DELAWARE, Ohio, Nov. 9, 2022
/PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in
industrial packaging products and services, today reaffirms that
its fiscal 2022 results will be within its previously provided
guidance range of Class A earnings per share before adjustments of
$7.90 to $8.10 per share1,2 in anticipation of
participation in the Baird Global Industrial Conference in
Chicago, IL on Wednesday, November 9, 2022. The materials
presented at this conference will be accessible online the morning
of the conference through the Investors section of the Company's
website located at www.greif.com.
This guidance reaffirmation is mainly attributable to
better-than-expected price realization in fiscal fourth quarter
across both our Paper Packaging & Services (PPS) and Global
Industrial Packaging (GIP) segments, offset by lower than expected
volumes. The lower volumes in GIP were driven primarily by ongoing
weakness in EMEA and APAC regions, due to energy price inflation
and its effects on our customers in Europe, as well as continued challenges in
China related to COVID-19
lockdowns. North American volumes in our GIP business weakened
sequentially as general economic conditions in the region slowed.
Our North American PPS business experienced converting and mill
volume weakness through the fourth quarter, which was offset by
better than expected pricing and lower OCC costs.
The Company will report its fiscal fourth quarter 2022 financial
results after the market closes on Wednesday, December 7, 2022. A conference call
will be held on Thursday, December 8,
2022, at 8:30 a.m. ET.
Conference call details will be provided through an upcoming save
the date press release the week of November
14, 2022.
Concerning 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.
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 global
operations subject us to political risks, instability and currency
exchange that could adversely affect our results of operations,
(iii) the COVID-19 pandemic could continue to impact any
combination of our business, financial condition, results of
operations and cash flows, (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 and customer preferences, (viii) raw material, price
fluctuations, global supply chain disruptions and inflation may
adversely impact our results of operations, (ix) energy and
transportation price fluctuations and shortages may adversely
impact our manufacturing operations and costs, (x) the frequency
and volume of our timber and timberland sales will impact our
financial performance, (xi) we may not successfully implement our
business strategies, including achieving our growth objectives,
(xii) we may encounter difficulties or liabilities arising from
acquisitions or divestitures, (xiii) we may incur additional
rationalization costs and there is no guarantee that our efforts to
reduce costs will be successful, (xiv) several operations are
conducted by joint ventures that we cannot operate solely for our
benefit, (xv) certain of the agreements that govern our joint
ventures provide our partners with put or call options, (xvi) our
ability to attract, develop and retain talented and qualified
employees, managers and executives is critical to our success,
(xvii) our business may be adversely impacted by work stoppages and
other labor relations matters, (xviii) we may be subject to losses
that might not be covered in whole or in part by existing insurance
reserves or insurance coverage and general insurance premium and
deductible increases, (xix) our business depends on the
uninterrupted operations of our facilities, systems and business
functions, including our information technology and other business
systems, (xx) a security breach of customer, employee, supplier or
Company information and data privacy risks and costs of compliance
with new regulations may have a material adverse effect on our
business, financial condition, results of operations and cash
flows, (xxi) we could be subject to changes to our tax rates, the
adoption of new U.S. or foreign tax legislation or
exposure to additional tax liabilities, (xxii) full realization of
our deferred tax assets may be affected by a number of factors,
(xxiii) we have a significant amount of goodwill and long-lived
assets which, if impaired in the future, would adversely impact our
results of operations, (xxiv) our pension and post-retirement 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, (xxv) legislation/regulation related to
environmental and health and safety matters and corporate social
responsibility could negatively impact our operations and financial
performance, (xxvi) product liability claims and other legal
proceedings could adversely affect our operations and financial
performance, (xxvii) 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, (xxviii) changing climate,
global climate change regulations and greenhouse gas effects may
adversely affect our operations and financial performance, and
(xxix) we may be unable to achieve our greenhouse gas emission
reduction targets by 2030.
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. This release reflects management's views as of
November 9, 2022. Except to the
extent required by applicable law, we undertake no obligation to
update or revise any forward-looking statements.
About Greif
Greif is a global leader in industrial packaging products and
services and is pursuing its vision: to be the best performing
customer service company in the world. The Company produces steel,
plastic and fibre drums, intermediate bulk containers,
reconditioned containers, containerboard, uncoated recycled
paperboard, coated recycled paperboard, tubes and cores and a
diverse mix of specialty products. The Company also manufactures
packaging accessories and provides filling, packaging and other
services for a wide range of industries. In addition, Greif manages
timber properties in the southeastern United States. The
Company is strategically positioned in over 35 countries to serve
global as well as regional customers. Additional information is on
the Company's website at www.greif.com.
Investor Relations contact
information
Matt Leahy, Vice President,
Corporate Development & Investor Relations,
740-549-6158. Matthew.Leahy@Greif.com
1Fiscal 2022 Class A earnings per share
guidance on a GAAP basis 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:
restructuring-related activities; integration related costs;
non-cash pension settlement charges; non-cash asset impairment
charges due to unanticipated changes in the business; gains or
losses on the disposal of businesses or properties, plants and
equipment, net and the income tax effects of these items and other
income tax-related events. No reconciliation of the fiscal 2022
Class A earnings per share before adjustments guidance, a non-GAAP
financial measure which excludes restructuring charges, integration
costs, non-cash asset impairment charges, non-cash pension
settlement charges, (gain) loss on the disposal of properties,
plants, equipment and businesses, net, 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.
2Assumes tax rate excluding adjustments of 23.0%, the
midpoint of the guidance range provided on our Q3 2022 earnings
call. Final year-end tax analyses are still in process and rate is
subject to change through the date of our Q4 earnings release.
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SOURCE Greif, Inc.