Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial
packaging products and services, announced second quarter 2017
results.
Second Quarter Highlights (all results compared to the
second quarter 2016 results unless otherwise noted):
- Net sales increased by $47.8 million to
$887.4 million from $839.6 million.
- Gross profit increased by $8.2 million
to $181.9 million from $173.7 million.
- Operating profit decreased by $2.4
million to $80.4 million and operating profit before special items1
increased by $5.6 million to $84.9 million.
- Net income of $36.0 million or $0.61
per diluted Class A share compared to net income of $31.4 million
or $0.53 per diluted Class A share.
- Net income, excluding the impact of
special items, of $39.3 million or $0.67 per diluted Class A share
compared to net income, excluding the impact of special items, of
$27.8 million or $0.47 per diluted Class A share.
- Interest expense decreased by $5.6
million to $14.3 million from $19.9 million due primarily to the
repayment of Senior Notes with borrowings under the Company's
Credit Agreement.
- Cash provided by operating activities
decreased by $24.3 million to $59.6 million from $83.9 million due
partially to raw material price increases and to accelerated
inventory purchases made in advance of those increases.
- Free cash flow2 decreased by $27.7
million, due to the same factors impacting cash provided by
operating activities, and a $3.4 million increase in cash paid for
properties, plants, and equipment.
- Narrowed the range for fiscal year 2017
Class A earnings per share before special items guidance3 to $2.84
- $3.02. Narrowed fiscal year 2017 free cash flow guidance to
$180.0 million to $200.0 million as a result of capital expansion
projects recently approved due to confidence in cash flow.
“We generated strong financial results this quarter through
improved customer service and disciplined commercial and operation
execution,” said Greif’s President and Chief Executive Officer,
Pete Watson. “Greif’s operating profit before special items and our
Class A earnings per share before special items both significantly
improved compared to the prior year quarter. Greif’s improved
financial and operational stability underpins our strategy to
generate greater value for our customers and shareholders.”
------------
1 A summary of all special items that are excluded from net
income before special items, from 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 Free cash flow is
defined as net cash provided by operating activities less cash paid
for purchases of properties, plants and equipment. 3 2017 GAAP
Class A Earnings Per Share guidance 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, timberland or properties,
plants and equipment, net, non-cash asset impairment charges due to
unanticipated changes in the business, restructuring-related
activities, non-cash pension settlements or acquisition costs, and
the income tax effects of these items and other income tax-related
events. No reconciliation of the fiscal year 2017 Class A earnings
per share before special items guidance, a non-GAAP financial
measure which excludes gains and losses on the disposal of
businesses, timberland and property, plant and equipment,
acquisition costs, non-cash pension settlement charges,
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 2017 Free Cash Flow guidance to
forecasted Net Cash Provided by Operating Activities, the most
directly comparable GAAP financial measure, is included in this
release.
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.
Notable Business Highlights
Our three strategic priorities are:
- Invest in our people and teams to
foster a strong culture of employee engagement and
accountability.
- Deliver industry leading customer
service excellence to achieve superior customer satisfaction and
loyalty.
- Continually transform our portfolio to
drive growth, margin expansion and free cash flow generation.
In general, we delivered a strong second quarter 2017. Starting
with customer service, our consolidated customer satisfaction index
(CSI) improved by 4 percent year-over-year, with all business
segments demonstrating improved performance. We also completed our
latest Net Promoter Score survey and recognized a 12 percent
improvement versus the previous survey conducted late last
fall.
From an operational standpoint, the business performed well
during the quarter. The Rigid Industrial Packaging & Services
segment - our largest business segment by revenue and operating
profit contribution - improved its margins and delivered strong
plastic drum and intermediate bulk container (IBC) growth
year-over-year, with particularly strong performance in the U.S.
gulf region and Eastern Europe. The Paper Packaging & Services
segment - which consists of two paper mills and one of the newest
corrugator networks in the containerboard industry - delivered
strong volumes, helping to offset increased costs for old
corrugated containers, and is growing its specialty products
portfolio. The Flexible Products & Services segment - the
world’s largest producer of industrial flexible intermediate bulk
containers (FIBCs) - is on track with its improvement plan and
delivered its sixth consecutive quarter of margin expansion.
Looking forward, we are narrowing our fiscal year 2017 Class A
earnings per share before special items guidance range to $2.84 -
$3.02 based largely on improved business performance. We are also
narrowing our fiscal year 2017 free cash flow guidance to $180.0
million to $200.0 million due to recently approved organic growth
expansions in our Rigid Industrial Packaging & Services and
Paper Packaging & Services segments.
While pleased with the Company's overall performance during the
quarter, we were not satisfied with working capital management.
Although our working capital days improved year-over-year, working
capital dollars are worse primarily due to the adverse effect of
raw material price increases. Inventories were driven higher by
safety stocks purchased in advance of planned maintenance events at
our mills and anticipated raw material price increases throughout
the quarter. Seasonality factors also impacted inventories as we
prepared for the agriculture season that commences during the
second half of the fiscal year.
As a reminder, employee incentives are impacted by working
capital management. This alignment of incentives, combined with a
planned reduction in safety stocks; a reduction in inventory
purchases; and a sharper focus on cash collection are expected to
improve working capital throughout the remainder of the year.
