Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial
packaging products and services, today reported fourth quarter 2015
net income attributable to the corporation totaling $12.4 million
or $0.21 per diluted Class A share on sales of $868.5 million
compared with net income of $8.7 million or $0.15 per diluted Class
A share on sales of $1,048.1 million in the fourth quarter of 2014.
After adjusting for the effect of divestitures for both quarters
and currency translation for the fourth quarter 20151, sales were
2.0 percent lower for the quarter when compared to the fourth
quarter of 2014. The reduction was due to lower volumes and
decreases in steel costs that are passed through to customers,
partially offset by the impact of discrete strategic pricing
actions. Excluding the impact of special items2, earnings were
$0.76 per diluted Class A share for the fourth quarter of 2015
compared to $0.60 per diluted Class A share for the fourth quarter
of 2014. The improvement was due primarily to reductions in
SG&A expenses related to our transformation initiatives and the
reduction in full year tax expense related to the realization of
benefits from the implementation of discrete tax planning
strategies and the adjustment of recorded tax liabilities.
Pete Watson, President and Chief Executive Officer, stated “We
continue to demonstrate the discipline needed to achieve our
transformation goals despite challenging market conditions. As we
move forward, we will continue to leverage all aspects of the Greif
Business System. While progress is being made, much work remains. I
am confident we are on the right path to achieve our transformation
commitments, improve earnings, increase cash flow and deliver value
to our shareholders.”
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 table below shows the
percentage impact of each on our change in net sales, excluding
divestitures, from the three months that ended on October 31, 2014
to the three months that ended on October 31, 2015, for the
business segments with manufacturing operations.
Net Sales Impact - Excluding
Divestitures:
Rigid IndustrialPackaging &
Services
Paper Packaging
Flexible Products&
Services
Currency Translation (14.0 %) - (12.4 %)
Volume (3.8
%) 2.8 % (11.7 %)
Selling Prices and Product Mix 0.9 %
(3.5 %) 6.2 % (16.9 %) (0.7 %) (17.9 %)
______________________________________
1 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 2 A summary of all special items that
are included in the earnings per diluted Class A share before
special items and operating profit before special items is set
forth in the Selected Financial Highlights table following the
Company Outlook 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.
Rigid Industrial Packaging & Services
Net sales decreased 20.1 percent to $601.1 million for the
fourth quarter of 2015 compared with $752.7 million for the fourth
quarter of 2014. Excluding the impact of divestitures3, net sales
decreased 16.9 percent for the fourth quarter of 2015 compared with
the fourth quarter of 2014.
Operating profit was $10.9 million for the fourth quarter of
2015 compared to $46.7 million for the fourth quarter of 2014. The
decrease was primarily attributable to the same factors impacting
net sales and higher restructuring and non-cash asset impairment
charges, partially offset by improvements in SG&A expenses.
Operating profit before special items and excluding the impact of
divestitures was $42.3 million for the fourth quarter of 2015
versus $58.6 million for the fourth quarter of 2014.
Paper Packaging
Net sales decreased 3.6 percent to $179.8 million for the fourth
quarter of 2015 compared with $186.6 million for the fourth quarter
of 2014. Excluding the impact of divestitures, net sales decreased
0.7 percent to $179.8 million for the fourth quarter of 2015
compared with $181.1 million for the fourth quarter of 2014 due
primarily to the annual maintenance shutdown at our Massillon, OH
mill that occurred during the fourth quarter of 2015 as opposed to
the third quarter in 2014.
Operating profit was $32.6 million for the fourth quarter of
2015 compared with $41.4 million for the fourth quarter of 2014.
The decrease was primarily due to the same factors impacting net
sales, price decreases driven by a reduction in the published index
prices for medium containerboard and a reduction in gain on sale of
businesses of $3.7 million.
Flexible Products & Services
Net sales decreased 26.7 percent to $73.3 million for the fourth
quarter of 2015 compared with $100.0 million for the fourth quarter
of 2014. Excluding the impact of divestitures, net sales decreased
17.9 percent to $73.3 million for the fourth quarter of 2015
compared with $89.3 million for the fourth quarter of 2014.
Operating loss was $12.8 million for the fourth quarter of 2015
versus an operating loss of $56.2 million for the fourth quarter of
2014. Operating loss before special items totaled $5.3 million for
the fourth quarter of 2015 versus $6.4 million for the fourth
quarter of 2014. The decrease in operating loss before special
items was primarily due to a reduction in SG&A expenses and
production costs as a result of transformation efforts in the
segment, partially offset by higher costs of the move to an
in-house labor force in Turkey, which was prompted by changes in
the local regulatory environment.
Land Management
Net sales increased 62.5 percent to $14.3 million for the fourth
quarter of 2015 compared with $8.8 million for the fourth quarter
of 2014. The increase in net sales was due to the sale of the
remaining 5,200 acres of development properties in Canada during
the fourth quarter of 2015.
Operating profit was $1.4 million for the fourth quarter of 2015
compared with $5.6 million for the fourth quarter of 2014. The
decrease in operating profit was primarily due to a reduction in
gains on sale of property, plant and equipment of $2.6 million as
no core timberland property was sold in the three months ended
October 31, 2015.
Dividends
On December 8, 2015, the Board of Directors declared quarterly
cash dividends of $0.42 per share of Class A Common Stock and $0.62
per share of Class B Common Stock. Dividends are payable on January
1, 2016 to stockholders of record at the close of business on
December 21, 2015.
