CORRECTION - Greif Reports Fourth Quarter and Fiscal 2024 Results
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 ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024 con performance miste. L'utile netto del quarto trimestre è diminuito del 6,5% a 63,4 milioni di dollari (1,08 dollari per azione di Classe A), mentre l'utile netto rettificato è sceso del 29,3% a 65,5 milioni di dollari (1,13 dollari per azione di Classe A). L'EBITDA rettificato del quarto trimestre è calato del 2% a 197,6 milioni di dollari.
Per l'anno fiscale 2024, l'utile netto è sceso del 27% a 262,1 milioni di dollari (4,52 dollari per azione di Classe A), e l'EBITDA rettificato è diminuito del 15,6% a 694,2 milioni di dollari. Il rapporto di indebitamento dell'azienda è aumentato a 3,53x rispetto a 2,2x rispetto all'anno precedente.
L'azienda ha annunciato un'iniziativa di ottimizzazione dei costi da 100 milioni di dollari e si organizzerà in quattro nuovi segmenti riportabili a partire dal primo trimestre del 2025: Soluzioni Polimeriche Personalizzate, Soluzioni Metalliche Durevoli, Soluzioni di Fibra Sostenibili e Soluzioni Integrate.
Greif reportó resultados para el cuarto trimestre y el año fiscal 2024 con un desempeño mixto. La utilidad neta del cuarto trimestre disminuyó un 6.5% a 63.4 millones de dólares (1.08 dólares por acción Clase A), mientras que la utilidad neta ajustada cayó un 29.3% a 65.5 millones de dólares (1.13 dólares por acción Clase A). El EBITDA ajustado del cuarto trimestre se redujo un 2% a 197.6 millones de dólares.
Para el año fiscal 2024, la utilidad neta cayó un 27% a 262.1 millones de dólares (4.52 dólares por acción Clase A), y el EBITDA ajustado disminuyó un 15.6% a 694.2 millones de dólares. La relación de apalancamiento de la empresa aumentó a 3.53x desde 2.2x en comparación con el año anterior.
La empresa anunció una iniciativa de optimización de costos de 100 millones de dólares y se reorganizará en cuatro nuevos segmentos reportables a partir del primer trimestre de 2025: Soluciones de Polímeros Personalizados, Soluciones de Metal Duradero, Soluciones de Fibra Sostenible y Soluciones Integradas.
Greif는 혼합된 성과로 4분기 및 2024 회계연도 결과를 보고했습니다. 4분기 순이익은 6.5% 감소하여 6340만 달러(클래스 A 주당 1.08달러)에 달했고, 조정된 순이익은 29.3% 감소하여 6550만 달러(클래스 A 주당 1.13달러)로 줄어들었습니다. 4분기 조정 EBITDA는 2% 감소한 1억 9760만 달러를 기록했습니다.
2024 회계연도에 대해, 순이익은 27% 감소하여 2억 6210만 달러(클래스 A 주당 4.52달러)에 달하고, 조정 EBITDA는 15.6% 감소하여 6억 9420만 달러에 달했습니다. 회사의 레버리지 비율은 지난해 2.2배에서 3.53배로 증가했습니다.
회사는 1억 달러 규모의 비용 최적화 이니셔티브를 발표했으며, 2025년 1분기부터는 맞춤형 폴리머 솔루션, 내구성 금속 솔루션, 지속 가능한 섬유 솔루션 및 통합 솔루션의 네 가지 새로운 보고 세그먼트로 재편성할 예정입니다.
Greif a publié des résultats pour le quatrième trimestre et l'année fiscale 2024 avec des performances variées. Le résultat net du quatrième trimestre a diminué de 6,5 % pour atteindre 63,4 millions de dollars (1,08 dollar par action de classe A), tandis que le résultat net ajusté a chuté de 29,3 % pour s'établir à 65,5 millions de dollars (1,13 dollar par action de classe A). L'EBITDA ajusté du quatrième trimestre a baissé de 2 % pour atteindre 197,6 millions de dollars.
Pour l'année fiscale 2024, le résultat net a chuté de 27 % à 262,1 millions de dollars (4,52 dollars par action de classe A), et l'EBITDA ajusté a diminué de 15,6 % pour atteindre 694,2 millions de dollars. Le ratio d'endettement de l'entreprise a augmenté à 3,53x contre 2,2x l'année précédente.
L'entreprise a annoncé une initiative d'optimisation des coûts de 100 millions de dollars et se réorganisera en quatre nouveaux segments rapportables à partir du premier trimestre 2025 : Solutions Polymères Personnalisées, Solutions Métalliques Durables, Solutions de Fibres Durables et Solutions Intégrées.
Greif berichtete über gemischte Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024. Der Nettogewinn des vierten Quartals sank um 6,5% auf 63,4 Millionen Dollar (1,08 Dollar pro Aktie der Klasse A), während der bereinigte Nettogewinn um 29,3% auf 65,5 Millionen Dollar (1,13 Dollar pro Aktie der Klasse A) fiel. Das bereinigte EBITDA des vierten Quartals ging um 2% auf 197,6 Millionen Dollar zurück.
