Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial
packaging products and services, announced third quarter 2017
results.
Third Quarter Highlights (all results compared to the
third quarter 2016 unless otherwise noted):
- Net sales increased by $116.8 million
to $961.8 million.
- Gross profit increased by $10.6 million
to $187.1 million.
- Operating profit increased by $17.9
million to $89.5 million and operating profit before special items1
increased by $10.6 million to $94.5 million, despite $2.0 million
of professional fees related to tax planning expected to generate
$3.0 million in recurring savings in fiscal 2017 and an incremental
$12 million to $20 million annually, thereafter.
- Net income of $43.9 million or $0.74
per diluted Class A share compared to net income of $46.1 million
or $0.78 per diluted Class A share. The third quarter of 2016
included a one time discrete tax benefit from tax restructuring
activities that increased net income per diluted Class A share for
the third quarter of 2016 by $0.17 per share.
- Net income, excluding the impact of
special items, of $49.7 million or $0.85 per diluted Class A share
compared to net income, excluding the impact of special items, of
$53.6 million or $0.91 per diluted Class A share. The third quarter
of 2016 included a one time discrete tax benefit from tax
restructuring activities that increased net income, excluding the
impact of special items, per diluted Class A share for the third
quarter of 2016 by $0.17 per share.
- Interest expense decreased by $6.1
million to $13.7 million due primarily to the repayment of Senior
Notes with borrowings under the Company's credit agreement and
lower year-over-year debt balances.
- Cash provided by operating activities
decreased by $10.7 million to $89.6 million primarily due to an
increase in operating working capital.
- Free cash flow2 decreased by $9.5
million due to an increase in operating working capital, partially
offset by a $1.2 million decrease in cash paid for properties,
plants, and equipment.
- Modified the guidance range for fiscal
year 2017 Class A earnings per share before special items3 to $2.81
- $2.95 per share, due to ongoing competitive pressures in Asia
Pacific, timing of raw material price adjustment mechanisms in
customer contracts and our current assessment of a $2.5 million
headwind impact related to Hurricane Harvey.
- Reaffirm guidance for fiscal year 2017
free cash flow of $180.0 million to $200.0 million.
“Greif delivered solid operating and financial results during
the fiscal third quarter,” said Greif’s President and Chief
Executive Officer, Pete Watson. “Customer service levels continue
to improve and our operating profit before special items rose by
more than 13 percent year over year. We are on track to achieve our
2017 Transformation commitments and remain confident that
consistent execution of our strategy will result in superior value
creation for our customers and shareholders.”
__________
1 A summary of all special items that are excluded from
operating profit before special items, from net income before
special items, and from earnings per diluted Class A share 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 guidance for fiscal year 2017 Class A earnings per share
before special items, 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.
- Strive for and realize performance
excellence, leading to enhanced free cash flow and value
creation.
Our goal is to be the best performing customer service company
in industrial packaging in the world. Our consolidated customer
satisfaction index (CSI) improved by almost 5 percent versus the
prior year quarter, primarily related to improved performance in
the Rigid Industrial Packaging & Services (RIPS) and Flexible
Products & Services (FPS) segments. From an operational
standpoint, the business delivered a solid quarter. RIPS - our
largest business segment by revenue and operating profit -
generated higher year-over-year sales and profits, but gross profit
margin was impacted by the timing of contractual pass through
mechanisms that will recover in the coming quarters. Paper
Packaging & Services (PPS) - which consists of two paper mills
and one of the newest corrugator networks in the containerboard
industry - delivered strong volumes, which helped to offset the
significant impact of year-over-year raw material inflation. PPS
increased sales of specialty products on a year-over-year basis and
fully implemented April’s announced containerboard price increase,
which will help to expand its profits and margin year-over-year in
the fiscal fourth quarter. FPS - the world’s largest producer of
industrial flexible intermediate bulk containers - continues to
demonstrate improvement. FPS delivered its 7th consecutive quarter
of operating profit improvement and recorded higher year-over-year
sales.
We hosted our most recent Investor Day during the third quarter.
Materials from the event are available on our website at
http://investor.greif.com. Highlights
from Greif’s Investor Day 2017 include:
- The disclosure of long term 2020
financial targets:
- 2020 consolidated operating profit
before special items range of $425 million - $465
million
- 2020 free cash flow range of $230
million - $270 million
- The introduction of Greif’s “Path to
Growth” plan, which highlights the process, strategy and
acquisition priorities the Company has in place to grow
profitability.
