, reductions in restructuring costs of $4.7
million and non-cash asset impairment charges of $15.1 million,
partially offset by a $5.7 million decrease in gain on disposal of
properties, plants, equipment and businesses, net. Operating profit
before special items and excluding the impact of divestitures
increased to $63.5 million for the third quarter of 2016 from $60.2
million for the third quarter of 2015, due primarily to
improvements in gross profit margin and reductions in SG&A
expenses.
Paper Packaging & Services
Net sales decreased $4.2 million to $172.5 million for the third
quarter of 2016 compared with $176.7 million for the third quarter
of 2015. The decrease was primarily due to reductions in the
published containerboard index prices that occurred during the
first nine months of 2016, partially offset by a shorter annual
maintenance shutdown for the mill system and increased output as a
result of the Riverville modernization project.
Gross profit was $32.3 million (18.7 percent) for the third
quarter of 2016 compared to $35.1 million (19.9 percent) for the
third quarter of 2015. The reduction in gross profit margin was due
primarily to the decrease in net sales and an increase in input
costs, primarily old corrugated container costs.
Operating profit was $19.1 million for the third quarter of 2016
compared with $21.5 million for the third quarter of 2015. The
reduction was due to the same factors impacting gross profit.
Flexible Products & Services
Net sales decreased $9.3 million to $69.9 million for the third
quarter of 2016 compared with $79.2 million for the third quarter
of 2015. Excluding the impact of divestitures, sales decreased $8.1
million for the third quarter of 2016 from the third quarter of
2015 to $76.5 million from $68.4 million, respectively, due
primarily to reduced volumes as a result of weak demand in the U.S.
market and the negative impact of currency translation.
Gross profit was $10.2 million (14.6 percent) for the third
quarter 2016 compared to $8.9 million (11.2 percent) for the third
quarter 2015. The margin improvement was due primarily to reduced
fixed costs and the impact of strategic volume and pricing
decisions.
Operating loss was $5.9 million for the third quarter of 2016
compared to an operating loss of $9.7 million for the third quarter
of 2015. Operating loss before special items and excluding the
impact of divestitures was $1.1 million for the third quarter of
2016 compared to an operating loss of $4.5 million for the third
quarter of 2015. The decrease in the operating loss before special
items and excluding the impact of divestitures was primarily
related to the same factors impacting gross profit and a reduction
in SG&A expense.
Land Management
Net sales increased $0.7 million to $5.8 million for the third
quarter of 2016 compared to $5.1 million for the third quarter of
2015 due to increased timber sales during the third quarter 2016
compared to the same period in 2015.
Operating profit was $1.7 million for the third quarter of 2016
compared to $2.9 million for the third quarter of 2015. Operating
profit before special items was $1.5 million for the third quarters
of 2016 and 2015, respectively.
Income Taxes
Income tax expense for the quarter totaled $3.5 million on
pre-tax income of $49.1 million or 7.1%. The application of our
annual projected effective tax rate to the quarter's taxable income
is impacted by the tax consequences of rebalancing the Company’s
global debt, net discrete gains and losses for which there is not a
proportionate tax recognized, adjustments to uncertain tax position
estimates due to audit settlements and expiration of the statute of
limitations on several positions, and the impact of losses in
jurisdictions with a valuation allowance, for which the Company
receives no tax benefit. The annual effective tax rate projection
for the 2016 fiscal year is a range of 35% to 38%.
Dividend Summary
On August 30, 2016, the Board of Directors declared quarterly
cash dividends of $0.42 per share of Class A Common Stock and
$0.63 per share of Class B Common Stock. Dividends are payable on
October 1, 2016, to stockholders of record at the close of business
on September 19, 2016.
4
A summary of all adjustments by business
segment related to the impact of divestitures and special items
that are excluded from net sales, gross profit and operating profit
is set forth in the GAAP to Non-GAAP Reconciliation Selected
Financial Information Excluding the Impact of Divestitures in the
financial schedules that are part of this release.