Für das Geschäftsjahr 2024 sank der Nettogewinn um 27% auf 262,1 Millionen Dollar (4,52 Dollar pro Aktie der Klasse A) und das bereinigte EBITDA verringerte sich um 15,6% auf 694,2 Millionen Dollar. Das Verschuldungsratio des Unternehmens stieg von 2,2x im Vorjahr auf 3,53x.
Das Unternehmen kündigte eine Kostenoptimierungsinitiative von 100 Millionen Dollar an und wird ab dem ersten Quartal 2025 in vier neue berichtspflichtige Segmente umstrukturiert: Individuelle Polymerlösungen, Haltbare Metalllösungen, Nachhaltige Fasern und Integrierte Lösungen.
- Net cash provided by operating activities reached $187.2 million in Q4
- Q4 Adjusted free cash flow increased by $8.5 million to $144.7 million
- Global Industrial Packaging segment saw net sales increase by $65.9 million to $786.9 million
- Paper Packaging & Services net sales grew by $42.9 million to $624.5 million
- Q4 net income decreased 6.5% to $63.4 million
- Fiscal 2024 net income dropped 27% to $262.1 million
- Adjusted EBITDA decreased 15.6% to $694.2 million for fiscal 2024
- Total debt increased by $525.5 million to $2,740.6 million
- Leverage ratio increased significantly to 3.53x from 2.2x year-over-year
Insights
The Q4 and FY2024 results show mixed performance with some concerning trends. Net income decreased 6.5% to
Key strategic initiatives include a
The increase in total debt by
The industrial packaging sector continues to face headwinds, with Greif noting an "extended period of industrial contraction" with no clear demand recovery in sight. The segment performance shows mixed results - Global Industrial Packaging saw volume growth of
The company's world-class Net Promoter Score of 69 demonstrates strong customer satisfaction despite challenging conditions. The upcoming business model optimization into four segments (Customized Polymer Solutions, Durable Metal Solutions, Sustainable Fiber Solutions and Integrated Solutions) indicates strategic repositioning for future growth.
Market conditions remain challenging, as reflected in the conservative FY2025 guidance, suggesting continued pressure on margins and volumes in the near term.
DELAWARE, Ohio, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Correction: Fourth quarter 2024 net income, excluding the impact of adjustments, revised to
Greif Reports Fourth Quarter and Fiscal 2024 Results
Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2024 results.
Fiscal Fourth Quarter 2024 Financial Highlights:
(all results compared to the fourth quarter 2023 unless otherwise noted)
- Net income decreased
6.5% to$63.4 million or$1.08 per diluted Class A share compared to net income of$67.8 million or$1.16 per diluted Class A share. Net income, excluding the impact of adjustments(1), decreased29.3% to$65.5 million or$1.13 per diluted Class A share compared to net income, excluding the impact of adjustments, of$92.6 million or$1.59 per diluted Class A share. - Adjusted EBITDA(2) decreased
2.0% to$197.6 million compared to Adjusted EBITDA of$201.6 million . - Net cash provided by operating activities decreased by
$16.3 million to$187.2 million . Adjusted free cash flow(3) increased by$8.5 million to$144.7 million .
Fiscal Year Results Include:
(all results compared to the fiscal year 2023 unless otherwise noted):
- Net income decreased
27.0% to$262.1 million or$4.52 per diluted Class A share compared to net income of$359.2 million or$6.15 per diluted Class A share. Net income, excluding the impact of adjustments, decreased30.9% to$249.5 million or$4.31 per diluted Class A share compared to net income, excluding the impact of adjustments, of$361.2 million or$6.19 per diluted Class A share. - Adjusted EBITDA decreased
15.6% to$694.2 million compared to Adjusted EBITDA of$822.2 million . - Net cash provided by operating activities decreased by
$293.5 million to$356.0 million . Adjusted free cash flow decreased by$291.4 million to$189.8 million . - Total debt increased by
$525.5 million to$2,740.6 million . Net debt(4) increased by$508.7 million to$2,542.9 million . The Company's leverage ratio(5) increased to 3.53x from 2.2x in the prior year quarter, and decreased from 3.64x sequentially.
Strategic Actions and Announcements
- Hosting Investor Day on December 11, 2024, at Convene: 75 Rockefeller Plaza in New York City.
- Completed previously announced business model optimization project to fully leverage our core competitive advantages and facilitate accelerated growth. This operating model change will result in the following four new reportable segments beginning in the first quarter of 2025: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions.
- Related to our new segments, on Thursday, December 5, 2024, we will be releasing online the previous eight quarters of segment financial highlights to assist our investor community in modeling our new reportable segments. This information will be made available at our investor relations site https://investor.greif.com/.
- Announcing targeted cost optimization effort to eliminate
$100 million of structural costs from the business through a combination of SG&A rationalization, network optimization, and operating efficiency gains. More information on this effort will be provided at our upcoming Investor Day.
Commentary from CEO Ole Rosgaard
“I am pleased to report a solid fourth quarter and full year 2024 result, particularly in light of the continuation of this extended period of industrial contraction. While managing the business for the present, we also made significant strides under our Build to Last strategy towards the future, and our executive team and I look forward to sharing more information at our Investor Day next week. Our investors can expect an interactive and engaging half day session, and we highly encourage your in-person attendance as we look forward to 2025 and beyond.”