Segment Results (all results compared to the third
quarter of 2016 unless otherwise noted)
Net sales are impacted mainly 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 third quarter of 2017 as compared to the
third quarter of 2016 for the business segments with manufacturing
operations:
Net Sales Impact
- Primary Products
Rigid Industrial
Packaging &
Services
Paper Packaging &
Services
Flexible Products
& Services
% % %
Currency Translation (0.4 )% —
(1.6 )%
Volume 0.4
%
8.9
%
(1.3 )%
Selling Prices and Product Mix 15.6
%
10.8
%
11.2
%
Total Impact of Primary Products 15.6
%
19.7
%
8.3
%
Net Sales Impact
- Primary Products, Excluding Divestitures:
Rigid Industrial
Packaging &
Services
Paper Packaging &
Services
Flexible Products
& Services
% % %
Currency Translation (0.4 )% —
(1.7 )%
Volume 0.4
%
8.9 % 1.2
%
Selling Prices and Product Mix 15.6
%
10.8 % 11.5
%
Total Impact of Primary Products 15.6
%
19.7 % 11.0
%
(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
Net sales increased by $77.6 million to $674.4 million.
Divestitures (all involving non-primary products) and foreign
currency translation negatively impacted net sales by $5.5 million
and $2.1 million, respectively. Net sales excluding divestitures
and foreign currency translation increased by $85.2 million due
primarily to a 15.6 percent increase in selling prices on our
primary products stemming from strategic pricing decisions and
increases in index prices.
Gross profit increased by $5.2 million to $137.0 million. Gross
profit improved due to the same factors that impacted net sales
along with the tight control over manufacturing and transportation
expenses. The third quarter of 2016 gross profit included the
recovery of insurance proceeds of $5.2 million under a business
interruption policy reflecting business losses incurred during the
first nine months of 2016 that was recorded in cost of products
sold of a deconsolidated non-core asset group.
Operating profit increased by $8.0 million to $64.7 million.
Operating profit before special items increased by $6.7 million to
$70.2 million, due primarily to the same factors that impacted
gross profit, partially offset by an increase in this segment's
share of corporate allocated costs.
Paper Packaging & Services
Net sales increased by $33.8 million to $206.3 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 increased by $1.4 million to $33.7 million. The
increase in gross profit was due primarily to volume increases,
partially offset by significantly increased input costs.
Operating profit declined by $0.1 million to $19.0 million due
to significantly increased input costs and an increase in selling,
general and administrative expenses, partially offset by volume
increases.
Flexible Products & Services
Net sales increased by $4.0 million to $73.9 million due to
strategic pricing decisions and product mix. Divestitures and
foreign currency translation negatively impacted net sales by $1.5
million and $1.4 million, respectively.
Gross profit increased by $3.5 million to $13.7 million due
primarily due to the same factors that impacted net sales above and
a reduction in transportation and manufacturing expenses.
Operating profit increased by $9.0 million to $3.1 million.
Operating profit before special items increased by $3.6 million to
$2.6 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 $1.4 million to $7.2 million primarily
due to an increase in timber sales.
Operating profit increased by $1.0 million to $2.7 million due
to the same factor that impacted net sales.
Dividend Summary
On August 29, 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 October
1, 2017, to stockholders of record at the close of business on
September 18, 2017.
GREIF, INC. AND SUBSIDIARY
COMPANIESSELECTED FINANCIAL HIGHLIGHTSUNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions, except for per share
amounts)
2017 2016 2017
2016
Selected Financial
Highlights
Net sales $ 961.8 $ 845.0 $ 2,670.1 $ 2,456.0 Gross
profit 187.1 176.5
532.3
501.5 Gross profit margin 19.5 % 20.9 % 19.9 % 20.4 % Operating
profit 89.5 71.6 212.0 172.0 Operating profit before special items
94.5 83.9 246.1 221.3 EBITDA 116.1 101.2 293.5 261.2 EBITDA before
special items 121.1 113.5 327.6 310.5 Cash provided by operating
activities 89.6 100.3 105.1 158.0 Free cash flow 64.2 73.7 40.0
86.6 Net income attributable to Greif, Inc. 43.9 46.1 85.3 66.4
Diluted Class A earnings per share attributable to Greif, Inc. $
0.74 $ 0.78 $ 1.45 $ 1.13 Diluted Class A earnings per share
attributable to Greif, Inc. before special items $ 0.85 $ 0.91 $
1.97 $ 1.79
Special
items
Restructuring charges $ 3.9 $ 10.2 $ 8.7 $ 17.9 Acquisition-related
costs — — — 0.1 Non-cash asset impairment charges 2.0 4.1 5.9 44.9
Non-cash pension settlement charge 1.0 — 25.6 — Gain on disposal of
properties, plants and equipment and businesses, net (1.9 ) (2.0 )