GREIF, INC. AND SUBSIDIARY
COMPANIES
SELECTED FINANCIAL HIGHLIGHTS
UNAUDITED
(Dollars in millions, except per share
amounts)
Three months ended July 31, Nine months
ended July 31, 2016 2015 2016
2015
Selected Financial
Highlights
Net sales $ 845.0 $ 930.0 $ 2,456.0 $ 2,748.2 Gross profit 176.5
166.8 501.5 501.8 Gross profit margin 20.9 % 17.9 % 20.4 % 18.3 %
Operating profit 71.6 44.2 172.0 160.7 Operating profit before
special items 83.9 79.3 221.3 194.2 EBITDA 101.2 78.0 261.2 260.9
EBITDA before special items 113.5 108.2 310.5 289.5 Cash provided
by operating activities 100.3 99.9 158.0 73.4 Net income
attributable to Greif, Inc. 46.1 8.6 66.4 59.5 Diluted Class A
earnings per share attributable to Greif, Inc. $ 0.78 $ 0.15 $ 1.13
$ 1.02 Diluted Class A earnings per share attributable to Greif,
Inc. before special items $ 0.91 $ 0.60 $ 1.79 $ 1.41
Special
items
Restructuring charges $ 10.2 $ 16.2 $ 17.9 $ 26.7
Acquisition-related costs — 0.1 0.1 0.3 Timberland gains — — —
(24.3 ) Non-cash asset impairment charges 4.1 17.6 44.9 22.3
Gain on disposal of properties, plants and
equipment and businesses, net
(2.0 ) (8.1 ) (13.6 ) (0.8 ) Impact of Venezuela devaluation of
inventory in cost of products sold — 9.3 — 9.3 Impact of Venezuela
devaluation on other income — (4.9 ) — (4.9 ) Total
special items 12.3 30.2 49.3 28.6 Total
special items, net of tax and noncontrolling interest 7.5
26.5 38.7 23.2 Impact of total special items,
net of tax, on diluted Class A earnings per share attributable to
Greif, Inc. $ 0.13 $ 0.45 $ 0.66 $ 0.39
July 31, 2016 October 31, 2015 July 31, 2015
October 31, 2014 Operating working capital5 366.1 345.4
439.2 411.3
Note: Other income is not included in operating profit,
therefore, the impact of Venezuela devaluation on other income is
not applicable to operating profit before special items, but is
applicable to EBITDA before special items.
5 Operating working capital
represents trade accounts receivable plus inventories less accounts
payable.
Conference Call
The Company will host a conference call to discuss the third
quarter 2016 results on September 1, 2016, at 10:00 a.m.
Eastern Time (ET). To participate, domestic callers should call
877-201-0168. The Greif ID is 55233371. The number for
international callers is 1-647-788-4901. Phone lines will open at
9:30 a.m. ET. The conference call will also be available through a
live webcast, including slides, which can be accessed at
investor.greif.com by clicking on the
Events and Presentations tab and searching under the events
calendar. A replay of the conference call will be available on the
Company’s website approximately two hours following the call.
About Greif
Greif is a world leader in industrial packaging products and
services. The Company produces steel, plastic, fibre, flexible and
corrugated containers and containerboard, and provides
reconditioning, filling and packaging services for a wide range of
industries. Greif also manages timber properties in North America.
The Company is strategically positioned in 50 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. 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. The
most significant of these risks and uncertainties are described in
Part I of the company’s Annual Report on Form 10-K for the fiscal
year ended October 31, 2015. The company undertakes no
obligation to update or revise any forward-looking statements.
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.
Forward-looking statements are subject to risks and uncertainties
that could cause the company’s actual results to differ materially
from those forecasted, projected or anticipated, whether expressed
in or implied by the statements. 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 operations subject us to currency exchange and
political risks 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, (vii) raw material and energy price
fluctuations and shortages may adversely impact our manufacturing
operations and costs, (viii) we may encounter difficulties
arising from acquisitions, (ix) we may incur additional
restructuring costs and there is no guarantee that our efforts to
reduce costs will be successful, (x) tax legislation
initiatives or challenges to our tax positions may adversely impact
our results or condition, (xi) full realization of our
deferred tax assets may be affected by a number of factors,
(xii) several operations are conducted by joint ventures that
we cannot operate solely for our benefit, (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) our pension plans are
underfunded and will require future cash contributions, and our
required future cash contributions could be higher than we expect,
each of which could have a material adverse effect on our financial
condition and liquidity, (xvi) we may be subject to losses
that might not be covered in whole or in part by existing insurance
reserves or insurance coverage, (xvii) our business depends on
the uninterrupted operations of our facilities, systems and
business functions, including our information technology and other
business systems, (xviii) a security breach of customer,
employee, supplier or company information may have a material
adverse effect on our business, financial condition and results of
operations, (xix) legislation/regulation related to
environmental and health and safety matters and corporate social
responsibility could negatively impact our operations and financial