Build to Last Mission Progress
Recently completed our fourteenth wave NPS(6) survey, receiving feedback from nearly five thousand customers globally for a net score of 69, recognized as a world-class score within the manufacturing industry. At our upcoming Investor Day, we plan to further discuss the powerful correlation between NPS, an indicator of our Legendary Customer Service, and financial performance. We thank our customers for their continued feedback, which is critical in helping us achieve our vision to be the best performing customer service company in the world, and we are proud to continue to earn positive feedback from our customers throughout a difficult global operating environment.
| (1) | Adjustments that are excluded from net income before adjustments and from earnings per diluted Class A share before adjustments are acquisition and integration related costs, restructuring charges, non-cash asset impairment charges, non-cash pension settlement charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs. |
| (2) | Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs. |
| (3) | Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for integration related Enterprise Resource Planning ("ERP") systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. |
| (4) | Net debt is defined as total debt less cash and cash equivalents. |
| (5) | Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month EBITDA, each as calculated under the terms of the Company's Second Amended and Restated Credit Agreement dated as of March 1, 2022, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2022 (the "2022 Credit Agreement"). As calculated under the 2022 Credit Agreement, adjusted net debt was |
| (6) | Net Promoter Score ("NPS") is derived from a survey conducted by a third party that measures how likely a customer is to recommend Greif as a business partner. NPS scores are calculated by subtracting the percentage of detractors a business has from the percentage of its promoters. |
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.
Segment Results (all results compared to the fourth quarter of 2023 unless otherwise noted)
Net sales are impacted mainly by the volume of primary products(7) 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 of these items on net sales for our primary products for the fourth quarter of 2024 as compared to the prior year quarter for the business segments with manufacturing operations. Net sales from completed acquisitions of Reliance Products Ltd. (“Reliance”) and Ipackchem Group SAS ("Ipackchem") primary products are not included in the table below, but will be included in their respective segments starting in the fiscal first quarter of 2025 for Reliance and fiscal third quarter of 2025 for Ipackchem.
| Net Sales Impact - Primary Products | Global Industrial Packaging | Paper Packaging & Services | |||
| Currency Translation | — | % | — | % | |
| Volume | 3.7 | % | 0.7 | % | |
| Selling Prices and Product Mix | 0.4 | % | 5.0 | % | |
| Total Impact of Primary Products | 4.1 | % | 5.7 | % | |
Global Industrial Packaging
Net sales increased by
Gross profit increased by
Operating profit decreased by
Paper Packaging & Services
Net sales increased by
Gross profit decreased by
Operating profit increased by
Tax Summary
During the fourth quarter, we recorded an income tax rate of 21.8 percent and a tax rate excluding the impact of adjustments of 21.9 percent. Note that the application of accounting for income taxes often causes fluctuations in our quarterly effective tax rates. For the full year, we recorded an income tax rate of 10.6 percent and a tax rate excluding the impact of adjustments of 7.4 percent.
Dividend Summary
On December 3, 2024, the Board of Directors declared quarterly cash dividends of
| (7) | Primary products are manufactured steel, plastic and fibre drums; new and reconditioned intermediate bulk containers; jerrycans and other small plastics; linerboard, containerboard, corrugated sheets and corrugated containers; and boxboard and tube and core products. |
Company Outlook
Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon, despite slightly improved year over year volumes. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to provide only low-end guidance based on the continuation of demand trends reflected in the past year, current price/cost factors in Paper Packaging and Services, and other identifiable discrete items which we will discuss during our fourth quarter earnings release call. Call-in details are provided below.
| (in millions, except per share amounts) | Fiscal 2025 Low-End Guidance Estimate |
| Adjusted EBITDA | |
| Adjusted free cash flow | |
Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, 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 or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; restructuring-related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non-GAAP financial measure which excludes restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, and (gain) loss on the disposal of properties, plants and equipment, (gain) loss on the disposal of businesses, net, and other costs, 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 net income, the most directly comparable GAAP financial measure, without unreasonable efforts. A reconciliation of 2025 low-end guidance estimate of adjusted free cash flow to fiscal 2025 forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure, is included in this release.
Conference Call
The Company will host a conference call to discuss the fourth quarter and fiscal 2024 results on December 5, 2024, at 8:30 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register.vevent.com/register/BId6a2105d615e45438d7c615c6b1ce4d5. Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on December 5, 2024. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://investor.greif.com.
Investor Relations contact information
Bill D’Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com
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, jerrycans and other small plastics, 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 other services for a wide range of industries. In addition, the Company 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.
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. 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.
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 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 and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and increased inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (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 and general insurance premium and deductible increases, (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 cyber-attack, 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, (xviii) we could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction target by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) 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.
The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see “Risk Factors” in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission.