(6.1 ) (13.6 ) Total special items $ 5.0 $ 12.3
$ 34.1
$
49.3 Total special items, net of tax and noncontrolling
interest 5.8 7.5 30.1 38.7
Impact of total special items, net of tax, on diluted Class A
earnings per share attributable to Greif, Inc. $ 0.11 $ 0.13
$ 0.52 $ 0.66
July 31, 2017 October
31, 2016 July 31, 2016 October 31, 2015 Operating
working capital(5) $ 395.6 $ 304.6 $ 366.1 $ 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 third
quarter of 2017 results on August 31, 2017, at 8:30 a.m. Eastern
Time (ET). To participate, domestic callers should call
833-231-8265. The Greif ID is 67803852. The number for
international callers is +1-647-689-4110. 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
COMPANIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOMEUNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions, except per share amounts)
2017 2016 2017
2016 Net sales $ 961.8 $ 845.0 $ 2,670.1 $
2,456.0 Cost of products sold 774.7 668.5
2,137.8 1,954.5 Gross profit 187.1
176.5 532.3 501.5 Selling, general and administrative expenses 92.6
92.6 286.2 280.3 Restructuring charges 3.9 10.2 8.7 17.9 Non-cash
asset impairment charges 2.0 4.1 5.9 44.9 Non-cash pension
settlement charge 1.0 — 25.6 — Gain on disposal of properties,
plants and equipment, net (1.1 ) (0.7 ) (3.9 ) (9.5 ) Gain on
disposal of businesses, net (0.8 ) (1.3 ) (2.2 )
(4.1 ) Operating profit 89.5 71.6 212.0 172.0 Interest
expense, net 13.7 19.8 46.7 58.2 Other expense, net 1.4
2.7 8.2 7.4 Income before
income tax expense and equity earnings of unconsolidated
affiliates, net 74.4 49.1 157.1 106.4 Income tax expense 27.2 3.5
62.0 38.2 Equity earnings of unconsolidated affiliates, net of tax
(0.3 ) (0.8 ) (0.3 ) (0.8 ) Net income 47.5
46.4 95.4 69.0 Net income attributable to noncontrolling interests
(3.6 ) (0.3 ) (10.1 ) (2.6 ) Net income
attributable to Greif, Inc. $ 43.9 $ 46.1
$ 85.3 $ 66.4
Basic earnings per
share attributable to Greif, Inc. common shareholders: Class A
Common Stock $ 0.74 $ 0.78 $ 1.45 $ 1.13 Class B Common Stock $
1.12 $ 1.18 $ 2.17 $ 1.69
Diluted earnings per share
attributable to Greif, Inc. common shareholders: Class A Common
Stock $ 0.74 $ 0.78 $ 1.45 $ 1.13 Class B Common Stock $ 1.12 $
1.18 $ 2.17 $ 1.69
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 22.0
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
22.0 22.0 22.1
GREIF, INC. AND SUBSIDIARY
COMPANIESCONDENSED CONSOLIDATED BALANCE
SHEETSUNAUDITED
(in millions)
July 31, 2017
October 31, 2016 ASSETS CURRENT ASSETS Cash and cash
equivalents $ 94.6 $ 103.7 Trade accounts receivable 453.6 399.2
Inventories 336.8 277.4 Other current assets 240.0
132.0 1,125.0 912.3 LONG-TERM ASSETS Goodwill 772.7 786.4
Intangible assets 86.6 110.6 Assets held by special purpose
entities 50.9 50.9 Other long-term assets 133.0 120.9
1,043.2 1,068.8 PROPERTIES, PLANTS AND EQUIPMENT 1,168.5
1,171.9 $ 3,336.7 $ 3,153.0
LIABILITIES AND
EQUITY CURRENT LIABILITIES Accounts payable $ 394.8 $ 372.0
Short-term borrowings 18.3 51.6 Current portion of long-term debt
16.3 — Other current liabilities 289.7 235.6 719.1
659.2 LONG-TERM LIABILITIES Long-term debt 1,033.7 974.6
Liabilities held by special purpose entities 43.3 43.3 Other
long-term liabilities 468.1 486.2 1,545.1 1,504.1
REDEEMABLE NONCONTROLLING INTERESTS 29.8 31.8 EQUITY
Total Greif, Inc. equity 1,032.6 947.4 Noncontrolling
interests 10.1 10.5 1,042.7 957.9 $ 3,336.7 $
3,153.0
GREIF, INC. AND SUBSIDIARY
COMPANIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWSUNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions)
2017
2016 2017 2016 CASH FLOWS FROM
OPERATING ACTIVITIES: Net income $ 47.5 $ 46.4 $ 95.4
$ 69.0 Depreciation, depletion and amortization 27.7 31.5 89.4 95.8
Asset impairments 2.0 4.1 5.9 44.9 Pension settlement loss 1.0 —
25.6 — Other non-cash adjustments to net income (1.1 ) (1.0 ) (9.9
) (12.3 ) Operating working capital changes (3.8 ) 0.3 (96.1 )
(25.8 ) Deferred purchase price on sold receivables (9.1 ) (5.0 )
(30.8 ) (20.2 ) Increase (decrease) in cash from changes in other
assets and liabilities 25.4 24.0 25.6 6.6
Net cash provided by operating activities 89.6 100.3
105.1 158.0 CASH FLOWS FROM INVESTING
ACTIVITIES: Acquisitions of businesses, net of cash acquired — — —
(0.4 ) Collection of subordinated note receivable — — — 44.2
Purchases of properties, plants and equipment (25.4 ) (26.6 ) (65.1
) (71.4 ) Purchases of and investments in timber properties (1.9 )
(1.2 ) (7.3 ) (4.7 ) 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 5.7 7.3 13.8 34.7 Proceeds on insurance recoveries —
— 0.4 6.6 Net cash provided by (used in)
investing activities (21.6 ) (21.3 ) (58.2 ) 4.6 CASH FLOWS
FROM FINANCING ACTIVITIES: Proceeds from (payments on) debt, net
(38.2 ) (37.4 ) 27.3 (82.0 ) Dividends paid to Greif, Inc.