Segment Results
Net sales are impacted primarily by the volume of primary
products4 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 our primary products, both including and excluding the
impact of divestitures, for the second quarter of 2017 as compared
to the second quarter of 2016 for the business segments with
manufacturing operations:
Rigid Industrial Packaging &
Paper Packaging & Flexible Products
Net Sales Impact
- Primary Products
Services Services & Services
% % %
Currency Translation (1.8 )% — (5.3
)%
Volume (2.3 )% 6.6
%
(11.1 )%
Selling Prices and Product Mix 16.1
%
6.2 % 7.7
%
Total Impact of Primary Products 12.0
%
12.8 % (8.7
)%
Rigid Industrial Packaging &
Paper Packaging & Flexible Products
Net Sales Impact
- Primary Products, Excluding Divestitures:
Services Services & Services
% % %
Currency Translation (1.8 )% — (5.5 )%
Volume (2.3 )% 6.6 % (6.5 )%
Selling Prices and Product
Mix 16.1
%
6.2 % 7.0
%
Total Impact of Primary Products 12.0
%
12.8 % (5.0 )%
(4) Primary products are manufactured steel, plastic and fibre
drums; intermediate bulk containers; linerboard, medium, corrugated
sheets and corrugated containers; and 1&2 loop and 4 loop
flexible intermediate bulk containers.
Rigid Industrial Packaging & Services (all
results compared to the second quarter of 2016 unless otherwise
noted):
Net sales increased by $34.7 million to $624.3 million.
Divestitures (all involving non-primary products) and foreign
currency translation both negatively impacted net sales by $27.1
million and $9.9 million, respectively. Net sales excluding
divestitures and foreign currency translation increased by $71.7
million due primarily to a 16.1 percent increase in selling prices
on our primary products stemming from strategic pricing decisions
and increases in index prices.
Gross profit increased by $10.0 million to $133.9 million (21.4
percent) due to the same factors that impacted net sales,
improvements in manufacturing expenses and divestiture of select
non-core and underperforming assets during 2016.
Operating profit declined by $3.7 million to $55.5 million.
Operating profit before special items increased by $6.0 million to
$60.3 million, due primarily to the same factors that impacted
gross profit, partially offset by an increase in corporate
allocated costs.
Paper Packaging & Services
Net sales increased by $21.5 million to $188.7 million. The
increase was due primarily to an increase in volumes in our mills
and corrugator facilities and increased sales of specialty
products.
Gross profit declined by $4.5 million to $32.9 million (17.4
percent). The decrease in gross profit margin was due primarily to
increased input costs, partially offset by volume increases.
Operating profit declined by $4.4 million to $19.8 million.
Operating profit before special items decreased by $3.5 million to
$20.6 million, due primarily to the same factors that impacted
gross profit.
Flexible Products & Services
Net sales decreased by $9.6 million to $66.6 million. A
divestiture and foreign currency translation both negatively
impacted net sales by $2.7 million and $4.0 million,
respectively.
Gross profit increased by $2.7 million to $12.3 million (18.5
percent). Margin improvement was due to reduced labor and fixed
production costs.
Operating profit increased by $4.7 million to $1.8 million.
Operating profit before special items increased by $3.2 million to
$2.1 million. The improvement in operating profit before special
items was due primarily to the same factors that impacted gross
profit.
Land Management
Net sales increased by $1.2 million to $7.8 million due
primarily to an increase in timber sales and consulting
revenues.
Operating profit increased by $1.0 million to $3.3 million due
to the same factors that impacted net sales.
Dividend Summary
On June 6, 2017, 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 July 1,
2017, to stockholders of record at the close of business on June
19, 2017.
GREIF, INC. AND SUBSIDIARY COMPANIES
SELECTED FINANCIAL HIGHLIGHTS
UNAUDITED
Three months ended April 30, Six months
ended April 30, (in millions, except for per share amounts)
2017 2016 2017
2016
Selected Financial
Highlights
Net sales $ 887.4 $ 839.6 $ 1,708.3 $ 1,611.0 Gross
profit 181.9 173.7 345.2 325.0 Gross profit margin 20.5 % 20.7 %
20.2 % 20.2 % Operating profit 80.4 82.8 122.5 100.4 Operating
profit before special items 84.9 79.3 151.6 137.4 EBITDA 108.2
113.1 177.4 160.0 EBITDA before special items 112.7 109.6 206.5
197.0 Cash provided by operating activities 59.6 83.9 15.5 57.7
Free cash flow 41.2 68.9 (24.2 ) 12.9 Net income attributable to
Greif, Inc. 36.0 31.4 41.4 20.3 Diluted Class A earnings per share
attributable to Greif, Inc. $ 0.61 $ 0.53 $ 0.71 $ 0.35 Diluted
Class A earnings per share attributable to Greif, Inc. before
special items $ 0.67 $ 0.47 $ 1.12 $ 0.88
Special
items
Restructuring charges $ 5.1 $ 5.4 $ 4.8 $ 7.7 Acquisition-related
costs — 0.1 — 0.1 Non-cash asset impairment charges 2.0 1.7 3.9
40.8 Non-cash pension settlement charge 1.1 — 24.6 — Gain on
disposal of properties, plants and equipment and businesses, net
(3.7 ) (10.7 ) (4.2 ) (11.6 ) Total special items $ 4.5 $
(3.5 ) $ 29.1 37.0 Total special items, net of tax
and noncontrolling interest 3.3 (3.6 ) 24.3 31.3
Impact of total special items, net of tax, on diluted Class
A earnings per share attributable to Greif, Inc. $ 0.06 $
(0.06 ) $ 0.41 $ 0.53
April 30, October
31, April 30, October 31, 2017 2016
2016 2015 Operating working capital(5) $ 390.1
$ 304.6 $ 369.1 $ 345.4
(5)Operating working capital is defined as trade accounts
receivable plus inventories less accounts payable.