______________________________________
3
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
Company Outlook
In fiscal year 2016, the company’s results are expected to
benefit from further execution of our transformation efforts. These
improvements are expected to be achieved despite the continuation
of a sluggish global industrial economy and continued strengthening
of the U.S. dollar relative to other currencies adversely impacting
our results. We anticipate that our fiscal year 2016 Class A
earnings per share will be between $2.05 - $2.35 per share,
excluding gains and losses on the sales of businesses, timberland
and property, plant and equipment, acquisition costs and
restructuring and impairment charges.
GREIF, INC. AND SUBSIDIARY
COMPANIES SELECTED FINANCIAL HIGHLIGHTS UNAUDITED
(Dollars in millions, except per share amounts)
Three
months ended Twelve months ended October 31
October 31
Selected Financial
Highlights
2015 2014
2015 2014 Net sales $ 868.5 $
1,048.1 $ 3,616.7 $ 4,239.1 Operating profit 32.1 37.5 192.8 249.3
Operating profit before special items 72.0 89.7 266.2 315.9 EBITDA
63.6 73.0 324.2 395.6 EBITDA before special items 103.5 125.2 392.7
462.2 Cash provided by operating activities 132.9 145.0 206.3 261.8
Net income attributable to Greif, Inc. 12.4 8.7 71.9 91.5 Diluted
Class A earnings per share attributable to Greif, Inc. $ 0.21 $
0.15 $ 1.23 $ 1.56
Diluted Class A earnings per share
attributable to Greif, Inc. before special items
$ 0.76 $ 0.60 $ 2.18 $ 2.23
Special
items
Restructuring charges $ (13.3 ) $ (5.6 ) $ (40.0 ) $ (16.1 )
Acquisition-related costs - (0.4 ) (0.3 ) (1.6 ) Timberland gains -
- 24.3 17.1 Non-cash asset impairment charges (23.6 ) (70.2 ) (45.9
) (85.8 ) Gain (loss) on disposal of PPE and businesses, net (3.0 )
24.0 (2.2 ) 19.8 Impact of Venezuela devaluation on cost of
products sold - - (9.3 ) - Impact of Venezuela devaluation on other
income/expense - - 4.9
- Total special items (39.9 ) (52.2 )
(68.5 ) (66.6 ) Total special items, net of tax and
noncontrolling interest (32.3 ) (27.1 ) (55.8
) (39.8 )
Impact of total special items, net of tax,
on diluted Class A earnings per share attributable to Greif,
Inc.
$ (0.55 ) $ (0.45 ) $ (0.95 ) $ (0.67 )
October 31,
2015 October 31, 2014 Working capital 4 $ 369.5 $ 287.7
Net working capital 4 263.3 202.6 Operating working capital 5 345.4
411.3 Long-term debt 1,124.2 1,087.4 Net debt 6 1,081.4 1,068.0
Three months ended October 31, 2015
2015
Impact ofDivestitures
Excluding theImpact
ofDivestitures2015
Net Sales $ 868.5 $ - $ 868.5 Gross Profit 168.0 - 168.0 Operating
Profit 32.1 (0.5 ) 32.6 Operating Profit before special
items
: 72.0 0.2 71.8
Three months ended October
31, 2014 2014
Impact ofDivestitures
Excluding theImpact
ofDivestitures2014
Net Sales $ 1,048.1 $ 45.5 $ 1,002.6 Gross Profit 202.9 4.2 198.7
Operating Profit 37.5 17.9 19.6 Operating Profit before special
items
: 89.7 (1.4 ) 91.1
Three months ended October
31,
Excluding theImpact
ofDivestitures
Impact
ofCurrencyTranslation
Excluding theImpact
ofDivestituresand CurrencyTranslation
Net Sales - 2015 868.5 (113.7 ) 982.2 Net Sales - 2014 1,002.6 N/A
1,002.6 ______________________________________ 4 Working
capital represents current assets less current liabilities. Net
working capital represents working capital less cash and cash
equivalents. 5 Operating working capital represents trade accounts
receivable plus inventories less accounts payable. 6 Net debt
represents long-term debt plus the current portion of long-term
debt plus short-term borrowings less cash and cash equivalents.
Conference Call
The company will host a conference call to discuss the fourth
quarter of 2015 results on December 11, 2015, at 10 a.m. Eastern
Time (ET). To participate, domestic callers should call
877-485-3107 and ask for the Greif conference call. The number for
international callers is +1 201-689-8427. Phone lines will open at
9:50 a.m. ET. The conference call will also be available through a
live webcast, including slides, which can be accessed at
www.greif.com in the Investor Center/Conference Calls. A replay of
the conference call will be available on the company’s website
approximately one hour following the call.