shareholders (24.7 ) (24.7 ) (73.9 ) (74.0 ) Other (0.6 ) (7.9 )
(4.1 ) (15.2 ) Net cash used in financing activities (63.5 ) (70.0
) (50.7 ) (171.2 ) Reclassification of cash to assets held for sale
0.4 — (5.5 ) — Effects of exchange rates on cash 2.7 (4.3 )
0.2 (3.3 )
Net increase (decrease) in cash and cash
equivalents 7.6 4.7 (9.1 ) (11.9 ) Cash and cash equivalents,
beginning of period 87.0 89.6 103.7 106.2
Cash and cash equivalents, end of period $ 94.6 $
94.3 $ 94.6 $ 94.3
GREIF, INC. AND SUBSIDIARY
COMPANIESFINANCIAL HIGHLIGHTS BY SEGMENTUNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions)
2017
2016 2017 2016 Net sales:
Rigid Industrial Packaging & Services $ 674.4 $
596.8 $ 1,860.2 $ 1,721.3 Paper Packaging & Services 206.3
172.5 577.9 498.1 Flexible Products & Services 73.9 69.9 210.2
219.0 Land Management 7.2 5.8 21.8 17.6
Total net sales $ 961.8 $ 845.0 $ 2,670.1 $
2,456.0
Operating profit (loss): Rigid Industrial
Packaging & Services $ 64.7 $ 56.7 $ 148.9 $ 113.4 Paper
Packaging & Services 19.0 19.1 49.6 64.4 Flexible Products
& Services 3.1 (5.9 ) 5.4 (11.9 ) Land Management 2.7
1.7 8.1 6.1 Total operating profit $ 89.5
$ 71.6 $ 212.0 $ 172.0
EBITDA(6): Rigid Industrial Packaging &
Services $ 80.3 $ 77.2 $ 198.5 $ 173.5 Paper Packaging &
Services 26.9 27.1 73.4 88.0 Flexible Products & Services 4.9
(5.7 ) 9.7 (9.0 ) Land Management 4.0 2.6 11.9
8.7 Total EBITDA $ 116.1 $ 101.2 $ 293.5
$ 261.2
EBITDA before special items: Rigid
Industrial Packaging & Services $ 85.8 $ 84.0 $ 223.5 $ 213.4
Paper Packaging & Services 27.5 27.9 83.9 90.2 Flexible
Products & Services 4.4 (0.8 ) 10.6 (0.8 ) Land Management 3.4
2.4 9.6 7.7 Total EBITDA before special
items $ 121.1 $ 113.5 $ 327.6 $ 310.5
(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
COMPANIESFINANCIAL HIGHLIGHTS BY GEOGRAPHIC
REGIONUNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions)
2017
2016 2017 2016 Net sales:
United States $ 463.7 $ 400.3 $ 1,306.2 $ 1,179.0
Europe, Middle East and Africa 359.4 318.9 970.8 905.9 Asia Pacific
and other Americas 138.7 125.8 393.1 371.1
Total net sales $ 961.8 $ 845.0 $ 2,670.1 $
2,456.0
Gross profit: United States $ 97.4 $ 89.1 $ 277.1 $
260.1 Europe, Middle East and Africa 65.9 66.0 189.5 169.4 Asia
Pacific and other Americas 23.8 21.4 65.7 72.0
Total gross profit $ 187.1 $ 176.5 $ 532.3 $
501.5
GREIF, INC. AND SUBSIDIARY
COMPANIESGAAP TO NON-GAAP RECONCILIATIONOPERATING
WORKING CAPITALUNAUDITED
(in millions)
July 31,
2017 October 31, 2016 July 31, 2016
October 31, 2015 Trade accounts receivable $ 453.6 $
399.2 $ 418.1 $ 403.7 Plus: inventories 336.8 277.4 288.5 297.0
Less: accounts payable 394.8 372.0 340.5
355.3 Operating working capital $ 395.6 $
304.6 $ 366.1 $ 345.4
GREIF, INC. AND SUBSIDIARY
COMPANIESGAAP TO NON-GAAP RECONCILIATIONCONSOLIDATED
EBITDA(7)UNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions)
2017
2016 2017 2016 Net income $ 47.5
$ 46.4 $ 95.4 $ 69.0 Plus: Interest expense, net 13.7
19.8 46.7 58.2 Plus: Income tax expense 27.2 3.5 62.0 38.2 Plus:
Depreciation, depletion and amortization expense 27.7 31.5
89.4 95.8 EBITDA $ 116.1 $ 101.2
$ 293.5 $ 261.2 Net income $ 47.5 $ 46.4 $ 95.4 $
69.0 Plus: Interest expense, net 13.7 19.8 46.7 58.2 Plus: Income
tax expense 27.2 3.5 62.0 38.2 Plus: Other expense, net 1.4 2.7 8.2
7.4 Less: equity earnings of unconsolidated affiliates, net of tax
(0.3 ) (0.8 ) (0.3 ) (0.8 ) Operating profit 89.5 71.6 212.0 172.0
Less: Other expense, net 1.4 2.7 8.2 7.4 Less: equity earnings of
unconsolidated affiliates, net of tax (0.3 ) (0.8 ) (0.3 ) (0.8 )