Conference Call
The Company will host a conference call to discuss the second
quarter of 2017 results on June 8, 2017, at 8:30 a.m. Eastern Time
(ET). To participate, domestic callers should call 877-201-0168.
The Greif ID is 21958082. The number for international callers is
+1-647-788-4901. Phone lines will open at 8:00 a.m. ET. The
conference call will also be available through a live webcast,
including slides, which can be accessed at http://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 global leader in industrial packaging products and
services and is pursuing its vision to become the world’s best
performing customer service company in industrial packaging. The
Company produces steel, plastic, fibre, flexible, corrugated, and
reconditioned containers, intermediate bulk containers,
containerboard and packaging accessories, and provides filling,
packaging and industrial packaging reconditioning services for a
wide range of industries. Greif also manages timber properties in
the southeastern United States. The Company is strategically
positioned with production facilities in over 40 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, 2016. 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) we
may not successfully implement our business strategies, including
achieving our transformation and growth objectives, (iii) our
operations subject us to currency exchange and political risks that
could adversely affect our results of operations, (iv) the current
and future challenging global economy and disruption and volatility
of the financial and credit markets may adversely affect our
business, (v) the continuing consolidation of our customer
base and suppliers may intensify pricing pressure, (vi) we
operate in highly competitive industries, (vii) our business
is sensitive to changes in industry demands, (viii) raw
material and energy price fluctuations and shortages may adversely
impact our manufacturing operations and costs, (ix) geopolitical
conditions, including direct or indirect acts of war or terrorism,
could have a material adverse effect on our operations and
financial results, (x) we may encounter difficulties arising from
acquisitions, (xi) in connection with acquisitions or
divestitures, we may become subject to liabilities, (xii) we
may incur additional restructuring costs and there is no guarantee
that our efforts to reduce costs will be successful,
(xiii) tax legislation initiatives or challenges to our tax
positions may adversely impact our results or condition,
(xiv) full realization of our deferred tax assets may be
affected by a number of factors, (xv) several operations are
conducted by joint ventures that we cannot operate solely for our
benefit, (xvi) certain of the agreements that govern our joint
ventures provide our partners with put or call options,
(xvii) our ability to attract, develop and retain talented and
qualified employees, managers and executives is critical to our
success, (xviii) our business may be adversely impacted by
work stoppages and other labor relations matters, (xix) we may
not successfully identify illegal immigrants in our workforce,
(xx) our pension and postretirement 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, (xxi) we may be subject to losses that might not be
covered in whole or in part by existing insurance reserves or
insurance coverage, (xxii) our business depends on the
uninterrupted operations of our facilities, systems and business
functions, including our information technology (IT) and other
business systems, (xxiii) 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, (xxiv) legislation/regulation related to
environmental and health and safety matters and corporate social
responsibility could negatively impact our operations and financial
performance, (xxv) product liability claims and other legal
proceedings could adversely affect our operations and financial
performance, (xxvi) 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, (xxvii) changing
climate, climate change regulations and greenhouse gas effects may
adversely affect our operations and financial performance, (xxviii)
the frequency and volume of our timber and timberland sales will
impact our financial performance, (xxix) changes in U.S. generally
accepted accounting principles (U.S. GAAP) and SEC rules and