All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
| GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED | |||||||||||||||
| Three Months Ended October 31, | Twelve Months Ended October 31, | ||||||||||||||
| (in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net sales | $ | 1,417.1 | $ | 1,308.4 | $ | 5,448.1 | $ | 5,218.6 | |||||||
| Cost of products sold | 1,128.4 | 1,032.7 | 4,377.3 | 4,072.5 | |||||||||||
| Gross profit | 288.7 | 275.7 | 1,070.8 | 1,146.1 | |||||||||||
| Selling, general and administrative expenses | 157.5 | 136.8 | 634.5 | 549.1 | |||||||||||
| Acquisition and integration related costs | 2.4 | 3.5 | 18.5 | 19.0 | |||||||||||
| Restructuring charges | 3.8 | 5.2 | 5.4 | 18.7 | |||||||||||
| Non-cash asset impairment charges | 0.7 | 16.9 | 2.6 | 20.3 | |||||||||||
| (Gain) loss on disposal of properties, plants and equipment, net | (2.4 | ) | 0.8 | (8.8 | ) | (2.5 | ) | ||||||||
| (Gain) loss on disposal of businesses, net | 0.1 | 0.1 | (46.0 | ) | (64.0 | ) | |||||||||
| Operating profit | 126.6 | 112.4 | 464.6 | 605.5 | |||||||||||
| Interest expense, net | 39.2 | 24.8 | 134.9 | 96.3 | |||||||||||
| Non-cash pension settlement charges | — | 3.5 | — | 3.5 | |||||||||||
| Other (income) expense, net | 0.6 | 1.4 | 10.1 | 11.0 | |||||||||||
| Income before income tax expense and equity earnings of unconsolidated affiliates, net | 86.8 | 82.7 | 319.6 | 494.7 | |||||||||||
| Income tax (benefit) expense | 18.9 | 9.9 | 33.9 | 117.8 | |||||||||||
| Equity earnings of unconsolidated affiliates, net of tax | (0.9 | ) | (0.5 | ) | (3.0 | ) | (2.2 | ) | |||||||
| Net income | 68.8 | 73.3 | 288.7 | 379.1 | |||||||||||
| Net income attributable to noncontrolling interests | (5.4 | ) | (5.5 | ) | (26.6 | ) | (19.9 | ) | |||||||
| Net income attributable to Greif, Inc. | $ | 63.4 | $ | 67.8 | $ | 262.1 | $ | 359.2 | |||||||
| Basic earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
| Class A common stock | $ | 1.09 | $ | 1.19 | $ | 4.54 | $ | 6.22 | |||||||
| Class B common stock | $ | 1.64 | $ | 1.78 | $ | 6.80 | $ | 9.32 | |||||||
| Diluted earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
| Class A common stock | $ | 1.08 | $ | 1.16 | $ | 4.52 | $ | 6.15 | |||||||
| Class B common stock | $ | 1.64 | $ | 1.78 | $ | 6.80 | $ | 9.32 | |||||||
| Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
| Class A common stock | 25.8 | 25.5 | 25.8 | 25.6 | |||||||||||
| Class B common stock | 21.3 | 21.3 | 21.3 | 21.5 | |||||||||||
| Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
| Class A common stock | 26.3 | 26.0 | 26.0 | 26.0 | |||||||||||
| Class B common stock | 21.3 | 21.3 | 21.3 | 21.5 | |||||||||||
| GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED | |||||
| (in millions) | October 31, 2024 | October 31, 2023 | |||
| ASSETS | |||||
| CURRENT ASSETS | |||||
| Cash and cash equivalents | $ | 197.7 | $ | 180.9 | |
| Trade accounts receivable | 757.1 | 659.4 | |||
| Inventories | 396.8 | 338.6 | |||
| Other current assets | 197.1 | 190.2 | |||
| 1,548.7 | 1,369.1 | ||||
| LONG-TERM ASSETS | |||||
| Goodwill | 1,953.7 | 1,693.0 | |||
| Intangible assets | 937.1 | 792.2 | |||
| Operating lease assets | 284.5 | 290.3 | |||
| Other long-term assets | 270.3 | 253.6 | |||
| 3,445.6 | 3,029.1 | ||||
| PROPERTIES, PLANTS AND EQUIPMENT, NET | 1,652.1 | 1,562.6 | |||
| $ | 6,646.4 | $ | 5,960.8 | ||
| LIABILITIES AND EQUITY | |||||
| CURRENT LIABILITIES | |||||
| Accounts payable | $ | 530.4 | $ | 497.8 | |
| Short-term borrowings | 18.6 | 5.4 | |||
| Current portion of long-term debt | 95.8 | 88.3 | |||
| Current portion of operating lease liabilities | 56.5 | 53.8 | |||
| Other current liabilities | 310.6 | 294.0 | |||
| 1,011.9 | 939.3 | ||||
| LONG-TERM LIABILITIES | |||||
| Long-term debt | 2,626.2 | 2,121.4 | |||
| Operating lease liabilities | 230.2 | 240.2 | |||
| Other long-term liabilities | 537.4 | 548.3 | |||
| 3,393.8 | 2,909.9 | ||||
| REDEEMABLE NONCONTROLLING INTERESTS | 129.9 | 125.3 | |||
| EQUITY | |||||
| Total Greif, Inc. equity | 2,075.7 | 1,947.9 | |||
| Noncontrolling interests | 35.1 | 38.4 | |||
| 2,110.8 | 1,986.3 | ||||
| $ | 6,646.4 | $ | 5,960.8 | ||
| GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED | |||||||||||||||
| Three Months Ended October 31, | Twelve Months Ended October 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