performance, (xx) product liability claims and other legal
proceedings could adversely affect our operations and financial
performance, (xxi) 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, (xxii) changing
climate, climate change regulations and greenhouse gas effects may
adversely affect our operations and financial performance,
(xxiii) the frequency and volume of our timber and timberland
sales will impact our financial performance, (xxiv) changes in
U.S. generally accepted accounting principles and SEC rules and
regulations could materially impact our reported results,
(xxv) if the company fails to maintain an effective system of
internal control, the company may not be able to accurately report
financial results or prevent fraud, and (xxvi) the company has
a significant amount of goodwill and long-lived assets which, if
impaired in the future, would adversely impact our results of
operations. Changes in business results may impact our book tax
rates. 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
COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
UNAUDITED
(Dollars and shares in millions, except
per share amounts)
Three months ended July 31, Nine months
ended July 31, 2016 2015 2016
2015 Net sales $ 845.0 $ 930.0 $ 2,456.0 $ 2,748.2
Cost of products sold 668.5 763.2 1,954.5
2,246.4 Gross profit 176.5 166.8 501.5 501.8 Selling,
general and administrative expenses 92.6 96.9 280.3 317.2
Restructuring charges 10.2 16.2 17.9 26.7 Timberland gains — — —
(24.3 ) Non-cash asset impairment charges 4.1 17.6 44.9 22.3 Gain
on disposal of properties, plants and equipment, net (0.7 ) (7.0 )
(9.5 ) (9.3 ) (Gain) loss on disposal of businesses (1.3 ) (1.1 )
(4.1 ) 8.5 Operating profit 71.6 44.2 172.0 160.7 Interest
expense, net 19.8 18.4 58.2 56.2 Other (income) expense, net 2.7
(1.6 ) 7.4 1.0 Income before income tax
expense and equity earnings of unconsolidated affiliates, net 49.1
27.4 106.4 103.5 Income tax expense 3.5 18.7 38.2 45.8 Equity
earnings of unconsolidated affiliates, net of tax (0.8 ) (0.6 )
(0.8 ) (0.3 ) Net income 46.4 9.3 69.0 58.0 Net (income) loss
attributable to noncontrolling interests (0.3 ) (0.7 ) (2.6 ) 1.5
Net income attributable to Greif, Inc. $ 46.1 $ 8.6
$ 66.4 $ 59.5
Basic earnings per share
attributable to Greif, Inc. common shareholders: Class A Common
Stock $ 0.78 $ 0.15 $ 1.13 $ 1.02 Class B Common Stock $ 1.18 $
0.22 $ 1.69 $ 1.51
Diluted earnings per share attributable to
Greif, Inc. common shareholders: Class A Common Stock $ 0.78 $
0.15 $ 1.13 $ 1.02 Class B Common Stock $ 1.18 $ 0.22 $ 1.69 $ 1.51
Shares used to calculate basic earnings per share attributable
to Greif, Inc. common shareholders: Class A Common Stock 25.8
25.7 25.7 25.7 Class B Common Stock 22.0 22.1 22.1 22.1
Shares
used to calculate diluted earnings per share attributable to Greif,
Inc. common shareholders: Class A Common Stock 25.8 25.7 25.7
25.7 Class B Common Stock 22.0 22.1 22.1 22.1
GREIF, INC. AND SUBSIDIARY
COMPANIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
UNAUDITED
(Dollars in millions)
July 31, 2016 October 31, 2015 ASSETS
CURRENT ASSETS Cash and cash equivalents $ 94.3 $ 106.2 Trade
accounts receivable 418.1 403.7 Inventories 288.5 297.0 Other
current assets 145.4 201.6 946.3 1,008.5 LONG-TERM
ASSETS Goodwill 791.0 807.1 Intangible assets 119.8 132.7 Assets
held by special purpose entities 50.9 50.9 Other long-term assets
102.9 98.8 1,064.6 1,089.5 PROPERTIES, PLANTS AND
EQUIPMENT 1,173.0 1,217.7 $ 3,183.9 $ 3,315.7
LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable
$ 340.5 $ 355.3 Short-term borrowings 55.2 40.7 Current portion of
long-term debt 300.3 30.7 Other current liabilities 218.3
220.3 914.3 647.0 LONG-TERM LIABILITIES Long-term debt 758.6
1,116.2 Liabilities held by special purpose entities 43.3 43.3
Other long-term liabilities 441.2 449.3 1,243.1
1,608.8 REDEEMABLE NONCONTROLLING INTEREST 32.3 — EQUITY
Total Greif, Inc. equity 981.8 1,015.6 Noncontrolling interests
12.4 44.3 994.2 1,059.9 $ 3,183.9 $ 3,315.7
GREIF, INC. AND SUBSIDIARY
COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 2015 2016
2015 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 46.4
$ 9.3 $ 69.0 $ 58.0 Depreciation, depletion and amortization 31.5
31.6 95.8 100.9 Asset impairments 4.1 17.6 44.9 22.3 Other non-cash
adjustments to net income (1.0 ) (4.3 ) (12.3 ) (28.2 ) Operating
working capital changes 0.3 19.6 (25.8 ) (59.8 ) Deferred purchase
price on sold receivables (5.0 ) (10.2 ) (20.2 ) (10.8 ) Increase
(decrease) in cash from changes in other assets and liabilities
24.0 36.3 6.6 (9.0 ) Net cash provided by
operating activities 100.3 99.9 158.0 73.4
CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of
businesses, net of cash acquired — (1.1 ) (0.4 ) (1.5 ) Collection
of subordinated note receivable — — 44.2 — Purchases of properties,
plants and equipment (26.6 ) (38.4 ) (71.4 ) (108.2 ) Purchases of
and investments in timber properties (1.2 ) (12.8 ) (4.7 ) (38.2 )
Purchases of properties, plants and equipment with insurance
proceeds (0.8 ) — (4.4 ) —
Proceeds from the sale of properties,
plants and equipment, businesses, timberland and other assets
7.3 14.0 34.7 65.7 Proceeds on insurance recoveries — 3.4
6.6 3.4 Net cash provided by (used in)
investing activities (21.3 ) (34.9 ) 4.6 (78.8 ) CASH FLOWS
FROM FINANCING ACTIVITIES: Proceeds from (payments on) debt, net
(37.4 ) 12.8 (82.0 ) 121.2 Dividends paid to Greif, Inc.