Plus: Depreciation, depletion and amortization expense 27.7
31.5 89.4 95.8 EBITDA $ 116.1 $ 101.2
$ 293.5 $ 261.2 (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
COMPANIESGAAP TO NON-GAAP RECONCILIATIONSEGMENT
EBITDA(8)UNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions)
2017
2016 2017 2016 Rigid
Industrial Packaging & Services Operating
profit $ 64.7 $ 56.7 $ 148.9 $ 113.4 Less: Other expense, net 1.5
1.1 7.4 4.4 Less: equity earnings of unconsolidated affiliates, net
of tax (0.3 ) (0.8 ) (0.3 ) (0.8 ) Plus: Depreciation and
amortization expense 16.8 20.8 56.7
63.7 EBITDA $ 80.3 $ 77.2 $ 198.5 $
173.5 Restructuring charges 3.7 6.9 7.6 11.2 Acquisition-related
costs — — — 0.1 Non-cash asset impairment charges 2.0 1.3 5.6 39.8
Non-cash pension settlement charge 0.6 — 15.3 — Gain on disposal of
properties, plants, equipment, and businesses, net (0.8 )
(1.4 ) (3.5 ) (11.2 ) EBITDA before special
items $ 85.8 $ 84.0 $ 223.5
$ 213.4
Paper Packaging & Services
Operating profit $ 19.0 $ 19.1 $ 49.6 $ 64.4 Less: Other income,
net (0.1 ) — (0.1 ) — Plus: Depreciation and amortization expense
7.8 8.0 23.7 23.6
EBITDA $ 26.9 $ 27.1 $ 73.4 $ 88.0 Restructuring charges —
1.1 0.3 1.1 Non-cash asset impairment charges — — — 1.5 Non-cash
pension settlement charge 0.4 — 10.1 — (Gain) loss on disposal of
properties, plants, equipment, net 0.2 (0.3 )
0.1 (0.4 ) EBITDA before special items $ 27.5
$ 27.9 $ 83.9 $ 90.2
Flexible Products & Services Operating profit
(loss) $ 3.1 $ (5.9 ) $ 5.4 $ (11.9 ) Less: Other expense, net —
1.6 0.9 3.0 Plus: Depreciation and amortization expense 1.8
1.8 5.2 5.9 EBITDA
$ 4.9 $ (5.7 ) $ 9.7 $ (9.0 ) Restructuring charges 0.2 2.2 0.8 5.6
Non-cash asset impairment charges — 2.8 0.3 3.6 Non-cash pension
settlement charge — — 0.1 — Gain on disposal of properties, plants,
equipment and businesses, net (0.7 ) (0.1 ) (0.3 )
(1.0 ) EBITDA before special items $ 4.4
$ (0.8 ) $ 10.6 $ (0.8 )
Land
Management Operating profit $ 2.7 $ 1.7 $ 8.1 $ 6.1 Plus:
Depreciation, depletion and amortization expense 1.3
0.9 3.8 2.6 EBITDA $ 4.0
$ 2.6 $ 11.9
$
8.7 Non-cash pension settlement charge — — 0.1 — Gain on disposal
of properties, plants, equipment, net (0.6 ) (0.2 )
(2.4 ) (1.0 ) EBITDA before special items $ 3.4
$ 2.4 $ 9.6 $ 7.7
Consolidated EBITDA $ 116.1 $ 101.2 $
293.5 $ 261.2 Consolidated EBITDA before
special items $ 121.1 $ 113.5 $ 327.6
$ 310.5 (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
COMPANIESGAAP TO NON-GAAP RECONCILIATIONFREE CASH
FLOW(9)UNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions)
2017
2016 2017 2016 Net cash
provided by operating activities $ 89.6 $ 100.3 $ 105.1
$ 158.0 Cash paid for purchases of properties, plants and
equipment (25.4 ) (26.6 ) (65.1 ) (71.4 )
Free Cash Flow $ 64.2 $ 73.7
$ 40.0 $ 86.6
GREIF, INC. AND SUBSIDIARY
COMPANIESPROJECTED 2017 GUIDANCE RECONCILIATIONFREE
CASH FLOWUNAUDITED
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
COMPANIESGAAP TO NON-GAAP RECONCILIATIONSEGMENT
OPERATING PROFIT (LOSS) BEFORE SPECIAL
ITEMS(10)UNAUDITED
Three months ended July 31, Nine
months ended July 31, (in millions)
2017
2016 2017 2016 Operating
profit (loss): Rigid Industrial Packaging &
Services $ 64.7 $ 56.7 $ 148.9 $ 113.4 Paper Packaging &
Services 19.0 19.1 49.6 64.4 Flexible Products & Services 3.1
(5.9 )
5.4
(11.9 ) Land Management 2.7 1.7 8.1 6.1
Total operating profit $ 89.5 $ 71.6 $ 212.0 $
172.0
Restructuring charges: Rigid Industrial
Packaging & Services $ 3.7 $ 6.9 $ 7.6 $ 11.2 Paper Packaging
& Services — 1.1 0.3 1.1 Flexible Products & Services 0.2
2.2 0.8 5.6 Total restructuring charges