The company encourages interested investors, analysts and
portfolio managers to submit questions in advance of the conference
call regarding Greif’s quarterly performance to
investors@Greif.com. Questions will be accepted until Thursday,
December 10 at 5:00 p.m. ET. The company will address both
previously submitted questions and questions asked during 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, blending, filling and packaging services for a wide
range of industries. Greif also manages timber properties in North
America. The company is strategically positioned in more than 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 Oct. 31, 2014. 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) we may be subject to losses
that might not be covered in whole or in part by existing insurance
reserves or insurance coverage, (xvi) our business depends on the
uninterrupted operations of our facilities, systems and business
functions, including our information technology and other business
systems, (xvii) a security breach of customer, employee, supplier
or company information may have a material adverse effect on our
business, financial condition and results of operations, (xviii)
legislation/regulation related to environmental and health and
safety matters and corporate social responsibility could negatively
impact our operations and financial performance, (xix) product
liability claims and other legal proceedings could adversely affect
our operations and financial performance, (xx) 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, (xxi) changing climate, climate change regulations and
greenhouse gas effects may adversely affect our operations and
financial performance, (xxii) the frequency and volume of our
timber and timberland sales will impact our financial performance,
(xxiii) changes in U.S. generally accepted accounting principles
and SEC rules and regulations could materially impact our reported
results, (xxiv) 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 (xxv) the
company has a significant amount of goodwill, and 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 Twelve months
ended October 31 October 31 2015
2014 2015
2014 Net sales $ 868.5 $ 1,048.1 $ 3,616.7 $
4,239.1 Cost of products sold 700.5 845.2
2,946.9 3,428.1 Gross profit
168.0 202.9 669.8 811.0 Selling, general and administrative
expenses 96.0 113.6 413.2 496.7 Restructuring charges 13.3 5.6 40.0
16.1 Timberland gains - - (24.3 ) (17.1 ) Non-cash asset impairment
charges 23.6 70.2 45.9 85.8 (Gain) on disposal of properties,
plants and equipment, net 2.3 (2.8 ) (7.0 ) (8.3 ) (Gain) loss on
disposal of businesses 0.7 (21.2 ) 9.2
(11.5 ) Operating profit 32.1 37.5 192.8 249.3
Interest expense, net 18.6 20.3 74.8 81.8 Other expense, net
2.2 2.9 3.2 9.5
Income before income tax expense and
equity earnings of unconsolidated affiliates, net
11.3 14.3 114.8 158.0 Income tax expense 2.6 50.8 48.4 115.0 Equity
earnings of unconsolidated affiliates, net of tax 0.5
1.0 0.8 1.9 Net income
(loss) 9.2 (35.5 ) 67.2 44.9 Net loss attributable to
noncontrolling interests 3.2 44.2
4.7 46.6 Net income attributable to
Greif, Inc. $ 12.4 $ 8.7 $ 71.9 $ 91.5
Basic earnings per share attributable to Greif, Inc.
common shareholders: Class A Common Stock $ 0.21 $ 0.15 $ 1.23
$ 1.56 Class B Common Stock $ 0.32 $ 0.22 $ 1.83 $ 2.33
Diluted earnings per share attributable to Greif, Inc. common
shareholders: Class A Common Stock $ 0.21 $ 0.15 $ 1.23 $ 1.56
Class B Common Stock $ 0.32 $ 0.22 $ 1.83 $ 2.33
Shares
used to calculate basic earnings per share attributable to Greif,
Inc. common shareholders: Class A Common Stock 25.7 25.5 25.7
25.5 Class B Common Stock 22.1 22.1 22.1 22.1
Shares used
to calculate diluted earnings per share attributable to Greif, Inc.
common shareholders: Class A Common Stock 25.7 25.5 25.7 25.5
Class B Common Stock 22.1 22.1 22.1 22.1
GREIF,
INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE
SHEETS UNAUDITED (Dollars in millions)
October 31,
2015 October 31, 2014 ASSETS
CURRENT ASSETS Cash and cash equivalents
$
106.2
$
85.1 Trade accounts receivable 403.7 501.3 Inventories 297.0 381.1
Other current assets 201.6 171.9 1,008.5
1,139.4 LONG-TERM ASSETS Goodwill 807.1 880.2
Intangible assets 132.7 166.5 Assets held by special purpose
entities 50.9 50.9 Other long-term assets 98.8 122.1
1,089.5 1,219.7 PROPERTIES, PLANTS AND