shareholders (24.7 ) (24.8 ) (74.0 ) (74.0 ) Other (7.9 ) (2.4 )
(15.2 ) (3.8 ) Net cash provided by (used in) financing activities
(70.0 ) (14.4 ) (171.2 ) 43.4 Effects of exchange rates on
cash (4.3 ) (16.3 ) (3.3 ) (21.4 ) Net increase (decrease) in cash
and cash equivalents 4.7 34.3 (11.9 ) 16.6 Cash and cash
equivalents, beginning of period 89.6 67.4 106.2
85.1 Cash and cash equivalents, end of period $ 94.3
$ 101.7 $ 94.3 $ 101.7
GREIF, INC. AND SUBSIDIARY
COMPANIES
FINANCIAL HIGHLIGHTS BY SEGMENT
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 2015 2016
2015 Net sales: Rigid Industrial Packaging &
Services $ 596.8 $ 669.0 $ 1,721.3 $ 1,985.3 Paper Packaging &
Services 172.5 176.7 498.1 496.3 Flexible Products & Services
69.9 79.2 219.0 249.3 Land Management 5.8 5.1 17.6
17.3 Total net sales $ 845.0 $ 930.0 $
2,456.0 $ 2,748.2
Operating profit (loss):
Rigid Industrial Packaging & Services $ 56.7 $ 29.5 $ 113.4 $
75.5 Paper Packaging & Services 19.1 21.5 64.4 76.7 Flexible
Products & Services (5.9 ) (9.7 ) (11.9 ) (23.8 ) Land
Management 1.7 2.9 6.1 32.3 Total
operating profit $ 71.6 $ 44.2 $ 172.0 $ 160.7
EBITDA6: Rigid Industrial Packaging
& Services $ 77.2 $ 52.5 $ 173.5 $ 145.2 Paper Packaging &
Services 27.1 28.7 88.0 98.6 Flexible Products & Services (5.7
) (6.9 ) (9.0 ) (17.8 ) Land Management 2.6 3.7 8.7
34.9 Total EBITDA $ 101.2 $ 78.0 $
261.2 $ 260.9
EBITDA before special items:
Rigid Industrial Packaging & Services $ 84.0 $ 77.9 $ 213.4 $
194.0 Paper Packaging & Services 27.9 29.6 90.2 100.4 Flexible
Products & Services (0.8 ) (1.6 ) (0.8 ) (12.8 ) Land
Management 2.4 2.3 7.7 7.9 Total EBITDA
before special items $ 113.5 $ 108.2 $ 310.5 $
289.5 6
EBITDA is defined as net income, plus
interest expense, net, plus income tax 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 (loss) 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.
GREIF, INC. AND SUBSIDIARY
COMPANIES
FINANCIAL HIGHLIGHTS BY GEOGRAPHIC
REGION
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 2015 2016
2015 Net sales: United States $ 400.3 $ 431.5 $
1,179.0 $ 1,269.7 Europe, Middle East and Africa 318.9 337.3 905.9
979.5 Asia Pacific and other Americas 125.8 161.2
371.1 499.0 Total net sales 845.0 930.0
2,456.0 2,748.2
Gross profit: United States $ 89.1 $
83.9 $ 260.1 $ 253.9 Europe, Middle East and Africa 66.0 65.1 169.4
175.8 Asia Pacific and other Americas 21.4 17.8 72.0
72.1 Total gross profit $ 176.5 $ 166.8 $
501.5 $ 501.8
Operating profit (loss): United States
$ 47.6 $ 43.4 $ 120.2 $ 114.5 Europe, Middle East and Africa 18.9
12.2 38.9 32.2 Asia Pacific and other Americas 5.1 (11.4 )
12.9 14.0 Total operating profit $ 71.6 $ 44.2
$ 172.0 $ 160.7
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
OPERATING WORKING CAPITAL
UNAUDITED
(Dollars in millions)
July 31, 2016 October 31, 2015 Trade accounts
receivable $ 418.1 $ 403.7 Plus: inventories 288.5 297.0 Less:
accounts payable 340.5 355.3 Operating working capital $
366.1 $ 345.4
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
CONSOLIDATED EBITDA7
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 2015 2016
2015 Net income $ 46.4 $ 9.3 $ 69.0 $ 58.0 Plus: interest
expense, net 19.8 18.4 58.2 56.2 Plus: income tax expense 3.5 18.7
38.2 45.8 Plus: depreciation, depletion and amortization expense
31.5 31.6 95.8 100.9 EBITDA $ 101.2
$ 78.0 $ 261.2 $ 260.9 Net income $
46.4 $ 9.3 $ 69.0 $ 58.0 Plus: interest expense, net 19.8 18.4 58.2
56.2 Plus: income tax expense 3.5 18.7 38.2 45.8 Plus: other
(income) expense, net 2.7 (1.6 ) 7.4 1.0 Less: equity earnings of
unconsolidated affiliates, net of tax (0.8 ) (0.6 ) (0.8 ) (0.3 )
Operating profit 71.6 44.2 172.0 160.7 Less: other (income)
expense, net 2.7 (1.6 ) 7.4 1.0 Less: equity earnings of
unconsolidated affiliates, net of tax (0.8 ) (0.6 ) (0.8 ) (0.3 )
Plus: depreciation, depletion and amortization expense 31.5
31.6 95.8 100.9 EBITDA $ 101.2 $ 78.0
$ 261.2 $ 260.9 7
EBITDA is defined as net income, plus interest
expense, net, plus income tax expense, plus depreciation, depletion
and amortization. As demonstrated in this table, EBITDA can also be
calculated with reference to operating profit.