$ 3.9 $ 10.2 $ 8.7 $ 17.9
Acquisition-related costs: Rigid Industrial Packaging &
Services $ — $ — $ — $ 0.1 Total
acquisition-related costs $ — $ — $ — $ 0.1
Non-cash asset impairment charges: Rigid Industrial
Packaging & Services $ 2.0 $ 1.3 $ 5.6 $ 39.8 Paper Packaging
& Services — — — 1.5 Flexible Products & Services —
2.8 0.3 3.6 Total non-cash asset impairment
charges $ 2.0 $ 4.1 $ 5.9 $ 44.9
Non-cash pension settlement charge: Rigid Industrial
Packaging & Services $ 0.6 $ — $ 15.3 $ — Paper Packaging &
Services 0.4 — 10.1 — Flexible Products & Services — — 0.1 —
Land Management — — 0.1 — Total
non-cash pension settlement charge $ 1.0 $ — $ 25.6
$ —
Gain (loss) on disposal of properties, plants,
equipment and businesses, net: Rigid Industrial Packaging &
Services $ (0.8 ) $ (1.4 ) $ (3.5 ) $ (11.2 ) Paper Packaging &
Services 0.2 (0.3 ) 0.1 (0.4 ) Flexible Products & Services
(0.7 ) (0.1 ) (0.3 ) (1.0 ) Land Management (0.6 ) (0.2 ) (2.4 )
(1.0 ) Total gain on disposal of properties, plants, equipment and
businesses, net $ (1.9 ) $ (2.0 ) $ (6.1 ) $ (13.6 )
Operating
profit (loss) before special items: Rigid Industrial Packaging
& Services $ 70.2 $ 63.5 $ 173.9 $ 153.3 Paper Packaging &
Services 19.6 19.9 60.1 66.6 Flexible Products & Services 2.6
(1.0 ) 6.3 (3.7 ) Land Management 2.1 1.5 5.8
5.1 Total operating profit before special items $ 94.5
$ 83.9 $ 246.1 $ 221.3 (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
COMPANIESGAAP TO NON-GAAP RECONCILIATIONNET INCOME
AND CLASS A EARNINGS PER SHARE BEFORE SPECIAL
ITEMSUNAUDITED(Dollars in millions, except for per share
amounts)
Income beforeIncome
TaxExpense andEquity Earnings
ofUnconsolidatedAffiliates, net
Income
TaxExpense(Benefit)
Equityearnings
ofunconsolidatedaffiliates
Non-ControllingInterest
Net IncomeAttributableto
Greif, Inc.
Diluted Class AEarnings
PerShare
Three months ended July 31, 2017 $ 74.4 $ 27.2 $ (0.3 ) $
3.6 $ 43.9 $ 0.74 Gain on disposal of properties, plants, equipment
and businesses, net (1.9 ) (1.3 ) — (0.3 ) (0.3 ) — Restructuring
charges 3.9 0.5 — 0.1 3.3 0.06 Non-cash asset impairment charges
2.0 — — — 2.0 0.04 Non-cash pension settlement charge 1.0
0.2 —
— 0.8 0.01
Excluding Special Items $ 79.4 $ 26.6 $
(0.3 ) $ 3.4 $ 49.7 $ 0.85
Three months ended July 31, 2016
$
49.1
$
3.5
$
(0.8 )
$
0.3
$
46.1
$
0.78 Gain on disposal of properties, plants, equipment and
businesses, net (2.0 ) — — (0.2 ) (1.8 ) (0.03 ) Restructuring
charges 10.2 2.4 — 0.8 7.0 0.12 Non-cash asset impairment charges
4.1 0.4 —
1.4 2.3
0.04 Excluding Special Items $ 61.4 $ 6.3
$ (0.8 ) $ 2.3 $ 53.6
$ 0.91
Nine months ended July 31, 2017
$ 157.1 $ 62.0 $ (0.3 ) $ 10.1 $ 85.3 $ 1.45 Gain on disposal of
properties, plants, equipment and businesses, net (6.1 ) (2.3 ) — —
(3.8 ) (0.06 ) Restructuring charges 8.7 (2.3 ) — 0.4 10.6 0.18
Non-cash asset impairment charges 5.9 — — 0.1 5.8 0.10 Non-cash
pension settlement charge 25.6 8.1
— —
17.5 0.30 Excluding Special Items $
191.2 $ 65.5 $ 0.3 $ 10.6
$ 115.4 $ 1.97
Nine
months ended July 31, 2016 $ 106.4 $ 38.2 $ (0.8 ) $ 2.6 $ 66.4
$ 1.13 Gain on disposal of properties, plants, equipment and
businesses, net (13.6 ) (2.4 ) — (0.8 ) (10.4 ) (0.18 )
Restructuring charges 17.9 3.4 — 2.6 11.9 0.20 Non-cash asset
impairment charges 44.9 6.1 — 1.7 37.1 0.64 Acquisition-related
costs 0.1 — —
— 0.1
— Excluding Special Items $ 155.7 $
45.3 $ (0.8 ) $ 6.1 $ 105.1
$ 1.79
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
nine months ended July 31, 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 third quarter of 2017
was 33.5 percent.