regulations could materially impact our reported results, (xxx) 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 (xxxi) 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. 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
Three months ended April 30, Six months
ended April 30, (in millions, except per share amounts)
2017 2016 2017
2016 Net sales $ 887.4 $ 839.6 $ 1,708.3 $
1,611.0 Cost of products sold 705.5 665.9
1,363.1 1,286.0 Gross profit 181.9
173.7 345.2 325.0 Selling, general and administrative expenses 97.0
94.5 193.6 187.7 Restructuring charges 5.1 5.4 4.8 7.7 Non-cash
asset impairment charges 2.0 1.7 3.9 40.8 Non-cash pension
settlement charge 1.1 — 24.6 — Gain on disposal of properties,
plants and equipment, net (1.8 ) (7.9 ) (2.8 ) (8.8 ) Gain on
disposal of businesses, net (1.9 ) (2.8 ) (1.4 )
(2.8 ) Operating profit 80.4 82.8 122.5 100.4 Interest
expense, net 14.3 19.9 33.0 38.4 Other expense, net 3.2
1.7 6.8 4.7 Income before
income tax expense and equity earnings of unconsolidated
affiliates, net 62.9 61.2 82.7 57.3 Income tax expense 23.0
28.7 34.8 34.7 Net income
39.9 32.5 47.9 22.6 Net income attributable to noncontrolling
interests (3.9 ) (1.1 ) (6.5 ) (2.3 ) Net
income attributable to Greif, Inc. $ 36.0 $ 31.4
$ 41.4 $ 20.3
Basic earnings
per share attributable to Greif, Inc. common shareholders:
Class A Common Stock $ 0.61 $ 0.53 $ 0.71 $ 0.35 Class B Common
Stock $ 0.92 $ 0.80 $ 1.05 $ 0.51
Diluted earnings per share
attributable to Greif, Inc. common shareholders: Class A Common
Stock $ 0.61 $ 0.53 $ 0.71 $ 0.35 Class B Common Stock $ 0.92 $
0.80 $ 1.05 $ 0.51
Shares used to calculate basic earnings per
share attributable to Greif, Inc. common shareholders: Class A
Common Stock 25.8 25.8 25.8 25.7 Class B Common Stock 22.0 22.1
22.0 22.1
Shares used to calculate diluted earnings per share
attributable to Greif, Inc. common shareholders: Class A Common
Stock 25.8 25.8 25.8 25.7 Class B Common Stock 22.0
22.1 22.0 22.1
GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED
CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in millions)
April 30, 2017 October
31, 2016 ASSETS CURRENT ASSETS Cash and cash equivalents
$ 87.0 $ 103.7 Trade accounts receivable 428.8 399.2 Inventories
330.6 277.4 Other current assets 219.2 140.0 1,065.6 920.3
LONG-TERM ASSETS Goodwill 751.2 786.4 Intangible assets 86.8 110.6
Assets held by special purpose entities 50.9 50.9 Other long-term
assets 129.9 120.9 1,018.8 1,068.8 PROPERTIES, PLANTS
AND EQUIPMENT 1,141.4 1,163.9 $ 3,225.8 $ 3,153.0
LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable
$ 369.3 $ 372.0 Short-term borrowings 35.5 51.6 Current portion of
long-term debt 15.0 — Other current liabilities 240.6 235.6
660.4 659.2 LONG-TERM LIABILITIES Long-term debt 1,033.6
974.6 Liabilities held by special purpose entities 43.3 43.3 Other
long-term liabilities 468.7 486.2 1,545.6 1,504.1
REDEEMABLE NONCONTROLLING INTERESTS 33.0 31.8 EQUITY
Total Greif, Inc. equity 980.0 947.4 Noncontrolling
interests 6.8 10.5 986.8 957.9 $ 3,225.8 $
3,153.0
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three months ended April 30, Six months
ended April 30, (in millions)
2017
2016 2017 2016 CASH FLOWS FROM
OPERATING ACTIVITIES: Net income $ 39.9 $ 32.5 $ 47.9
$ 22.6 Depreciation, depletion and amortization 31.0 32.0 61.7 64.3
Asset impairments 2.0 1.7 3.9 40.8 Pension settlement loss 1.1 —
24.6 — Other non-cash adjustments to net income 1.5 (11.4 ) (8.8 )
(11.3 ) Operating working capital changes (27.2 ) 9.1 (92.3 ) (26.1
) Deferred purchase price on sold receivables 1.4 0.7 (21.7 ) (15.2
) Increase (decrease) in cash from changes in other assets and
liabilities 9.9 19.3 0.2 (17.4 ) Net cash
provided by operating activities 59.6 83.9 15.5
57.7 CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of businesses, net of cash acquired — (0.4 ) — (0.4 )
Collection of subordinated note receivable — — — 44.2 Purchases of
properties, plants and equipment (18.4 ) (15.0 ) (39.7 ) (44.8 )
Purchases of and investments in timber properties (3.3 ) (3.5 )
(5.4 ) (3.5 ) Purchases of properties, plants and equipment with
insurance proceeds — (3.6 ) — (3.6 ) Proceeds from the sale of
properties, plants and equipment, businesses, timberland and other
assets 5.6 25.3 8.1 27.4 Proceeds on insurance recoveries 0.4
6.6 0.4 6.6 Net cash provided by (used
in) investing activities (15.7 ) 9.4 (36.6 ) 25.9
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from (payments on)