EQUIPMENT 1,217.7 1,308.3 $ 3,315.7 $ 3,667.4
LIABILITIES AND EQUITY CURRENT LIABILITIES
Accounts payable $ 355.3 $ 471.1 Short-term borrowings 40.7 48.1
Current portion of long-term debt 22.7 17.6 Other current
liabilities 220.3 314.9 639.0 851.7
LONG-TERM LIABILITIES Long-term debt 1,124.2 1,087.4
Liabilities held by special purpose entities 43.3 43.3 Other
long-term liabilities 449.3 461.8 1,616.8
1,592.5 TOTAL EQUITY 1,059.9 1,223.2
$ 3,315.7 $ 3,667.4
GREIF,
INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in millions)
Three months ended Twelve months ended
October 31 October 31 2015
2014 2015
2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net income
$ 9.2 $ (35.5 ) $ 67.2 $ 44.9 Depreciation, depletion and
amortization 33.7 38.4 134.6 155.8 Asset impairments 23.6 70.2 45.9
85.8 Impact of Venezuela devaluation on other income/expense - -
(4.9 ) - Impact of Venezuela devaluation on cost of products sold -
- 9.3 - Other non-cash adjustments to net income 2.4 (9.8 ) (30.2 )
(29.5 ) Operating working capital changes 81.6 76.5 21.8 (5.1 )
Deferred purchase price on sold receivables 5.1 5.2 (5.7 ) 11.5
Increase (decrease) in cash from changes
in certain assets and liabilities and other
(22.7 ) - (31.7 ) (1.6 ) Net
cash provided by operating activities 132.9
145.0 206.3 261.8 CASH
FLOWS FROM INVESTING ACTIVITIES: Acquisitions of companies, net of
cash acquired (0.1 ) - (1.6 ) (53.5 ) Issuance of subordinated note
receivable (44.2 ) - (44.2 ) - Purchases of properties, plants and
equipment (27.6 ) (43.9 ) (135.8 ) (137.9 ) Purchases of timber
properties (0.2 ) (1.1 ) (38.4 ) (56.8 ) Proceeds from the
sale of PPE, businesses, timberland and other assets 3.2 94.7 68.9
164.9 Payments on notes receivable with related party, net - 13.0 -
14.3 Proceeds on insurance recoveries 1.2 -
4.6 - Net cash used in investing
activities (67.7 ) 62.7 (146.5 )
(69.0 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
(payments on) debt, net (38.8 ) (157.7 ) 82.4 (88.3 ) Dividends
paid to Greif, Inc. shareholders (24.7 ) (24.8 ) (98.7 ) (98.6 )
Other - (1.2 ) (3.8 ) 6.4
Net cash provided by (used in) financing activities (63.5 )
(183.7 ) (20.1 ) (180.5 ) Effects of
exchange rates on cash 2.8 (3.9 ) (18.6 ) (5.3 ) Net
increase (decrease) in cash and cash equivalents 4.5 20.1 21.1 7.0
Cash and cash equivalents at beginning of the period 101.7
65.0 85.1 78.1
Cash and cash equivalents at end of the period $ 106.2 $
85.1 $ 106.2 $ 85.1
GREIF, INC. AND SUBSIDIARY COMPANIES FINANCIAL HIGHLIGHTS
BY SEGMENT UNAUDITED (Dollars in millions)
Three
months ended Twelve months ended October 31
October 31 2015 2014
2015 2014
Net sales: Rigid Industrial Packaging & Services $ 601.1
$ 752.7 $ 2,586.4 $ 3,077.0 Paper Packaging 179.8 186.6 676.1 706.8
Flexible Products & Services 73.3 100.0 322.6 425.8 Land
Management 14.3 8.8 31.6
29.5 Total net sales $ 868.5 $ 1,048.1
$ 3,616.7 $ 4,239.1
Operating profit
(loss): Rigid Industrial Packaging & Services $ 10.9 $ 46.7
$ 86.4 $ 170.1 Paper Packaging 32.6 41.4 109.3 125.8 Flexible
Products & Services (12.8 ) (56.2 ) (36.6 ) (78.6 ) Land
Management 1.4 5.6 33.7
32.0 Total operating profit $ 32.1 $ 37.5
$ 192.8 $ 249.3
EBITDA
7: Rigid Industrial Packaging & Services $ 33.9 $
71.2 $ 179.1 $ 271.7 Paper Packaging 39.8 48.6 138.4 155.6 Flexible
Products & Services (12.2 ) (53.7 ) (30.3 ) (68.0 ) Land
Management 2.1 6.9 37.0
36.3 Total EBITDA $ 63.6 $ 73.0 $ 324.2
$ 395.6 ______________________________________ 7
EBITDA is defined as net income, plus interest expense, net,
plus income tax expense, less equity earnings of unconsolidated
affiliates, net of tax, 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 GAAP TO NON-GAAP RECONCILIATION NET WORKING
CAPITAL, OPERATING WORKING CAPITAL AND NET DEBT UNAUDITED
(Dollars in millions)
October 31, 2015 October 31,
2014 Current assets $ 1,008.5 $ 1,139.4 Less: current
liabilities 639.0 851.7 Working capital 369.5 287.7
Less: cash and cash equivalents 106.2 85.1 Net
working capital $ 263.3 $ 202.6 Trade accounts receivable $
403.7 $ 501.3 Plus: inventories 297.0 381.1 Less: accounts payable
355.3 471.1 Operating working capital $ 345.4 $ 411.3
Long-term debt $ 1,124.2 $ 1,087.4 Plus: current portion of
long-term debt 22.7 17.6 Plus: short-term borrowings 40.7 48.1
Less: cash and cash equivalents 106.2 85.1 Net debt $
1,081.4 $ 1,068.0
GREIF, INC.
AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION
CONSOLIDATED EBITDA 8 UNAUDITED (Dollars in millions)
Three months ended Twelve months ended
October 31 October 31 2015
2014 2015 2014
Net income (loss) $ 9.2 $ (35.5 ) $ 67.2 $ 44.9 Plus:
interest expense, net 18.6 20.3 74.8 81.8 Plus: income tax expense
2.6 50.8 48.4 115.0 Plus: depreciation, depletion and amortization
expense 33.7 38.4 134.6 155.8 Less: equity earnings of
unconsolidated affiliates, net of tax 0.5 1.0
0.8 1.9 EBITDA $ 63.6 $ 73.0 $
324.2 $ 395.6 Net income (loss) $ 9.2 $ (35.5
) $ 67.2 $ 44.9 Plus: interest expense, net 18.6 20.3 74.8 81.8
Plus: income tax expense 2.6 50.8 48.4 115.0 Plus: other expense,
net 2.2 2.9 3.2 9.5 Less: equity earnings of unconsolidated
affiliates, net of tax 0.5 1.0 0.8
1.9 Operating profit 32.1 37.5 192.8 249.3
Less: other expense, net 2.2 2.9 3.2 9.5 Plus: depreciation,
depletion and amortization expense 33.7 38.4
134.6 155.8 EBITDA $ 63.6 $ 73.0
$ 324.2 $ 395.6
______________________________________ 8 EBITDA is defined
as net income (loss), plus interest expense, net, plus income tax
expense, less equity earnings of unconsolidated affiliates, net of
tax, 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 9 UNAUDITED (Dollars in millions)
Three months ended Twelve months ended
October 31 October 31 2015
2014 2015
2014 Rigid Industrial Packaging & Services
Operating profit $ 10.9 $ 46.7 $ 86.4 $ 170.1 Less: other expense,
net 0.8 2.8 1.3 6.8 Plus: depreciation and amortization expense
23.8 27.3 94.0
108.4 EBITDA $ 33.9 $ 71.2 $ 179.1 $ 271.7
Paper
Packaging Operating profit $ 32.6 $ 41.4 $ 109.3 $ 125.8 Less:
other (income) expense, net - - (0.4 ) - Plus: depreciation and
amortization expense 7.2 7.2
28.7 29.8 EBITDA $ 39.8 $ 48.6 $ 138.4 $ 155.6
Flexible Products & Services Operating loss $
(12.8 ) $ (56.2 ) $ (36.6 ) $ (78.6 ) Less: other expense, net 1.4
0.1 2.3 2.7 Plus: depreciation and amortization expense 2.0
2.6 8.6 13.3
EBITDA $ (12.2 ) $ (53.7 ) $ (30.3 ) $ (68.0 )
Land
Management Operating profit $ 1.4 $ 5.6 $ 33.7 $ 32.0 Plus:
depreciation, depletion and amortization expense 0.7
1.3 3.3 4.3 EBITDA $ 2.1
$ 6.9 $ 37.0 $ 36.3 Consolidated
EBITDA $ 63.6 $ 73.0 $ 324.2 $ 395.6
______________________________________ 9 EBITDA is defined
as net income, plus interest expense, net, plus income tax expense,
less equity earnings of unconsolidated affiliates, net of tax, 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 10 UNAUDITED (Dollars in millions)
Three
months ended Twelve months ended October 31
October 31 2015 2014
2015 2014
Net cash provided by operating activities $ 132.9 $ 145.0 $
206.3 $ 261.8 Less: Capital expenditures (27.6 )
(43.9 ) (135.8 ) (137.9 )
Free Cash Flows $
105.3 $ 101.1 $ 70.5 $ 123.9
FREE CASH FLOW EXCLUDING THE IMPACT OF VENEZUELA
OPERATIONS 11 Three months ended Twelve
months ended October 31 October 31
2015 2014 2015
2014 Net cash provided by
operating activities $ 133.1 $ 142.7 $ 202.2 $ 256.9 Less:
Capital expenditures (27.6 ) (43.9 ) (121.8 )
(137.9 )
Free Cash Flows $ 105.5 $ 98.8
$ 80.4 $ 119.0 ______________________________________
10 Free cash flow is defined as net cash provided by
operating activities less 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 Venezuela capital
expenditures of $14.0 million USD reflected above represent the
Company’s investment of bolivars in a warehouse as an asset
protection strategy in the second quarter of 2015 in order to
utilize excess bolivars being generated by the business. The
translated value of both the cash provided by operating activities
of Venezuela and the building that was purchased 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.
GREIF, INC. AND SUBSIDIARY
COMPANIES GEOGRAPHIC DATA UNAUDITED (Dollars in
millions)
Three months ended Twelve months
ended October 31 October 31 2015
2014 2015
2014 Net sales: North America $ 480.9 $
550.4 $ 1,787.1 $ 2,011.5 Europe, Middle East and Africa 307.7
379.5 1,287.2 1,596.2 Asia Pacific and Latin America 79.9
118.2 542.4 631.4
Total net sales $ 868.5 $ 1,048.1 $ 3,616.7 $
4,239.1
Operating profit (loss): North America
$ 40.9 $ 104.9 $ 157.3 $ 257.1 Europe, Middle East and Africa (12.3
) (75.3 ) 26.7 (31.6 ) Asia Pacific and Latin America 3.5
7.9 8.8 23.8 Total
operating profit $ 32.1 $ 37.5 $ 192.8 $ 249.3
Notes: The North America region includes businesses
from Rigid Industrial Packaging & Services, Paper Packaging,
Flexible Products & Services and Land Management. The
Europe, Middle East and Africa region includes businesses from
Rigid Industrial Packaging & Services and Flexible Products
& Services.
The Asia Pacific and Latin America region
includes businesses from Rigid Industrial Packaging & Services
and Flexible Products & Services. For the twelve months ended
October 31, 2015, operating profit for Asia Pacific and Latin
America includes a $9.3 million Venezuelan cost of products sold
adjustment and a $15.0 million non-cash asset impairment of the
Company’s Venezuelan property, plant & equipment discussed in
the 2015 third quarter earnings release.