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
SEGMENT EBITDA8
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 2015 2016
2015 Rigid Industrial Packaging & Services
Operating profit $ 56.7 $ 29.5 $ 113.4 $ 75.5 Less: other (income)
expense, net 1.1 (1.1 ) 4.4 0.5 Less: equity earnings of
unconsolidated affiliates, net of tax (0.8 ) (0.1 ) (0.8 ) — Plus:
depreciation and amortization expense 20.8 21.8 63.7
70.2 EBITDA $ 77.2 $ 52.5 $ 173.5 $ 145.2
Restructuring charges 6.9 11.6 11.2 20.4 Acquisition-related costs
— 0.1 0.1 0.3 Non-cash asset impairment charges 1.3 16.4 39.8 21.3
(Gain) loss on disposal of properties, plants, equipment and
businesses, net (1.4 ) (7.1 ) (11.2 ) 2.4 Impact of Venezuela
devaluation of inventory on cost of products sold — 9.3 — 9.3
Impact of Venezuela devaluation on other (income) expense —
(4.9 ) — (4.9 ) EBITDA before special items $ 84.0 $
77.9 $ 213.4 $ 194.0
Paper Packaging &
Services Operating profit $ 19.1 $ 21.5 $ 64.4 $ 76.7 Less:
other income, net — (0.4 ) — (0.4 ) Plus: depreciation and
amortization expense 8.0 6.8 23.6 21.5
EBITDA $ 27.1 $ 28.7 $ 88.0 $ 98.6 Restructuring charges 1.1 0.5
1.1 1.0 Non-cash asset impairment charges — 0.3 1.5 0.8 Gain on
disposal of properties, plants, equipment and businesses, net (0.3
) 0.1 (0.4 ) — EBITDA before special items $ 27.9
$ 29.6 $ 90.2 $ 100.4
Flexible
Products & Services Operating loss $ (5.9 ) $ (9.7 ) $
(11.9 ) $ (23.8 ) Less: other (income) expense, net 1.6 (0.1 ) 3.0
0.9 Less: equity earnings of unconsolidated affiliates, net of tax
— (0.5 ) — (0.3 ) Plus: depreciation and amortization expense 1.8
2.2 5.9 6.6 EBITDA $ (5.7 ) $ (6.9 ) $
(9.0 ) $ (17.8 ) Restructuring charges 2.2 4.1 5.6 5.3 Non-cash
asset impairment charges 2.8 0.9 3.6 0.2 Gain on disposal of
properties, plants, equipment and businesses, net (0.1 ) 0.3
(1.0 ) (0.5 ) EBITDA before special items $ (0.8 ) $ (1.6 ) $ (0.8
) $ (12.8 )
Land Management Operating profit $ 1.7 $ 2.9 $
6.1 $ 32.3 Plus: depreciation, depletion and amortization expense
0.9 0.8 2.6 2.6 EBITDA $ 2.6 $ 3.7 $
8.7 $ 34.9 Timberland gains — — — (24.3 ) Gain on disposal of
properties, plants, equipment and businesses, net (0.2 ) $ (1.4 )
(1.0 ) $ (2.7 ) EBITDA before special items $ 2.4 $ 2.3
$ 7.7 $ 7.9 Consolidated EBITDA $ 101.2
$ 78.0 $ 261.2 $ 260.9 Consolidated EBITDA
before special items $ 113.5 $ 108.2 $ 310.5 $
289.5 8 EBITDA is
defined as net income, plus interest expense, net, plus income tax
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 (loss) by segment, which, as demonstrated in the table of
Consolidated EBITDA, is another method to achieve the same result.