| Net income | $ | 68.8 | 73.3 | $ | 288.7 | $ | 379.1 | ||||||||
| Depreciation, depletion and amortization | 67.9 | 61.2 | 261.3 | 230.6 | |||||||||||
| Asset impairments | 0.7 | 16.9 | 2.6 | 20.3 | |||||||||||
| Pension settlement charges | — | 3.5 | — | 3.5 | |||||||||||
| Deferred income tax expense (benefit) | (23.2 | ) | (27.8 | ) | (76.8 | ) | (28.7 | ) | |||||||
| Gain on disposal of businesses, net | 0.1 | — | (46.0 | ) | (64.0 | ) | |||||||||
| Other non-cash adjustments to net income | 8.9 | 15.7 | 50.9 | 50.4 | |||||||||||
| Operating working capital changes | 52.4 | 57.7 | (49.9 | ) | 151.5 | ||||||||||
| Increase (decrease) in cash from changes in other assets and liabilities | 11.6 | 3.0 | (74.8 | ) | (93.2 | ) | |||||||||
| Net cash (used in) provided by operating activities | 187.2 | 203.5 | 356.0 | 649.5 | |||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
| Acquisitions of companies, net of cash acquired | (1.2 | ) | (94.9 | ) | (568.8 | ) | (542.4 | ) | |||||||
| Purchases of properties, plants and equipment | (45.1 | ) | (77.2 | ) | (186.5 | ) | (213.6 | ) | |||||||
| Proceeds from the sale of properties, plants and equipment and businesses, net of impacts from the purchase of acquisitions | 93.4 | 0.6 | 103.9 | 113.9 | |||||||||||
| Payments for deferred purchase price of acquisitions | — | (0.4 | ) | (1.7 | ) | (22.1 | ) | ||||||||
| Other | (1.6 | ) | (1.6 | ) | (5.2 | ) | (6.0 | ) | |||||||
| Net cash (used in) provided by investing activities | 45.5 | (173.5 | ) | (658.3 | ) | (670.2 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
| Payments on long-term debt, net | (171.8 | ) | 47.6 | 489.4 | 290.7 | ||||||||||
| Dividends paid to Greif, Inc. shareholders | (31.2 | ) | (29.8 | ) | (121.0 | ) | (116.5 | ) | |||||||
| Payments for share repurchases | — | — | — | (63.9 | ) | ||||||||||
| Tax withholding payments for stock-based awards | — | — | (10.6 | ) | (13.7 | ) | |||||||||
| Other | (14.4 | ) | (10.1 | ) | (33.5 | ) | (26.9 | ) | |||||||
| Net cash (used in) provided by for financing activities | (217.4 | ) | 7.7 | 324.3 | 69.7 | ||||||||||
| Effects of exchange rates on cash | (11.8 | ) | (14.5 | ) | (5.2 | ) | (15.2 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents | 3.5 | 23.2 | 16.8 | 33.8 | |||||||||||
| Cash and cash equivalents, beginning of period | 194.2 | 157.7 | 180.9 | 147.1 | |||||||||||
| Cash and cash equivalents, end of period | $ | 197.7 | $ | 180.9 | $ | 197.7 | $ | 180.9 | |||||||
| GREIF, INC. AND SUBSIDIARY COMPANIES FINANCIAL HIGHLIGHTS BY SEGMENT UNAUDITED | |||||||||||
| Three Months Ended October 31, | Twelve Months Ended October 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||
| Net sales: | |||||||||||
| Global Industrial Packaging | $ | 786.9 | $ | 721.0 | $ | 3,124.3 | $ | 2,936.8 | |||
| Paper Packaging & Services | 624.5 | 581.6 | 2,303.5 | 2,260.5 | |||||||
| Land Management | 5.7 | 5.8 | 20.3 | 21.3 | |||||||
| Total net sales | $ | 1,417.1 | $ | 1,308.4 | $ | 5,448.1 | $ | 5,218.6 | |||
| Gross profit: | |||||||||||
| Global Industrial Packaging | $ | 167.0 | $ | 154.4 | $ | 669.4 | $ | 634.4 | |||
| Paper Packaging & Services | 118.7 | 118.8 | 391.6 | 502.5 | |||||||
| Land Management | 3.0 | 2.5 | 9.8 | 9.2 | |||||||
| Total gross profit | $ | 288.7 | $ | 275.7 | $ | 1,070.8 | $ | 1,146.1 | |||
| Operating profit: | |||||||||||
| Global Industrial Packaging | $ | 75.0 | $ | 75.1 | $ | 341.1 | $ | 334.3 | |||
| Paper Packaging & Services | 48.7 | 35.3 | 115.6 | 264.1 | |||||||
| Land Management | 2.9 | 2.0 | 7.9 | 7.1 | |||||||
| Total operating profit | $ | 126.6 | $ | 112.4 | $ | 464.6 | $ | 605.5 | |||
| EBITDA(8): | |||||||||||
| Global Industrial Packaging | $ | 108.0 | $ | 96.2 | $ | 454.8 | $ | 415.7 | |||
| Paper Packaging & Services | 83.3 | 70.4 | 253.9 | 398.8 | |||||||
| Land Management | 3.5 | 2.6 | 10.1 | 9.3 | |||||||
| Total EBITDA | $ | 194.8 | $ | 169.2 | $ | 718.8 | $ | 823.8 | |||
| Adjusted EBITDA(9): | |||||||||||
| Global Industrial Packaging | $ | 109.4 | $ | 105.4 | $ | 423.6 | $ | 425.4 | |||
| Paper Packaging & Services | 85.3 | 93.7 | 261.5 | 387.9 | |||||||
| Land Management | 2.9 | 2.5 | 9.1 | 8.9 | |||||||
| Total Adjusted EBITDA | $ | 197.6 | $ | 201.6 | $ | 694.2 | $ | 822.2 | |||
(8) EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) 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 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.