GREIF, INC. AND SUBSIDIARY
COMPANIES SPECIAL ITEMS BY SEGMENT UNAUDITED (Dollars in
millions)
Three months ended Twelve months
ended October 31 October 31 2015
2014 2015
2014 Rigid Industrial Packaging & Services
Restructuring charges $ 9.2 $ 3.8 $ 29.6 $ 9.6 Acquisition-related
costs - 0.4 0.3 1.6 Non-cash asset impairment charges 22.1 3.9 43.4
11.6 Loss on disposal of properties, plants, equipment and
businesses, net 0.3 1.1 2.7 10.3 Impact of Venezuela devaluation on
cost of products sold -
-
9.3
-
Impact of Venezuela devaluation on other (income) expense -
- (4.9 )
-
Total special Items 31.6 9.2 80.4 33.1
Paper
Packaging Restructuring charges 1.2 - 2.2 - Non-cash asset
impairment charges - - 0.8 - Gain on disposal of properties,
plants, equipment and businesses, net (0.5 ) (4.2 )
(0.5 ) (5.1 ) Total special Items 0.7 (4.2 ) 2.5 (5.1
)
Flexible Products & Services Restructuring
charges 2.8 1.8 8.1 6.5 Non-cash asset impairment charges 1.5 66.3
1.7 74.2 (Gain) loss on disposal of properties, plants, equipment
and businesses, net 3.2 (18.3 ) 2.7
(19.6 ) Total special Items 7.5 49.8 12.5 61.1
Land Management Timberland gains - - (24.3 ) (17.1 )
Restructuring charges 0.1 - 0.1 - Gain on disposal of properties,
plants, equipment and businesses, net - (2.6 )
(2.7 ) (5.4 ) Total special Items 0.1
(2.6 ) (26.9 ) (22.5 ) Total special
items $ 39.9 $ 52.2 $ 68.5 $ 66.6
GREIF, INC. AND SUBSIDIARY
COMPANIES GAAP TO NON-GAAP RECONCILIATION SEGMENT
OPERATING PROFIT (LOSS) BEFORE SPECIAL ITEMS 12
UNAUDITED (Dollars in millions)
Three months ended
Twelve months ended October 31 October 31
2015 2014
2015 2014 Operating
profit (loss): Rigid Industrial Packaging & Services $ 10.9
$ 46.7 $ 86.4 $ 170.1 Paper Packaging 32.6 41.4 109.3 125.8
Flexible Products & Services (12.8 ) (56.2 ) (36.6 ) (78.6 )
Land Management 1.4 5.6 33.7
32.0 Total operating profit (loss) 32.1
37.5 192.8 249.3
Restructuring charges: Rigid Industrial Packaging &
Services 9.2 3.8 29.6 9.6 Paper Packaging 1.2 - 2.2 - Flexible
Products & Services 2.8 1.8 8.1 6.5 Land Management 0.1
- 0.1 - Total
restructuring charges 13.3 5.6
40.0 16.1
Acquisition-related costs:
Rigid Industrial Packaging & Services -
0.4 0.3 1.6 Total
acquisition-related costs - 0.4
0.3 1.6
Timberland gains: Land
Management - - (24.3 )
(17.1 ) Total timberland gains - -
(24.3 ) (17.1 )
Non-cash asset impairment
charges: Rigid Industrial Packaging & Services 22.1 3.9
43.4 11.6 Paper Packaging - - 0.8 - Flexible Products &
Services 1.5 66.3 1.7
74.2 Total non-cash asset impairment charges
23.6 70.2 45.9 85.8
(Gain) loss on disposal of properties, plants, equipment
and businesses, net: Rigid Industrial Packaging & Services
0.3 1.1 2.7 10.3 Paper Packaging (0.5 ) (4.2 ) (0.5 ) (5.1 )
Flexible Products & Services 3.2 (18.3 ) 2.7 (19.6 ) Land
Management - (2.6 ) (2.7 ) (5.4
) Total (gain) loss on disposal of properties, plants, equipment
and businesses, net 3.0 (24.0 ) 2.2
(19.8 )
Impact of Venezuela devaluation on cost of
products sold: Rigid Industrial Packaging & Services
- - 9.3 - Total
Impact of Venezuela devaluation on cost of products sold -
- 9.3 -
Operating profit (loss) before special items: Rigid
Industrial Packaging & Services 42.5 55.9 171.7 203.2 Paper
Packaging 33.3 37.2 111.8 120.7 Flexible Products & Services
(5.3 ) (6.4 ) (24.1 ) (17.5 ) Land Management 1.5
3.0 6.8 9.5 Total
operating profit (loss) before special items $ 72.0 $ 89.7
$ 266.2 $ 315.9
______________________________________ 12 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 SEGMENT
EBITDA13 BEFORE SPECIAL ITEMS14 UNAUDITED
(Dollars in millions)
Three months ended Twelve
months ended October 31 October 31
2015 2014 2015
2014 EBITDA: Rigid
Industrial Packaging & Services $ 33.9 $ 71.2 $ 179.1 $ 271.7
Paper Packaging 39.8 48.6 138.4 155.6 Flexible Products &
Services (12.2 ) (53.7 ) (30.3 ) (68.0 ) Land Management 2.1
6.9 37.0 36.3
Total EBITDA 63.6 73.0 324.2
395.6
Restructuring charges: Rigid
Industrial Packaging & Services 9.2 3.8 29.6 9.6 Paper