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
FREE CASH FLOW9
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 2015 2016
2015 Net cash provided by operating activities $
100.3 $ 99.9 $ 158.0 $ 73.4 Less: Cash paid for capital
expenditures (26.6 ) (38.4 ) (71.4 ) (108.2 )
Free Cash Flow
$ 73.7 $ 61.5 $ 86.6 $ (34.8 )
FREE CASH FLOW FROM VENEZUELA OPERATIONS10
Three months ended July 31,
Nine months ended July 31, 2016 2015
2016 2015 Net cash provided by (used in)
operating activities for Venezuela $ — $ (4.3 ) $ — $ 1.3 Less:
Cash paid for capital expenditures for Venezuela — —
— (14.4 )
Free Cash Flow for Venezuela $ — $
(4.3 ) $ — $ (13.1 )
FREE CASH FLOW
EXCLUDING THE IMPACT OF VENEZUELA OPERATIONS11
Three months ended July 31,
Nine months ended July 31, 2016 2015
2016 2015 Net cash provided by operating
activities excluding the impact of Venezuela operations $ 100.3
$ 104.2 $ 158.0 $ 72.1 Less: Cash paid for capital expenditures
excluding the impact of Venezuela operations (26.6 ) (38.4 ) (71.4
) (93.8 )
Free Cash Flow Excluding the Impact of Venezuela
Operations $ 73.7 $ 65.8 $ 86.6 $ (21.7 )
PROJECTED FREE CASH FLOW12
Forecast Range Scenario 1
Scenario 2 Net cash provided by operating activities
$ 255.0 $ 300.0 Less: Cash paid for capital expenditures (95.0 )
(110.0 )
Free Cash Flow $ 160.0 $ 190.0
9 Free cash flow is defined as
net cash provided by operating activities less cash paid for
capital expenditures. 10 Free cash flow from Venezuela operations
is defined as net cash provided by Venezuela operating activities
less cash paid for Venezuela capital expenditures. 11 Free cash
flow excluding the impact of Venezuela operations is defined as net
cash provided by operating activities, excluding Venezuela’s net
cash provided by operating activities, less capital expenditures,
excluding Venezuela’s capital expenditures. The information is
relevant and presented due to the impact of the devaluation of the
Venezuelan currency at the end of the third quarter 2015 from 6.3
bolivars per USD to 199.4 bolivars per USD. The translated value of
both the cash provided by operating activities of Venezuela and the
cash paid for capital expenditures does not reflect the true
economic impact to the company because actual conversion of
bolivars to U.S. dollars at the official exchange rate used for the
first three quarters of 2015 would not have been possible. 12 The
reconciliation includes two scenarios that illustrate our projected
free cash flow range for 2016. The amounts used in the
reconciliation are subject to many variables, some of which are not
under our control and, therefore, are not necessarily indicative of
actual results.
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
SEGMENT OPERATING PROFIT (LOSS) BEFORE
SPECIAL ITEMS13
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 2015 2016
2015 Operating profit (loss): Rigid Industrial
Packaging & Services $ 56.7 $ 29.5 $ 113.4 $ 75.5 Paper
Packaging & Services 19.1 21.5 64.4 76.7 Flexible Products
& Services (5.9 ) (9.7 ) (11.9 ) (23.8 ) Land Management 1.7
2.9 6.1 32.3 Total operating profit
71.6 44.2 172.0 160.7
Restructuring
charges: Rigid Industrial Packaging & Services 6.9 11.6
11.2 20.4 Paper Packaging & Services 1.1 0.5 1.1 1.0 Flexible
Products & Services 2.2 4.1 5.6 5.3
Total restructuring charges 10.2 16.2 17.9
26.7
Acquisition-related costs: Rigid Industrial
Packaging & Services — 0.1 0.1 0.3
Total acquisition-related costs — 0.1 0.1 0.3
Timberland gains: Land Management — — —
(24.3 ) Total timberland gains — — —
(24.3 )
Non-cash asset impairment charges: Rigid Industrial
Packaging & Services 1.3 16.4 39.8 21.3 Paper Packaging &
Services — 0.3 1.5 0.8 Flexible Products & Services 2.8
0.9 3.6 0.2 Total non-cash asset impairment
charges 4.1 17.6 44.9 22.3
(Gain)
loss on disposal of properties, plants, equipment and businesses,
net: Rigid Industrial Packaging & Services (1.4 ) (7.1 )
(11.2 ) 2.4 Paper Packaging (0.3 ) 0.1 (0.4 ) — Flexible Products
& Services (0.1 ) 0.3 (1.0 ) (0.5 ) Land Management (0.2 ) (1.4
) (1.0 ) (2.7 ) Total gain on disposal of properties, plants,
equipment and businesses, net (2.0 ) (8.1 ) (13.6 ) (0.8 )
Impact of Venezuela devaluation of
inventory on cost of products sold:
Rigid Industrial Packaging & Services — 9.3 —
9.3 Total Impact of Venezuela devaluation of
inventory on cost of products sold — 9.3 — 9.3
Operating profit (loss) before special items: Rigid
Industrial Packaging & Services 63.5 59.8 153.3 129.2 Paper
Packaging & Services 19.9 22.4 66.6 78.5 Flexible Products
& Services (1.0 ) (4.4 ) (3.7 ) (18.8 ) Land Management 1.5
1.5 5.1 5.3 Total operating profit
before special items $ 83.9 $ 79.3 $ 221.3 $
194.2
13
Operating profit (loss) before special items is
defined as operating profit (loss), plus restructuring charges plus
acquisition-related costs, plus non-cash impairment charges, less
timberland gains, less (gain) loss on disposal of properties,
plants, equipment and businesses, net, plus the impact of Venezuela
devaluation on cost of products sold.