(9) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus gain (loss) on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs.
| GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION CONSOLIDATED ADJUSTED EBITDA UNAUDITED | |||||||||||||||
| Three Months Ended October 31, | Twelve Months Ended October 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income | $ | 68.8 | $ | 73.3 | $ | 288.7 | $ | 379.1 | |||||||
| Plus: Interest expense, net | 39.2 | 24.8 | 134.9 | 96.3 | |||||||||||
| Plus: Income tax (benefit) expense | 18.9 | 9.9 | 33.9 | 117.8 | |||||||||||
| Plus: Depreciation, depletion and amortization expense | 67.9 | 61.2 | 261.3 | 230.6 | |||||||||||
| EBITDA | $ | 194.8 | $ | 169.2 | $ | 718.8 | $ | 823.8 | |||||||
| Net income | $ | 68.8 | $ | 73.3 | $ | 288.7 | $ | 379.1 | |||||||
| Plus: Interest expense, net | 39.2 | 24.8 | 134.9 | 96.3 | |||||||||||
| Plus: Non-cash pension settlement charges | — | 3.5 | — | 3.5 | |||||||||||
| Plus: Other (income) expense, net | 0.6 | 1.4 | 10.1 | 11.0 | |||||||||||
| Plus: Income tax (benefit) expense | 18.9 | 9.9 | 33.9 | 117.8 | |||||||||||
| Plus: Equity earnings of unconsolidated affiliates, net of tax | (0.9 | ) | (0.5 | ) | (3.0 | ) | (2.2 | ) | |||||||
| Operating profit | 126.6 | 112.4 | 464.6 | 605.5 | |||||||||||
| Less: Non-cash pension settlement charges | — | 3.5 | — | 3.5 | |||||||||||
| Less: Other (income) expense, net | 0.6 | 1.4 | 10.1 | 11.0 | |||||||||||
| Less: Equity earnings of unconsolidated affiliates, net of tax | (0.9 | ) | (0.5 | ) | (3.0 | ) | (2.2 | ) | |||||||
| Plus: Depreciation, depletion and amortization expense | 67.9 | 61.2 | 261.3 | 230.6 | |||||||||||
| EBITDA | $ | 194.8 | $ | 169.2 | $ | 718.8 | $ | 823.8 | |||||||
| Plus: Acquisition and integration related costs | 2.4 | 3.5 | 18.5 | 19.0 | |||||||||||
| Plus: Restructuring charges | $ | 3.8 | $ | 5.2 | $ | 5.4 | $ | 18.7 | |||||||
| Plus: Non-cash asset impairment charges | 0.7 | 16.9 | 2.6 | 20.3 | |||||||||||
| Plus: (Gain) loss on disposal of properties, plants and equipment, net | (2.4 | ) | 0.8 | (8.8 | ) | (2.5 | ) | ||||||||
| Plus: (Gain) loss on disposal of businesses, net | 0.1 | 0.1 | (46.0 | ) | (64.0 | ) | |||||||||
| Plus: Non-cash pension settlement charges | — | 3.5 | — | 3.5 | |||||||||||
| Plus: Other costs* | (1.8 | ) | 2.4 | 3.7 | 3.4 | ||||||||||
| Adjusted EBITDA | $ | 197.6 | $ | 201.6 | $ | 694.2 | $ | 822.2 | |||||||
| *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | |||||||||||||||
| GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION SEGMENT ADJUSTED EBITDA(10) UNAUDITED | |||||||||||||||
| Three Months Ended October 31, | Twelve Months Ended October 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Global Industrial Packaging | |||||||||||||||
| Operating profit | $ | 75.0 | $ | 75.1 | $ | 341.1 | $ | 334.3 | |||||||
| Less: Non-cash pension settlement charges | — | 3.5 | — | 3.5 | |||||||||||
| Less: Other (income) expense, net | 0.9 | 1.7 | 11.6 | 12.6 | |||||||||||
| Less: Equity earnings of unconsolidated affiliates, net of tax | (0.9 | ) | (0.5 | ) | (3.0 | ) | (2.2 | ) | |||||||
| Plus: Depreciation and amortization expense | 33.0 | 25.8 | 122.3 | 95.3 | |||||||||||
| EBITDA | $ | 108.0 | $ | 96.2 | $ | 454.8 | $ | 415.7 | |||||||
| Plus: Acquisition and integration related costs | 1.1 | 3.4 | 17.2 | 12.2 | |||||||||||
| Plus: Restructuring charges | 3.0 | — | (2.8 | ) | 4.2 | ||||||||||
| Plus: Non-cash asset impairment charges | 0.8 | 0.4 | 1.3 | 1.9 | |||||||||||