Packaging 1.2 - 2.2 - Flexible Products & Services 2.8 1.8 8.1
6.5 Land Management 0.1 - 0.1
- Total restructuring charges 13.3
5.6 40.0 16.1
Acquisition-related costs: Rigid Industrial Packaging &
Services - 0.4 0.3
1.6 Total acquisition-related costs -
0.4 0.3 1.6
Timberland
gains: Land Management - -
(24.3 ) (17.1 ) Total timberland gains -
- (24.3 ) (17.1 )
Non-cash asset
impairment charges: Rigid Industrial Packaging & Services
22.1 3.9 43.4 11.6 Paper Packaging - - 0.8 - Flexible Products
& Services 1.5 66.3 1.7
74.2 Total non-cash asset impairment charges
23.6 70.2 45.9
85.8
(Gain) loss on disposal of properties, plants,
equipment and businesses, net: Rigid Industrial Packaging &
Services 0.3 1.1 2.7 10.3 Paper Packaging (0.5 ) (4.2 ) (0.5 ) (5.1
) Flexible Products & Services 3.2 (18.3 ) 2.7 (19.6 ) Land
Management - (2.6 ) (2.7 ) (5.4
) Total (gain) loss on disposal of properties, plants, equipment
and businesses, net 3.0 (24.0 ) 2.2
(19.8 )
Impact of Venezuela devaluation on cost of
products sold: Rigid Industrial Packaging & Services
- - 9.3 - Total
impact of Venezuela devaluation on cost of products sold -
- 9.3 -
Impact
of Venezuela devaluation on other income/expense: Rigid
Industrial Packaging & Services - -
(4.9 ) - Total impact of Venezuela devaluation
on other income/expense - - (4.9
) -
EBITDA before special items: Rigid
Industrial Packaging & Services 65.5 80.4 259.5 304.8 Paper
Packaging 40.5 44.4 140.9 150.5 Flexible Products & Services
(4.7 ) (3.9 ) (17.8 ) (6.9 ) Land Management 2.2
4.3 10.1 13.8
Total EBITDA before special items
$ 103.5 $ 125.2 $ 392.7 $ 462.2
______________________________________ 13 EBITDA is defined
as net income, plus interest expense, net, plus income tax expense,
less equity earnings of unconsolidated affiliates, net of tax, 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. 14 EBITDA
before special items is defined as EBITDA 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 less the impact
of Venezuela devaluation on other income/expense.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP
RECONCILIATION CLASS A EARNINGS PER SHARE EXCLUDING SPECIAL
ITEMS UNAUDITED (Dollars in millions, except for per share
amounts)
Three months ended October 31, 2015
Class A Net Income Attributable to Greif, Inc.
$ 12.4 $ 0.21
Less: Gain (loss) on disposal of
properties, plants, equipment and businesses, net
(1.7 ) (0.03 ) Plus: Restructuring charges 9.5 0.16 Plus: Non-cash
asset impairment charges 21.1 0.36
Net Income Attributable to Greif, Inc. Excluding Special
Items $ 44.7 $ 0.76
Three months ended October 31, 2014 Class
A Net Income Attributable to Greif, Inc. $ 8.7 $ 0.15
Less: Gain (loss) on disposal of
properties, plants, equipment and businesses, net
14.2 0.25 Plus: Restructuring charges 4.2 0.07 Plus: Non-cash asset
impairment charges 36.9 0.63 Plus: Acquisition related costs
0.2 - Net Income Attributable to Greif,
Inc. Excluding Special Items $ 35.8 $ 0.60
Twelve months ended October 31, 2015
Class A Net Income Attributable to Greif, Inc.
$ 71.9 $ 1.23
Less: Gain (loss) on disposal of
properties, plants, equipment and businesses, net
2.8 0.05 Less: Timberland Gains 14.9 0.25 Less: Venezuela
devaluation on other income/expense 4.9 0.08 Plus: Restructuring
charges 28.2 0.48 Plus: Non-cash asset impairment charges 40.7 0.69
Plus: Acquisition related costs 0.2 - Plus: Venezuela devaluation
on cost of goods sold 9.3 0.16
Net Income Attributable to Greif, Inc. Excluding Special Items $
127.7 $ 2.18
Twelve
months ended October 31, 2014 Class A Net
Income Attributable to Greif, Inc. $ 91.5 $ 1.56
Less: Gain (loss) on disposal of
properties, plants, equipment and businesses, net
7.3 0.13 Less: Timberland Gains 10.4 0.18 Plus: Restructuring
charges 11.8 0.20 Plus: Non-cash asset impairment charges 44.7 0.76
Plus: Acquisition related costs 1.0
0.02 Net Income Attributable to Greif, Inc. Excluding
Special Items $ 131.3 $ 2.23 * 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 Twelve months ended October 31 October