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
CLASS A EARNINGS PER SHARE BEFORE
SPECIAL ITEMS
UNAUDITED
(Dollars in millions, except for per share
amounts)
Three months ended July 31, 2016 Class A Net
Income Attributable to Greif, Inc. $ 46.1 $ 0.78 Less: Gain on
disposal of properties, plants, equipment and businesses, net (1.8
) (0.03 ) Plus: Restructuring charges 7.0 0.12 Plus: Non-cash asset
impairment charges 2.3 0.04 Net Income Attributable
to Greif, Inc. Excluding Special Items $ 53.6 $ 0.91
Three months ended July 31, 2015 Class A Net
Income Attributable to Greif, Inc. $ 8.6 $ 0.15 Less: Gain on
disposal of properties, plants, equipment and businesses, net (5.8
) (0.10 ) Less: Venezuela devaluation on other income/expense (4.9
) (0.08 ) Plus: Restructuring charges 11.3 0.19 Plus: Non-cash
asset impairment charges 16.6 0.28 Plus: Venezuela devaluation of
inventory on cost of products sold $ 9.3 0.16 Net
Income Attributable to Greif, Inc. Excluding Special Items $ 35.1
$ 0.60
Nine months ended July 31, 2016
Class A Net Income Attributable to Greif, Inc. $ 66.4 $ 1.13
Less: Gain on disposal of properties, plants, equipment and
businesses, net (10.4 ) (0.18 ) Plus: Restructuring charges 11.9
0.20 Plus: Non-cash asset impairment charges 37.1 0.64 Plus:
Acquisition related costs 0.1 — Net Income
Attributable to Greif, Inc. Excluding Special Items $ 105.1
$ 1.79
Nine months ended July 31, 2015
Class A Net Income Attributable to Greif, Inc. $ 59.5 $ 1.02
Less: Gain on disposal of properties, plants, equipment and
businesses, net (4.5 ) (0.08 ) Less: Timberland Gains (14.9 ) (0.25
) Less: Venezuela devaluation on other income/expense (4.9 ) (0.08
) Plus: Restructuring charges 18.4 0.31 Plus: Non-cash asset
impairment charges 19.6 0.33 Plus: Acquisition related costs 0.2 —
Plus: Venezuela devaluation of inventory on cost of products sold $
9.3 $ 0.16 Net Income Attributable to Greif, Inc.
Excluding Special Items $ 82.7 $ 1.41
All special items are net of tax and noncontrolling
interests
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
SELECTED FINANCIAL INFORMATION
EXCLUDING
THE IMPACT OF DIVESTITURES
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2016 Impact of
Divestitures
Excluding the
Impact of
Divestitures
2016 Impact of
Divestitures
Excluding the
Impact of
Divestitures
Net Sales: Rigid Industrial Packaging & Services $ 596.8
$ — $ 596.8 $ 1,721.3 $ 42.1 $ 1,679.2 Paper Packaging &
Services 172.5 — 172.5 498.1 — 498.1 Flexible Products and Services
69.9 1.5 68.4 219.0 6.5 212.5 Land Management 5.8 —
5.8 17.6 — 17.6 Consolidated $ 845.0
$ 1.5 $ 843.5 $ 2,456.0 $ 48.6 $
2,407.4
Gross Profit: Rigid Industrial
Packaging & Services $ 131.8 $ — $ 131.8 $ 358.5 $ 3.3 $ 355.2
Paper Packaging & Services 32.3 — 32.3 105.5 — 105.5 Flexible
Products and Services 10.2 0.3 9.9 30.3 1.1 29.2 Land Management
2.2 — 2.2 7.2 — 7.2
Consolidated $ 176.5 $ 0.3 $ 176.2 $ 501.5
$ 4.4 $ 497.1
Operating Profit
(Loss): Rigid Industrial Packaging & Services $ 56.7 $ (0.2
) $ 56.9 $ 113.4 $ (28.2 ) $ 141.6 Paper Packaging & Services
19.1 — 19.1 64.4 — 64.4 Flexible Products and Services (5.9 ) 0.1
(6.0 ) (11.9 ) 0.2 (12.1 ) Land Management 1.7 — 1.7
6.1 — 6.1 Consolidated $ 71.6 $
(0.1 ) $ 71.7 $ 172.0 $ (28.0 ) $ 200.0
Operating profit (loss) before special
items14:
Rigid Industrial Packaging & Services $ 63.5 $ — $ 63.5 $ 153.3
$ 0.1 $ 153.2 Paper Packaging & Services 19.9 — 19.9 66.6 —
66.6 Flexible Products and Services (1.0 ) 0.1 (1.1 ) (3.7 ) 0.2
(3.9 ) Land Management 1.5 — 1.5 5.1 —
5.1 Consolidated $ 83.9 $ 0.1 $ 83.8
$ 221.3 $ 0.3 $ 221.0
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
SELECTED FINANCIAL INFORMATION
EXCLUDING
THE IMPACT OF DIVESTITURES
(CONTINUED)
UNAUDITED
(Dollars in millions)
Three months ended July 31, Nine months ended July
31, 2015 Impact of
Divestitures
