Greif, Inc. - GEF STOCK NEWS

Greif (NYSE: GEF, GEF.B) has unveiled ModCan™, a new modular packaging solution, at the Pack-Expo conference in Chicago. The innovative system features wedge-shaped components designed to fit inside a Greif 55-gallon drum, enabling safe shipment of multiple materials, chemicals, or waste components simultaneously without contamination risks.

The solution aims to optimize shipping efficiency by reducing the number of required shipments and enhancing safety by eliminating the need for material transfers. ModCan is particularly suitable for waste applications in specialty manufacturing, semiconductor operations, clean rooms, laboratories, and pharmaceutical production. The product was developed in collaboration with a chemical industry partner and is currently available in North America.

Greif Inc (NYSE: GEF) has issued a correction to its Fourth Quarter and Fiscal Year 2024 earnings release. The company revised its Q4 2024 net income, excluding adjustments, to $65.5 million from the previously reported $49.6 million. The correction was due to an error in the income tax expense related to '(gain) loss on disposal of businesses, net' which was incorrectly stated as $16.0 million.

The corrected Class A diluted earnings per share, excluding adjustments, is now $1.13, up from the previously reported $0.85. The revised earnings release was issued on December 4, 2024, at 10:59 PM ET, including updated financial schedules and corresponding text changes.

Greif reported Q4 and fiscal 2024 results with mixed performance. Q4 net income decreased 6.5% to $63.4 million ($1.08 per Class A share), while adjusted net income fell 29.3% to $65.5 million ($1.13 per Class A share). Q4 Adjusted EBITDA declined 2% to $197.6 million.

For fiscal 2024, net income dropped 27% to $262.1 million ($4.52 per Class A share), and Adjusted EBITDA decreased 15.6% to $694.2 million. The company's leverage ratio increased to 3.53x from 2.2x year-over-year.

The company announced a $100 million cost optimization initiative and will reorganize into four new reportable segments starting Q1 2025: Customized Polymer Solutions, Durable Metal Solutions, Sustainable Fiber Solutions, and Integrated Solutions.

Greif reported Q4 and fiscal 2024 results showing mixed performance. Q4 net income decreased 6.5% to $63.4 million ($1.08 per Class A share), while adjusted net income fell 46.4% to $49.6 million. Q4 Adjusted EBITDA declined 2% to $197.6 million.

For fiscal 2024, net income dropped 27% to $262.1 million, with Adjusted EBITDA decreasing 15.6% to $694.2 million. Total debt increased by $525.5 million to $2,740.6 million, with leverage ratio rising to 3.53x.

The company announced a $100 million cost optimization initiative and will reorganize into four new reportable segments starting Q1 2025. For fiscal 2025, Greif provided low-end guidance of $675 million in Adjusted EBITDA and $225 million in adjusted free cash flow.

Greif Inc (NYSE: GEF, GEF.B) has declared its quarterly cash dividends, with $0.54 per share for Class A Common Stock and $0.80 per share for Class B Common Stock. The dividends will be paid on January 1, 2025, to stockholders of record as of December 16, 2024.

Greif is a global industrial packaging company with over 14,000 employees across more than 250 facilities in 37 countries. The company produces various packaging solutions including steel, plastic and fibre drums, intermediate bulk containers, containerboard, and specialty products. They also manage timber properties in the southeastern United States.

Greif (NYSE: GEF) has announced it will release its 2024 fourth quarter financial results after market close on Wednesday, December 4, 2024. The company will host a conference call on Thursday, December 5, 2024, at 8:30 a.m. ET to discuss the results. The call will feature management's prepared remarks and a Q&A session. Conference call slides will be provided alongside the earnings release. Participants can register online to receive dial-in details, with phone lines opening at 8:00 a.m. ET. A digital replay will be available two hours after the call on the company's investor website.

Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, has announced that Vicki Avril-Groves will be retiring from the Greif Board of Directors effective November 1, 2024, due to personal reasons. Avril-Groves joined the Board in 2004 and has served on various Board committees, including as Chairperson of the Audit Committee for several years.

Bruce Edwards, Greif Board Chairman, expressed gratitude for Avril-Groves' valuable insight and dedication over the past 20 years, acknowledging her role in helping the company grow and evolve. The announcement highlights Avril-Groves' significant contributions to Greif's development during her tenure on the Board.

Greif, a global leader in industrial packaging products and services, has been recognized as one of Newsweek's Top 100 Most Loved Workplaces for the fourth consecutive year. This prestigious recognition is based on an independent survey of over 2 million employees from various-sized businesses.

Ole Rosgaard, Greif's President and CEO, expressed pride in the company's commitment to creating a positive and inclusive work environment. Bala Sathyanarayanan, Executive VP & Chief HR Officer, emphasized Greif's dedication to fostering a workplace where every colleague feels valued and respected.

The Top 100 Most Loved Workplaces list, compiled by Newsweek and backed by research from the Best Practice Institute (BPI), recognizes companies that have made employee respect, inspiration, and appreciation core components of their business model.

Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging, has signed a virtual power purchase agreement (VPPA) with Enel Green Power España (EGPE). This agreement marks a significant step towards Greif's sustainability goals, aiming to reduce Scope 1 and 2 greenhouse gas emissions by 28% by 2030 compared to 2019 levels.

The solar VPPA will generate renewable electricity representing about 65% of Greif's Scope 2 emissions in Europe and 3% of its global Scope 1 and 2 emissions. The 12-year agreement contributes to the development of two solar projects in Spain's Soria Province, with Greif purchasing approximately 70% of the projects' output, equating to 100 GWh per year.

This initiative aligns with Greif's broader sustainability strategy, focusing on reducing emissions, minimizing waste, and supporting the circular economy. It demonstrates the company's commitment to responsible growth and clean energy development.