debt, net (32.2 ) (42.2 ) 65.5 (44.6 ) Dividends paid to Greif,
Inc. shareholders (24.7 ) (24.8 ) (49.2 ) (49.3 ) Other (3.0 ) (7.1
) (3.5 ) (7.3 ) Net cash provided by (used in) financing activities
(59.9 ) (74.1 ) 12.8 (101.2 ) Reclassification of cash to
assets held for sale (5.9 ) — (5.9 ) — Effects of exchange rates on
cash 2.1 5.1 (2.5 ) 1.0
Net increase
(decrease) in cash and cash equivalents (19.8 ) 24.3 (16.7 )
(16.6 ) Cash and cash equivalents, beginning of period 106.8
65.3 103.7 106.2 Cash and cash equivalents,
end of period $ 87.0 $ 89.6 $ 87.0 $ 89.6
GREIF, INC. AND SUBSIDIARY COMPANIES
FINANCIAL HIGHLIGHTS BY SEGMENT
UNAUDITED
Three months ended April 30, Six months
ended April 30, (in millions)
2017
2016 2017 2016 Net sales:
Rigid Industrial Packaging & Services $ 624.3 $
589.6 $ 1,185.8 $ 1,124.5 Paper Packaging & Services 188.7
167.2 371.6 325.6 Flexible Products & Services 66.6 76.2 136.3
149.1 Land Management 7.8 6.6 14.6 11.8
Total net sales $ 887.4 $ 839.6 $ 1,708.3 $
1,611.0
Operating profit (loss): Rigid Industrial
Packaging & Services $ 55.5 $ 59.2 $ 84.2 $ 56.6 Paper
Packaging & Services 19.8 24.2 30.6 45.4 Flexible Products
& Services 1.8 (2.9 ) 2.3 (6.0 ) Land Management 3.3 2.3
5.4 4.4 Total operating profit $ 80.4 $
82.8 $ 122.5 $ 100.4
EBITDA(6): Rigid Industrial Packaging &
Services $ 72.5 $ 78.7 $ 118.2 $ 96.2 Paper Packaging &
Services 27.4 32.1 46.5 61.0 Flexible Products & Services 3.6
(1.0 ) 4.8 (3.3 ) Land Management 4.7 3.3 7.9
6.1 Total EBITDA $ 108.2 $ 113.1 $ 177.4
$ 160.0
EBITDA before special items: Rigid
Industrial Packaging & Services $ 77.3 $ 73.8 $ 137.7 $ 129.4
Paper Packaging & Services 28.2 32.0 56.4 62.4 Flexible
Products & Services 3.9 0.8 6.2 — Land Management 3.3
3.0 6.2 5.2 Total EBITDA before special items
$ 112.7 $ 109.6 $ 206.5
$ 197.0
(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
Three months ended April 30, Six months
ended April 30, (in millions)
2017
2016 2017 2016 Net sales:
United States $ 434.5 $ 406.3 $ 842.5 $ 778.7 Europe,
Middle East and Africa 325.5 310.8 611.4 587.0 Asia Pacific and
other Americas 127.4 122.5 254.4 245.3 Total
net sales $ 887.4 $ 839.6 $ 1,708.3 $ 1,611.0
Gross profit: United States $ 94.5 $ 92.1 $ 179.7 $ 171.0
Europe, Middle East and Africa 67.8 55.7 123.6 103.4 Asia Pacific
and other Americas 19.6 25.9 41.9 50.6 Total
gross profit $ 181.9 $ 173.7 $ 345.2 $ 325.0
GREIF, INC. AND
SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION
OPERATING WORKING CAPITAL
UNAUDITED
(in millions)
April
30, 2017 October 31, 2016 Trade accounts
receivable $ 428.8 $ 399.2 Plus: inventories 330.6 277.4 Less:
accounts payable 369.3 372.0 Operating working capital $
390.1 $ 304.6
GREIF, INC. AND SUBSIDIARY
COMPANIES GAAP TO NON-GAAP RECONCILIATION
CONSOLIDATED EBITDA(7)
UNAUDITED
Three months ended April 30, Six months
ended April 30, (in millions)
2017
2016 2017 2016 Net income $ 39.9
$ 32.5 $ 47.9 $ 22.6 Plus: Interest expense, net 14.3
19.9 33.0 38.4 Plus: Income tax expense 23.0 28.7 34.8 34.7 Plus:
Depreciation, depletion and amortization expense 31.0 32.0
61.7 64.3 EBITDA $ 108.2 $ 113.1 $
177.4 $ 160.0 Net income $ 39.9 $ 32.5 $ 47.9 $ 22.6 Plus:
Interest expense, net 14.3 19.9 33.0 38.4 Plus: Income tax expense
23.0 28.7 34.8 34.7 Plus: Other expense, net 3.2 1.7
6.8 4.7 Operating profit 80.4 82.8 122.5 100.4 Less: Other
expense, net 3.2 1.7 6.8 4.7 Plus: Depreciation, depletion and
amortization expense 31.0 32.0 61.7 64.3
EBITDA $ 108.2 $ 113.1 $ 177.4 $ 160.0
(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 EBITDA(8)
UNAUDITED
Three months ended April 30, Six months
ended April 30, (in millions)
2017
2016 2017 2016 Rigid
Industrial Packaging & Services Operating
profit $ 55.5 $ 59.2 $ 84.2 $ 56.6 Less: Other expense, net 3.5 1.6
5.9 3.3 Plus: Depreciation and amortization expense 20.5
21.1 39.9 42.9 EBITDA $
72.5 $ 78.7 $ 118.2 $ 96.2 Restructuring charges 4.4 2.9 3.9 4.3
Acquisition-related costs — 0.1 — 0.1 Non-cash asset impairment
charges 2.0 1.7 3.6 38.5 Non-cash pension settlement charge 0.6 —
14.7 — Gain on disposal of properties, plants, equipment, and
businesses, net (2.2 ) (9.6 ) (2.7 ) (9.7 )
EBITDA before special items $ 77.3 $ 73.8
$ 137.7 $ 129.4
Paper Packaging
& Services Operating profit $ 19.8 $ 24.2 $ 30.6 $ 45.4
Plus: Depreciation and amortization expense 7.6 7.9
15.9 15.6 EBITDA $ 27.4 $ 32.1 $