GREIF, INC. AND SUBSIDIARY
COMPANIESGAAP TO NON-GAAP RECONCILIATIONSELECTED
FINANCIAL INFORMATIONEXCLUDING THE IMPACT OF
DIVESTITURESUNAUDITED
Three months ended July 31, Nine months
ended July 31, (in millions)
2017
Impact of
Divestitures
Excluding the
Impact of
Divestitures
2017 Impact of
Divestitures
Excluding the
Impact of
Divestitures
Net Sales: Rigid Industrial
Packaging & Services $ 674.4 $ 0.6 $ 673.8 $ 1,860.2 $ 1.8 $
1,858.4 Paper Packaging & Services 206.3 — 206.3 577.9 — 577.9
Flexible Products & Services 73.9 — 73.9 210.2 — 210.2 Land
Management 7.2 — 7.2 21.8 — 21.8
Consolidated $ 961.8 $ 0.6 $ 961.2 $ 2,670.1
$ 1.8 $ 2,668.3
Gross Profit: Rigid
Industrial Packaging & Services $ 137.0 $ 0.1 $ 136.9 $ 383.3 $
0.3 $ 383.0 Paper Packaging & Services 33.7 — 33.7 101.9 —
101.9 Flexible Products & Services 13.7 — 13.7 39.1 — 39.1 Land
Management 2.7 — 2.7 8.0 — 8.0
Consolidated $ 187.1 $ 0.1 $ 187.0 $ 532.3
$ 0.3 $ 532.0
Operating Profit: Rigid
Industrial Packaging & Services $ 64.7 $ — $ 64.7 $ 148.9 $ 0.1
$ 148.8 Paper Packaging & Services 19.0 — 19.0 49.6 — 49.6
Flexible Products & Services 3.1 — 3.1 5.4 — 5.4 Land
Management 2.7 — 2.7 8.1 — 8.1
Consolidated $ 89.5 $ — $ 89.5 $ 212.0
$ 0.1 $ 211.9
Operating profit before special
items(11): Rigid Industrial Packaging &
Services $ 70.2 $ — $ 70.2 $ 173.9 $ 0.1 $ 173.8 Paper Packaging
& Services 19.6 — 19.6 60.1 — 60.1 Flexible Products &
Services 2.6 — 2.6 6.3 — 6.3 Land Management 2.1 —
2.1 5.8 — 5.8 Consolidated $ 94.5 $ —
$ 94.5 $ 246.1 $ 0.1 $ 246.0 (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
COMPANIESGAAP TO NON-GAAP RECONCILIATIONSELECTED
FINANCIAL INFORMATIONEXCLUDING THE IMPACT OF DIVESTITURES
(CONTINUED)UNAUDITED
Three months ended July 31, Nine months
ended July 31, (in millions)
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 $ 6.1 $ 590.7 $ 1,721.3 $ 60.0 $
1,661.3 Paper Packaging & Services 172.5 — 172.5 498.1 — 498.1
Flexible Products & 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 $ 7.6 $ 837.4 $
2,456.0 $ 66.5 $ 2,389.5
Gross
Profit: Rigid Industrial Packaging & Services $ 131.8 $ 4.5
$ 127.3 $ 358.5 $ 4.9 $ 353.6 Paper Packaging & Services 32.3 —
32.3 105.5 — 105.5 Flexible Products & 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 $ 4.8
$ 171.7 $ 501.5 $ 6.0 $ 495.5
Operating Profit (loss): Rigid Industrial Packaging &
Services $ 56.7 $ 3.1 $ 53.6 $ 113.4 $ (18.8 ) $ 132.2 Paper
Packaging & Services 19.1 — 19.1 64.4 — 64.4 Flexible Products
& Services (5.9 ) 0.1 (6.0 ) (11.9 ) 0.3 (12.2 ) Land
Management 1.7 — 1.7 6.1 — 6.1
Consolidated $ 71.6 $ 3.2 $ 68.4 $
172.0 $ (18.5 ) $ 190.5
Operating profit
(loss) before special items(12): Rigid Industrial
Packaging & Services $ 63.5 $ 3.3 $ 60.2 $ 153.3 $ (1.5 ) $
154.8 Paper Packaging & Services 19.9 — 19.9 66.6 — 66.6
Flexible Products & Services (1.0 ) 0.1 (1.1 ) (3.7 ) 0.3 (4.0
) Land Management 1.5 — 1.5 5.1 —
5.1 Consolidated $ 83.9 $ 3.4 $ 80.5
$ 221.3 $ (1.2 ) $ 222.5 (12)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