ExcludingThe Impact of
Divestitures 2015 Impact
ofDivestitures ExcludingThe
Impact of Divestitures Net Sales: Rigid
Industrial Packaging & Services $ 669.0 $ 21.5 $ 647.5 $
1,985.3 $ 108.4 $ 1,876.9 Paper Packaging & Services 176.7 —
176.7 496.3 — 496.3 Flexible Products and Services 79.2 2.7 76.5
249.3 11.1 238.2 Land Management 5.1 — 5.1
17.3 — 17.3 Consolidated $ 930.0 $ 24.2
$ 905.8 $ 2,748.2 $ 119.5 $ 2,628.7
Gross Profit: Rigid Industrial Packaging &
Services $ 120.9 $ 1.1 $ 119.8 $ 351.2 $ 4.6 $ 346.6 Paper
Packaging & Services 35.1 — 35.1 117.0 — 117.0 Flexible
Products and Services 8.9 0.5 8.4 26.8 1.8 25.0 Land Management 1.9
— 1.9 6.8 — 6.8
Consolidated $ 166.8 $ 1.6 $ 165.2 $ 501.8
$ 6.4 $ 495.4
Operating Profit
(Loss): Rigid Industrial Packaging & Services $ 29.5 $ 0.1
$ 29.4 $ 75.5 $ (23.5 ) $ 99.0 Paper Packaging & Services 21.5
— 21.5 76.7 — 76.7 Flexible Products and Services (9.7 ) 0.1 (9.8 )
(23.8 ) 0.4 (24.2 ) Land Management 2.9 — 2.9
32.3 — 32.3 Consolidated $ 44.2 $ 0.2
$ 44.0 $ 160.7 $ (23.1 ) $ 183.8
Operating profit (loss) before special
items14:
Rigid Industrial Packaging & Services $ 59.8 $ (0.4 ) $ 60.2 $
129.2 $ (4.1 ) $ 133.3 Paper Packaging & Services 22.4 — 22.4
78.5 — 78.5 Flexible Products and Services (4.4 ) 0.1 (4.5 ) (18.8
) 0.4 (19.2 ) Land Management 1.5 — 1.5 5.3
— 5.3 Consolidated $ 79.3 $ (0.3 ) $
79.6 $ 194.2 $ (3.7 ) $ 197.9
Note: The 2015 Acquisitions were completed at the beginning of
the fiscal year and are not adjusted because they are fully
reflected in both periods.
14
See table contained herein entitled GAAP to Non-GAAP
Reconciliation Segment Operating Profit (Loss) Before Special Items
for a reconciliation of each segment’s operating profit (loss)
before special items.
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
NET SALES TO NET SALES EXCLUDING THE
IMPACT OF
DIVESTITURES AND CURRENCY
TRANSLATION
UNAUDITED
(Dollars in millions)
Three months ended July 31, 2016
2015 (Decrease) inNet Sales ($) (Decrease)
inNet Sales (%) Net Sales $ 845.0 $ 930.0 $ (85.0
) (9.1 )% Impact of Divestitures 1.5 24.2
Net
Sales excluding the impact of divestitures $ 843.5 $ 905.8
Currency Translation (60.7 ) N/A
Net Sales excluding the impact
of divestitures and currency translation $ 904.2 $ 905.8
$ (1.6 ) (0.2 )%
Nine months ended July 31, 2016
2015 (Decrease) inNet Sales ($) (Decrease)
inNet Sales (%) Net Sales $ 2,456.0 $ 2,748.2 $
(292.2 ) (10.6 )% Impact of Divestitures 48.6 119.5
Net Sales excluding the impact of divestitures $ 2,407.4 $
2,628.7 Currency Translation (194.3 ) N/A
Net Sales excluding
the impact of divestitures and currency translation $ 2,601.7
$ 2,628.7 $ (27.0 ) (1.0 )%
GREIF, INC. AND SUBSIDIARY
COMPANIES
GAAP TO NON-GAAP RECONCILIATION
RIGID INDUSTRIAL PACKAGING &
SERVICES
NET SALES TO NET SALES EXCLUDING THE
IMPACT OF
DIVESTITURES AND CURRENCY
TRANSLATION
UNAUDITED
(Dollars in millions)
Three months ended July 31, 2016
2015 Increase (Decrease) inNet Sales ($)
Increase (Decrease) inNet Sales (%) Net Sales
$ 596.8 $ 669.0 $ (72.2 ) (10.8 )% Impact of Divestitures —
21.5
Net Sales excluding the impact of divestitures $
596.8 $ 647.5 Currency Translation (59.0 ) N/A
Net Sales
excluding the impact of divestitures and currency translation $
655.8 $ 647.5 $ 8.3 1.3 %
Nine months ended July 31, 2016
2015 (Decrease) inNet Sales ($)
(Decrease) inNet Sales (%) Net Sales $ 1,721.3
$ 1,985.3 $ (264.0 ) (13.3 )% Impact of Divestitures 42.1
108.4
Net Sales excluding the impact of divestitures
$ 1,679.2 $ 1,876.9 Currency Translation (183.7 ) N/A
Net Sales
excluding the impact of divestitures and currency translation $
1,862.9 $ 1,876.9 $ (14.0 ) (0.7 )%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160831006252/en/
GreifMatt Eichmann, 740-549-6067matt.eichmann@greif.com
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