46.5 $ 61.0 Restructuring charges 0.3 — 0.3 — Non-cash asset
impairment charges — — — 1.5 Non-cash pension settlement charge 0.5
— 9.7 — Gain on disposal of properties, plants, equipment, net —
(0.1 ) (0.1 ) (0.1 ) EBITDA before
special items $ 28.2 $ 32.0 $ 56.4
$ 62.4
Flexible Products & Services
Operating profit (loss) $ 1.8 $ (2.9 ) $ 2.3 $ (6.0 ) Less: Other
(income) expense, net (0.3 ) 0.1 0.9 1.4 Plus: Depreciation and
amortization expense 1.5 2.0 3.4
4.1 EBITDA $ 3.6 $ (1.0 ) $ 4.8 $ (3.3 )
Restructuring charges 0.4 2.5 0.6 3.4 Non-cash asset impairment
charges — — 0.3 0.8 Non-cash pension settlement charge — — 0.1 —
(Gain) loss on disposal of properties, plants, equipment and
businesses, net (0.1 ) (0.7 ) 0.4 (0.9
) EBITDA before special items $ 3.9 $ 0.8
$ 6.2 $ —
Land Management
Operating profit $ 3.3 $ 2.3 $ 5.4 $ 4.4 Plus: Depreciation,
depletion and amortization expense 1.4 1.0
2.5 1.7 EBITDA $ 4.7 $ 3.3 $ 7.9 6.1
Non-cash pension settlement charge — — 0.1 — Gain on disposal of
properties, plants, equipment, net (1.4 ) (0.3 ) (1.8
) (0.9 ) EBITDA before special items $ 3.3 $
3.0 $ 6.2 $ 5.2 Consolidated
EBITDA $ 108.2 $ 113.1 $ 177.4
$ 160.0 Consolidated EBITDA before special items
$ 112.7 $ 109.6 $ 206.5
$ 197.0
(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 FLOW(9)
UNAUDITED
Three months ended April 30, Six months
ended April 30, (in millions)
2017
2016 2017 2016 Net cash
provided by operating activities $ 59.6 $ 83.9 $ 15.5
$ 57.7 Cash paid for purchases of properties, plants and
equipment (18.4 ) (15.0 ) (39.7 ) (44.8 )
Free Cash Flow $ 41.2 $ 68.9
$ (24.2 ) $ 12.9
GREIF, INC. AND
SUBSIDIARY COMPANIES PROJECTED 2017 GUIDANCE
RECONCILIATION FREE CASH FLOW
UNAUDITED
Fiscal 2017 Forecast Range (in millions)
Scenario 1 Scenario 2 Net cash provided by
operating activities $
280.0
$ 315.0 Less: Cash Paid for capital expenditures
(100.0
)
(115.0
)
Free Cash Flow $ 180.0 $
200.0
(9)Free Cash Flow is defined as net cash provided by operating
activities less cash paid for purchases of properties, plants and
equipment.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION
SEGMENT OPERATING PROFIT (LOSS) BEFORE
SPECIAL ITEMS(10)
UNAUDITED
Three months ended April 30, Six months
ended April 30, (in millions)
2017
2016 2017 2016 Operating
profit (loss): Rigid Industrial Packaging &
Services $ 55.5 $ 59.2 $ 84.2 $ 56.6 Paper Packaging & Services
19.8 24.2 30.6 45.4 Flexible Products & Services 1.8 (2.9 ) 2.3
(6.0 ) Land Management 3.3 2.3 5.4 4.4
Total operating profit $ 80.4 $ 82.8 $ 122.5 $
100.4
Restructuring charges: Rigid Industrial
Packaging & Services $ 4.4 $ 2.9 $ 3.9 $ 4.3 Paper Packaging
& Services 0.3 — 0.3 — Flexible Products & Services 0.4
2.5 0.6 3.4 Total restructuring charges
$ 5.1 $ 5.4 $ 4.8 $ 7.7
Acquisition-related costs: Rigid Industrial Packaging &
Services $ — $ 0.1 $ — $ 0.1 Total
acquisition-related costs $ — $ 0.1 $ — $ 0.1
Non-cash asset impairment charges: Rigid Industrial
Packaging & Services $ 2.0 $ 1.7 $ 3.6 $ 38.5 Paper Packaging
& Services — — — 1.5 Flexible Products & Services —
— 0.3 0.8 Total non-cash asset impairment
charges $ 2.0 $ 1.7 $ 3.9 $ 40.8
Non-cash pension settlement charge: Rigid Industrial
Packaging & Services $ 0.6 $ — $ 14.7 $ — Paper Packaging &
Services 0.5 — 9.7 — Flexible Products & Services — — 0.1 —
Land Management — — 0.1 — Total
non-cash pension settlement charge $ 1.1 $ — $ 24.6
$ —
(Gain) loss on disposal of properties, plants,
equipment and businesses, net: Rigid Industrial Packaging &
Services $ (2.2 ) $ (9.6 ) $ (2.7 ) $ (9.7 ) Paper Packaging &
Services — (0.1 ) (0.1 ) (0.1 ) Flexible Products & Services
(0.1 ) (0.7 ) 0.4 (0.9 ) Land Management (1.4 ) (0.3 ) (1.8 ) (0.9
) Total gain on disposal of properties, plants, equipment and
businesses, net $ (3.7 ) $ (10.7 ) $ (4.2 ) $ (11.6 )
Operating
profit (loss) before special items: Rigid Industrial Packaging
& Services $ 60.3 $ 54.3 $ 103.7 $ 89.8 Paper Packaging &
Services 20.6 24.1 40.5 46.8 Flexible Products & Services 2.1
(1.1 ) 3.7 (2.7 ) Land Management 1.9 2.0 3.7
3.5 Total operating profit before special items $ 84.9
$ 79.3 $ 151.6 $ 137.4
(10)Operating profit (loss) before special items is defined as
operating profit (loss), plus restructuring charges, plus
acquisition-related costs, plus non-cash pension settlement charge,
plus non-cash impairment charges, less (gain) on disposal of
properties, plants, equipment, net.