COMPANIESGAAP TO NON-GAAP RECONCILIATIONNET SALES TO
NET SALES EXCLUDING THE IMPACT OFDIVESTITURES AND CURRENCY
TRANSLATIONUNAUDITED
Three months ended July 31, (in
millions) 2017 2016
Increase inNet Sales ($) Increase
inNet Sales (%) Net Sales
$
961.8
$
845.0
$
116.8
13.8
%
Impact of Divestitures 0.6 7.6
Net Sales Excluding the
Impact of Divestitures $ 961.2 $ 837.4 Currency Translation
(3.6 ) N/A
Net Sales Excluding the Impact of Divestitures and
Currency Translation $ 964.8 $ 837.4 $ 127.4 15.2 %
Nine months ended July 31, (in
millions)
2017 2016 Increase
inNet Sales ($) Increase inNet Sales
(%) Net Sales $ 2,670.1 $ 2,456.0 $ 214.1 8.7 %
Impact of Divestitures 1.8 66.5
Net Sales Excluding the
Impact of Divestitures $ 2,668.3 $ 2,389.5 Currency Translation
(35.2 ) N/A
Net Sales Excluding the Impact of Divestitures and
Currency Translation $ 2,703.5 $ 2,389.5 $ 314.0 13.1 %
GREIF, INC. AND SUBSIDIARY
COMPANIESGAAP TO NON-GAAP RECONCILIATIONRIGID
INDUSTRIAL PACKAGING & SERVICESNET SALES TO NET
SALES EXCLUDING THE IMPACT OFDIVESTITURES AND CURRENCY
TRANSLATIONUNAUDITED
Three months ended July 31, (in
millions)
2017 2016 Increase
inNet Sales ($) Increase inNet Sales
(%) Net Sales $ 674.4 $ 596.8 $ 77.6 13.0 %
Impact of Divestitures 0.6 6.1
Net Sales Excluding the
Impact of Divestitures $ 673.8 $ 590.7 Currency Translation
(2.1 ) N/A
Net Sales Excluding the Impact of Divestitures and
Currency Translation $ 675.9 $ 590.7 $ 85.2 14.4 %
Nine months ended July 31, (in
millions)
2017 2016 Increase
inNet Sales ($) Increase inNet Sales
(%) Net Sales $ 1,860.2 $ 1,721.3 $ 138.9 8.1 %
Impact of Divestitures 1.8 60.0
Net Sales Excluding the
Impact of Divestitures $ 1,858.4 $ 1,661.3 Currency Translation
(26.4 ) N/A
Net Sales Excluding the Impact of Divestitures and
Currency Translation $ 1,884.8 $ 1,661.3 $ 223.5 13.5 %
GREIF, INC. AND SUBSIDIARY
COMPANIESGAAP TO NON-GAAP RECONCILIATIONPRIMARY
PRODUCTS(13)NET SALES TO NET SALES EXCLUDING THE
IMPACT OF DIVESTITURESUNAUDITED
Three months ended July 31, (in
millions)
2017 2016
Increase inPrimary
ProductsNet Sales ($)
Increase inPrimary
ProductsNet Sales (%)
Rigid Industrial Packaging & Services Primary
Products Net Sales $ 602.6 $ 521.4 Impact of Divestitures (0.5 )
(0.4 ) Primary Products Net Sales Excluding the Impact of
Divestitures $ 602.1 $ 521.0 $ 81.1 15.6 %
Paper Packaging & Services Primary Products Net Sales $
205.8 $ 171.9 Impact of Divestitures — — Primary
Products Net Sales Excluding the Impact of Divestitures $ 205.8
$ 171.9 $ 33.9 19.7 %
Flexible Products
& Services Primary Products Net Sales $ 67.0 $ 61.8 Impact
of Divestitures — (1.5 ) Primary Products Net Sales
Excluding the Impact of Divestitures $ 67.0 $ 60.3 $
6.7 11.0 % (13)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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170830006165/en/
Greif, Inc.Investor RelationsMatt Eichmann,
740-549-6067matt.eichmann@greif.com
Greif (NYSE:GEF)
Historical Stock Chart
From Jul 2024 to Aug 2024
Greif (NYSE:GEF)
Historical Stock Chart
From Aug 2023 to Aug 2024