31 2015
Impact ofDivestitures
Excluding theImpact
ofDivestitures2015
2015
Impact ofDivestitures
Excluding theImpact
ofDivestitures2015 15
Net Sales: Rigid Industrial Packaging & Services $ 601.1
$ - $ 601.1 $ 2,586.4 $ 44.5 $ 2,541.9 Paper Packaging 179.8 -
179.8 676.1 - 676.1 Flexible Products and Services 73.3 - 73.3
322.6 3.2 319.4 Land Management 14.3 -
14.3 31.6 - 31.6
Consolidated $ 868.5 $ - $ 868.5 $
3,616.7 $ 47.7 $ 3,569.0
Gross
Profit: Rigid Industrial Packaging & Services $ 112.3 $ - $
112.3 $ 463.4 $ 0.4 $ 463.0 Paper Packaging 46.5 - 46.5 163.5 (0.1
) 163.6 Flexible Products and Services 6.9 - 6.9 33.8 0.4 33.4 Land
Management 2.3 - 2.3
9.1 - 9.1 Consolidated $
168.0 $ - $ 168.0 $ 669.8 $ 0.7
$ 669.1
Operating Profit (Loss): Rigid
Industrial Packaging & Services $ 10.9 $ (0.5 ) $ 11.4 $ 86.4 $
(5.1 ) $ 91.5 Paper Packaging 32.6 - 32.6 109.3 (0.1 ) 109.4
Flexible Products and Services (12.8 ) - (12.8 ) (36.6 ) (0.4 )
(36.2 ) Land Management 1.4 -
1.4 33.7 - 33.7
Consolidated $ 32.1 $ (0.5 ) $ 32.6 $ 192.8 $
(5.6 ) $ 198.4
Operating profit (loss) before
special items: Rigid Industrial Packaging & Services $ 42.5
$ 0.2 $ 42.3 $ 171.7 $ (3.5 ) $ 175.2 Paper Packaging 33.3 - 33.3
111.8 (0.2 ) 112.0 Flexible Products and Services (5.3 ) - (5.3 )
(24.1 ) - (24.1 ) Land Management 1.5 -
1.5 6.8 - 6.8
Consolidated $ 72.0 $ 0.2 $ 71.8 $
266.2 $ (3.7 ) $ 269.9
2014
Impact ofDivestitures
Excluding theImpact
ofDivestitures2014
2014
Impact ofDivestitures
Excluding theImpact
ofDivestitures2014
Net Sales: Rigid Industrial Packaging & Services $ 752.7
$ 29.3 $ 723.4 $ 3,077.0 $ 167.2 $ 2,909.8 Paper Packaging 186.6
5.5 181.1 706.8 20.0 686.8 Flexible Products and Services 100.0
10.7 89.3 425.8 61.4 364.4 Land Management 8.8
- 8.8 29.5 -
29.5 Consolidated $ 1,048.1 $ 45.5 $
1,002.6 $ 4,239.1 $ 248.6 $ 3,990.5
Gross Profit: Rigid Industrial Packaging &
Services $ 136.4 $ 0.8 $ 135.6 $ 553.4 $ 12.8 $ 540.6 Paper
Packaging 51.8 0.9 50.9 182.8 3.1 179.7 Flexible Products and
Services 10.8 2.5 8.3 62.7 12.4 50.3 Land Management 3.9
- 3.9 12.1
- 12.1 Consolidated $ 202.9 $ 4.2
$ 198.7 $ 811.0 $ 28.3 $ 782.7
Operating Profit (Loss): Rigid Industrial Packaging
& Services $ 46.7 $ (5.9 ) $ 52.6 $ 170.1 $ (14.2 ) $ 184.3
Paper Packaging 41.4 4.5 36.9 125.8 5.2 120.6 Flexible Products and
Services (56.2 ) 19.3 (75.5 ) (78.6 ) 22.7 (101.3 ) Land Management
5.6 - 5.6 32.0
- 32.0 Consolidated $ 37.5
$ 17.9 $ 19.6 $ 249.3 $ 13.7 $
235.6
Operating profit (loss) before special
items: Rigid Industrial Packaging & Services $ 55.9 $ (2.7
) $ 58.6 $ 203.2 $ (4.9 ) $ 208.1 Paper Packaging 37.2 0.2 37.0
120.7 0.9 119.8 Flexible Products and Services (6.4 ) 1.1 (7.5 )
(17.5 ) 4.4 (21.9 ) Land Management 3.0 -
3.0 9.5 -
9.5 Consolidated $ 89.7 $ (1.4 ) $ 91.1 $
315.9 $ 0.4 $ 315.5 Note: The 2014
Acquisitions were completed at the beginning of the fiscal year and
are not adjusted because they are fully reflected in both periods.
______________________________________ 15 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 October 31 2015
2014
(Decrease) inNet Sales
($)
(Decrease) inNet Sales
(%)
Net Sales $ 868.5 $ 1,048.1 $ (179.6 ) (17.1 %) Impact of
Divestitures - 45.5
Net Sales
excluding the impact of divestitures $ 868.5 $ 1,002.6 Currency
Translation (113.7 ) N/A
Net Sales
excluding the impact of divestitures and currency translation $
982.2 $ 1,002.6 $ (20.4 ) (2.0 %)
Twelve months ended October 31 2015
2014
(Decrease) inNet Sales
($)
(Decrease) inNet Sales
(%)
Net Sales $ 3,616.7 $ 4,239.1 $ (622.4 ) (14.7 %) Impact of
Divestitures 47.7 248.6
Net Sales
excluding the impact of divestitures $ 3,569.0 $ 3,990.5
Currency Translation (365.6 ) N/A
Net Sales
excluding the impact of divestitures and currency translation $
3,934.6 $ 3,990.5 $ (55.9 ) (1.4 %)
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151210005528/en/
Greif, Inc.Analyst:Matt Eichmann, 740-549-6067orMedia:Scott
Griffin, 740-657-6516
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