GREIF, INC. AND SUBSIDIARY
COMPANIES GAAP TO NON-GAAP RECONCILIATION NET INCOME
AND CLASS A EARNINGS PER SHARE BEFORE SPECIAL ITEMS
UNAUDITED
(Dollars in millions, except for per share
amounts)
Income before Income Tax Expense and Equity
Earnings Income Tax Non- Net Income
Diluted Class A of Unconsolidated Expense
Controlling Attributable to Earnings Per
Affiliates, net (Benefit)
Interest Greif, Inc. Share
Three months ended April 30, 2017 $ 62.9 $ 23.0 $ 3.9 $ 36.0
$ 0.61 Gain on disposal of properties, plants, equipment and
businesses, net (3.7 ) (0.7 ) — (3.0 ) (0.05 ) Restructuring
charges 5.1 1.4 0.2 3.5 0.06 Non-cash asset impairment charges 2.0
— (0.2 ) 2.2 0.04 Non-cash pension settlement charge 1.1
0.5 — 0.6 0.01
Excluding Special Items $ 67.4 $ 24.2
$ 3.9 $ 39.3 $ 0.67
Three months ended April 30, 2016 $ 61.2 $ 28.7 $ 1.1
$ 31.4 $ 0.53 Gain on disposal of properties, plants, equipment and
businesses, net (10.7 ) (2.2 ) (0.4 ) (8.1 ) (0.14 ) Restructuring
charges 5.4 0.8 1.2 3.4 0.06 Non-cash asset impairment charges 1.7
0.6 — 1.1 0.02 Acquisition-related costs 0.1 $ 0.1
$ — — $ —
Excluding Special Items $ 57.7 $ 28.0 $
1.9 $ 27.8 $ 0.47
Six
months ended April 30, 2017 $ 82.7 $ 34.8 $ 6.5 $ 41.4 $ 0.71
Gain on disposal of properties, plants, equipment and businesses,
net (4.2 ) (0.9 ) 0.2 (3.5 ) (0.06 ) Restructuring charges 4.8 (2.9
) 0.4 7.3 0.13 Non-cash asset impairment charges 3.9 — 0.1 3.8 0.06
Non-cash pension settlement charge 24.6 7.9
— 16.7 0.28 Excluding
Special Items $ 111.8 $ 38.9 $ 7.2
$ 65.7 $ 1.12
Six
months ended April 30, 2016 $ 57.3 $ 34.7 $ 2.3 $ 20.3 $ 0.35
Gain on disposal of properties, plants, equipment and businesses,
net (11.6 ) (2.4 ) (0.6 ) (8.6 ) (0.15 ) Restructuring charges 7.7
1.0 1.7 5.0 0.09 Non-cash asset impairment charges 40.8 5.7 0.3
34.8 0.59 Acquisition-related costs 0.1 —
— 0.1 — Excluding Special
Items $ 94.3 $ 39.0 $ 3.7
$ 51.6 $ 0.88
The impact of income tax expense and non-controlling interest on
each special item is calculated based on tax rates and ownership
percentages specific to each applicable entity. Included in the six
months ended April 30, 2017 restructuring charges special item is a
$4.4 million income tax charge due to a change in assertions
related to unremitted foreign earnings as a result of the
restructuring of our intercompany debt portfolio. The tax rate
excluding the impact of special items for the second quarter of
2017 was 35.9 percent.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION SELECTED FINANCIAL
INFORMATION EXCLUDING THE IMPACT OF DIVESTITURES
UNAUDITED
Three months ended April 30, Six months ended
April 30, Excluding the
Excluding the Impact of Impact of Impact
of Impact of (in millions)
2017
Divestitures Divestitures 2017
Divestitures Divestitures Net
Sales: Rigid Industrial Packaging & Services $ 624.3 $ — $
624.3 $ 1,185.8 $ — $ 1,185.8 Paper Packaging & Services 188.7
— 188.7 371.6 — 371.6 Flexible Products & Services 66.6 — 66.6
136.3 — 136.3 Land Management 7.8 — 7.8 14.6
— 14.6 Consolidated $ 887.4 $ — $ 887.4
$ 1,708.3 $ — $ 1,708.3
Gross
Profit: Rigid Industrial Packaging & Services $ 133.9 $ — $
133.9 $ 246.3 $ — $ 246.3 Paper Packaging & Services 32.9 —
32.9 68.2 — 68.2 Flexible Products & Services 12.3 — 12.3 25.4
— 25.4 Land Management 2.8 — 2.8 5.3 —
5.3 Consolidated $ 181.9 $ — $ 181.9 $
345.2 $ — $ 345.2
Operating Profit:
Rigid Industrial Packaging & Services $ 55.5 $ — $ 55.5 $ 84.2
$ 0.1 $ 84.1 Paper Packaging & Services 19.8 — 19.8 30.6 — 30.6
Flexible Products & Services 1.8 — 1.8 2.3 — 2.3 Land
Management 3.3 — 3.3 5.4 — 5.4
Consolidated $ 80.4 $ — $ 80.4 $ 122.5
$ 0.1 $ 122.4
Operating profit before special
items(11): Rigid Industrial Packaging &
Services $ 60.3 $ — $ 60.3 $ 103.7 $ — $ 103.7 Paper Packaging
& Services 20.6 — 20.6 40.5 — 40.5 Flexible Products &
Services 2.1 — 2.1 3.7 — 3.7 Land Management 1.9 —
1.9 3.7 — 3.7 Consolidated $ 84.9 $ —
$ 84.9 $ 151.6 $ — $ 151.6
(11)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 SELECTED FINANCIAL
INFORMATION EXCLUDING THE IMPACT OF DIVESTITURES
(CONTINUED)
UNAUDITED
Three months ended April 30, Six months ended
April 30, Excluding the
Excluding the Impact of Impact of Impact
of Impact of (in millions)
2016
Divestitures Divestitures 2016
Divestitures Divestitures Net
Sales: Rigid Industrial Packaging & Services $ 589.6 $ 27.1
$ 562.5 $ 1,124.5 $ 52.3 $ 1,072.2 Paper Packaging & Services
167.2 — 167.2 325.6 — 325.6 Flexible Products & Services 76.2
2.7 73.5 149.1 5.0 144.1 Land Management 6.6 — 6.6
11.8 — 11.8 Consolidated $ 839.6
$ 29.8 $ 809.8 $ 1,611.0 $ 57.3 $
1,553.7
Gross Profit: Rigid Industrial
Packaging & Services $ 123.9 $ (2.4 ) $ 126.3 $ 226.7 $ 0.1 $
226.6 Paper Packaging & Services 37.4 — 37.4 73.2 — 73.2
Flexible Products & Services 9.6 0.4 9.2 20.1 0.8 19.3 Land
Management 2.8 — 2.8 5.0 — 5.0
Consolidated $ 173.7 $ (2.0 ) $ 175.7 $ 325.0
$ 0.9 $ 324.1
Operating Profit
(loss): Rigid Industrial Packaging & Services $ 59.2 $ 2.8
$ 56.4 $ 56.6 $ (21.9 ) $ 78.5 Paper Packaging & Services 24.2
— 24.2 45.4 — 45.4 Flexible Products & Services (2.9 ) 0.1 (3.0
) (6.0 ) 0.2 (6.2 ) Land Management 2.3 — 2.3
4.4 — 4.4 Consolidated $ 82.8 $ 2.9
$ 79.9 $ 100.4 $ (21.7 ) $ 122.1
Operating profit (loss) before special
items(11): Rigid Industrial Packaging &
Services $ 54.3 $ (4.9 ) $ 59.2 $ 89.8 $ (4.8 ) $ 94.6 Paper
Packaging & Services 24.1 — 24.1 46.8 — 46.8 Flexible Products
& Services (1.1 ) 0.1 (1.2 ) (2.7 ) 0.2 (2.9 ) Land Management
2.0 — 2.0 3.5 — 3.5
Consolidated $ 79.3 $ (4.8 ) $ 84.1 $ 137.4 $
(4.6 ) $ 142.0
(11)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
Three months ended April 30, Increase
in Increase in (in millions)
2017
2016 Net Sales ($)
Net Sales (%) Net Sales $ 887.4 $ 839.6 $ 47.8
5.7 % Impact of Divestitures — 29.8
Net Sales Excluding
the Impact of Divestitures $ 887.4 $ 809.8 Currency Translation
(14.0
)
N/A
Net Sales Excluding the Impact of Divestitures and Currency
Translation $ 901.4 $ 809.8 $ 91.6 11.3 %
Six months ended April 30, Increase in Increase
in (in millions)
2017 2016
Net Sales ($) Net Sales
(%) Net Sales $ 1,708.3
$
1,611.0
$
97.3
6.0
% Impact of Divestitures —
57.3
Net Sales Excluding the Impact of Divestitures $ 1,708.3
$
1,553.7 Currency Translation (31.7 )
N/A
Net Sales Excluding the Impact of Divestitures and Currency
Translation $ 1,740.0
$
1,553.7
$
186.3
12.0
%
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
Three months ended April 30, Increase in
Increase in (in millions)
2017
2016
Net Sales ($) Net Sales (%)
Net Sales $ 624.3 $ 589.6 $ 34.7 5.9 % Impact of
Divestitures —
27.1
Net Sales Excluding the Impact of Divestitures $ 624.3 $
562.5 Currency Translation (9.9
)
N/A
Net Sales Excluding the Impact of Divestitures and Currency
Translation $ 634.2 $ 562.5 $ 71.7 12.7 %
Six months ended April 30,
Increase in
Increase in
(in millions)
2017
2016
Net Sales ($)
Net Sales (%)
Net Sales $ 1,185.8
$
1,124.5
$
61.3
5.5
% Impact of Divestitures —
52.3
Net Sales Excluding the Impact of Divestitures $ 1,185.8
$
1,072.2 Currency Translation (24.3 )
N/A
Net Sales Excluding the Impact of Divestitures and Currency
Translation $ 1,210.1
$
1,072.2
$
137.9
12.9
%
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION PRIMARY PRODUCTS
NET SALES TO NET SALES EXCLUDING THE IMPACT OF DIVESTITURES
UNAUDITED
Three months ended April 30, Increase
Increase (Decrease) in (Decrease) in
Primary Products Primary Products (in millions)
2017 2016 Net Sales ($)
Net Sales (%) Rigid Industrial Packaging &
Services Primary Products Net Sales $ 552.8 $ 493.4 Impact of
Divestitures — — Primary Products Net Sales Excluding
the Impact of Divestitures $ 552.8 $ 493.4 $ 59.4
12.0 %
Paper Packaging & Services Primary
Products Net Sales $ 188.0 $ 166.7 Impact of Divestitures —
— Primary Products Net Sales Excluding the Impact of
Divestitures $ 188.0 $ 166.7 $ 21.3 12.8 %
Flexible Products & Services Primary Products Net Sales
$ 60.8 $ 66.6 Impact of Divestitures — (2.6 ) Primary
Products Net Sales Excluding the Impact of Divestitures $ 60.8
$ 64.0 $ (3.2 ) (5.0 )%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170607006359/en/
Greif, Inc.Matt Eichmann,
740-549-6067matt.eichmann@greif.com
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