| Plus: (Gain) loss on disposal of properties, plants and equipment, net | (2.6 | ) | 0.2 | (2.9 | ) | (4.4 | ) | ||||||||
| Plus: (Gain) loss on disposal of businesses, net | 0.1 | 0.5 | (46.0 | ) | (9.4 | ) | |||||||||
| Plus: Non-cash pension settlement charges | — | 3.5 | — | 3.5 | |||||||||||
| Plus: Other costs* | (1.0 | ) | 1.2 | 2.0 | 1.7 | ||||||||||
| Adjusted EBITDA | $ | 109.4 | $ | 105.4 | $ | 423.6 | $ | 425.4 | |||||||
| Paper Packaging & Services | |||||||||||||||
| Operating profit | $ | 48.7 | $ | 35.3 | $ | 115.6 | $ | 264.1 | |||||||
| Less: Other (income) expense, net | (0.3 | ) | (0.3 | ) | (1.5 | ) | (1.6 | ) | |||||||
| Plus: Depreciation and amortization expense | 34.3 | 34.8 | 136.8 | 133.1 | |||||||||||
| EBITDA | $ | 83.3 | $ | 70.4 | $ | 253.9 | $ | 398.8 | |||||||
| Plus: Acquisition and integration related costs | 1.3 | 0.1 | 1.3 | 6.8 | |||||||||||
| Plus: Restructuring charges | 0.8 | 5.2 | 8.2 | 14.5 | |||||||||||
| Plus: Non-cash asset impairment charges | (0.1 | ) | 16.5 | 1.3 | 18.4 | ||||||||||
| Plus: (Gain) loss on disposal of properties, plants and equipment, net | 0.8 | 0.7 | (4.9 | ) | 2.3 | ||||||||||
| Plus: (Gain) loss on disposal of businesses, net | — | (0.4 | ) | — | (54.6 | ) | |||||||||
| Plus: Other costs* | (0.8 | ) | 1.2 | 1.7 | 1.7 | ||||||||||
| Adjusted EBITDA | $ | 85.3 | $ | 93.7 | $ | 261.5 | $ | 387.9 | |||||||
| Land Management | |||||||||||||||
| Operating profit | $ | 2.9 | $ | 2.0 | $ | 7.9 | $ | 7.1 | |||||||
| Plus: Depreciation, depletion and amortization expense | 0.6 | 0.6 | 2.2 | 2.2 | |||||||||||
| EBITDA | $ | 3.5 | $ | 2.6 | $ | 10.1 | $ | 9.3 | |||||||
| Plus: (Gain) loss on disposal of properties, plants and equipment, net | (0.6 | ) | (0.1 | ) | (1.0 | ) | (0.4 | ) | |||||||
| Adjusted EBITDA | $ | 2.9 | $ | 2.5 | $ | 9.1 | $ | 8.9 | |||||||
| Consolidated EBITDA | $ | 194.8 | $ | 169.2 | $ | 718.8 | $ | 823.8 | |||||||
| Consolidated Adjusted EBITDA | $ | 197.6 | $ | 201.6 | $ | 694.2 | $ | 822.2 | |||||||
| *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | |||||||||||||||
(10) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result.
| GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION ADJUSTED FREE CASH FLOW(11) UNAUDITED | |||||||||||||||
| Three Months Ended October 31, | Twelve Months Ended October 31, | ||||||||||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net cash provided by operating activities | $ | 187.2 | $ | 203.5 | $ | 356.0 | $ | 649.5 | |||||||
| Cash paid for purchases of properties, plants and equipment | (45.1 | ) | (77.2 | ) | (186.5 | ) | (213.6 | ) | |||||||
| Free Cash Flow | $ | 142.1 | $ | 126.3 | $ | 169.5 | $ | 435.9 | |||||||
| Cash paid for acquisition and integration related costs | 2.4 | 3.5 | 18.5 | 19.0 | |||||||||||
| Cash paid for integration related ERP systems and equipment(12) | 0.2 | 1.0 | 1.3 | 4.6 | |||||||||||
| Cash paid for taxes related to Tama, Iowa mill divestment | — | 5.4 | — | 21.7 | |||||||||||
| Cash paid for fiscal year-end change costs | — | — | 0.5 | — | |||||||||||
| Adjusted Free Cash Flow | $ | 144.7 | $ | 136.2 | $ | 189.8 | $ | 481.2 | |||||||
(11)Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, net, plus cash paid for integration related ERP systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs.
(12) Cash paid for integration related ERP systems and equipment is defined as cash paid for ERP systems and equipment required to bring the acquired facilities to Greif’s standards.
| GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET INCOME, CLASS A EARNINGS PER SHARE, AND TAX RATE BEFORE ADJUSTMENTS UNAUDITED | |||||||||||||||||||||||||
| (in millions, except for per share amounts) | Income before Income Tax Expense and Equity Earnings of Unconsolidated Affiliates, net | Income Tax (Benefit) Expense | Equity Earnings | Noncontrolling Interest | Net Income Attributable to Greif, Inc. | Diluted Class A Earnings Per Share | Tax Rate | ||||||||||||||||||
| Three Months Ended October 31, 2024 | $ | 86.8 | $ | 18.9 | $ | (0.9 | ) | $ | 5.4 | $ | 63.4 | $ | 1.08 | 21.8 | % | ||||||||||
| Acquisition and integration related costs | 2.4 | 0.5 | — | — | 1.9 | 0.03 | |||||||||||||||||||
| Restructuring charges | 3.8 | 1.0 | — | — | 2.8 | 0.05 | |||||||||||||||||||
| Non-cash asset impairment charges | 0.7 | 0.2 | — | — | 0.5 | 0.01 | |||||||||||||||||||
| (Gain) loss on disposal of properties, plants and equipment, net | (2.4 | ) | (0.5 | ) | — | — | (1.9 | ) | (0.03 | ) | |||||||||||||||
| (Gain) loss on disposal of businesses, net | 0.1 | — | — | — | 0.1 | 0.01 | |||||||||||||||||||
| Other costs* | (1.8 | ) | (0.5 | ) | — | — | (1.3 | ) | (0.02 | ) | |||||||||||||||
| Excluding Adjustments | $ | 89.6 | $ | 19.6 | $ | (0.9 | ) | $ | 5.4 | $ | 65.5 | $ | 1.13 | 21.9 | % | ||||||||||
| Three Months Ended October 31, 2023 | $ | 82.7 | $ | 9.9 | $ | (0.5 | ) | $ | 5.5 | $ | 67.8 | $ | 1.16 | 12.0 | % | ||||||||||
| Acquisition and integration related costs | 3.5 | 0.8 | — | — | 2.7 | 0.04 | |||||||||||||||||||
| Restructuring charges | 5.2 | 1.2 | — | — | 4.0 | 0.08 | |||||||||||||||||||
| Non-cash asset impairment charges | 16.9 | 4.1 | — | — | 12.8 | 0.22 | |||||||||||||||||||
| (Gain) loss on disposal of properties, plants and equipment, net | 0.8 | 0.3 | — | — | 0.5 | 0.01 | |||||||||||||||||||
| (Gain) loss on disposal of businesses, net | 0.1 | 0.3 | — | — | (0.2 | ) | (0.01 | ) | |||||||||||||||||
| Non-cash pension settlement charges | 3.5 | 0.2 | — | — | 3.3 | 0.06 | |||||||||||||||||||
| Other costs* | 2.4 | 0.7 | — | — | 1.7 | 0.03 | |||||||||||||||||||
| Excluding Adjustments | $ | 115.1 | $ | 17.5 | $ | (0.5 | ) | $ | 5.5 | $ | 92.6 | $ | 1.59 | 15.2 | % | ||||||||||
| Twelve Months Ended October 31, 2024 | $ | 319.6 | $ | 33.9 | $ | (3.0 | ) | $ | 26.6 | $ | 262.1 | $ | 4.52 | 10.6 | % | ||||||||||
| Acquisition and integration related costs | 18.5 | 4.5 | — | — | 14.0 | 0.24 | |||||||||||||||||||
| Restructuring charges | 5.4 | 1.3 | — | — | 4.1 | 0.07 | |||||||||||||||||||
| Non-cash asset impairment charges | 2.6 | 0.7 | — | — | 1.9 | 0.03 | |||||||||||||||||||
| (Gain) loss on disposal of properties, plants and equipment, net | (8.8 | ) | (2.1 | ) | — | — | (6.7 | ) | (0.11 | ) | |||||||||||||||
| (Gain) loss on disposal of businesses, net | (46.0 | ) | (17.3 | ) | — | — | (28.7 | ) | (0.49 | ) | |||||||||||||||
| Other costs* | 3.7 | 0.9 | — | — | 2.8 | 0.05 | |||||||||||||||||||
| Excluding Adjustments | $ | 295.0 | $ | 21.9 | $ | (3.0 | ) | $ | 26.6 | $ | 249.5 | $ | 4.31 | 7.4 | % | ||||||||||
| Twelve Months Ended October 31, 2023 | $ | 494.7 | $ | 117.8 | $ | (2.2 | ) | $ | 19.9 | $ | 359.2 | $ | 6.15 | 23.8 | % | ||||||||||
| Acquisition and integration related costs | 19.0 | 4.6 | — | — | 14.4 | 0.24 | |||||||||||||||||||
| Restructuring charges | 18.7 | 4.4 | — | 0.1 | 14.2 | 0.25 | |||||||||||||||||||
| Non-cash asset impairment charges | 20.3 | 4.9 | — | — | 15.4 | 0.26 | |||||||||||||||||||
| (Gain) loss on disposal of properties, plants and equipment, net | (2.5 | ) | (0.3 | ) | — | — | (2.2 | ) | (0.04 | ) | |||||||||||||||
| (Gain) loss on disposal of businesses, net | (64.0 | ) | (18.4 | ) | — | — | (45.6 | ) | (0.78 | ) | |||||||||||||||
| Non-cash pension settlement charges | 3.5 | 0.2 | — | — | 3.3 | 0.06 | |||||||||||||||||||
| Other costs* | 3.4 | 0.9 | — | — | 2.5 | 0.05 | |||||||||||||||||||
| Excluding Adjustments | $ | 493.1 | $ | 114.1 | $ | (2.2 | ) | $ | 20.0 | $ | 361.2 | $ | 6.19 | 23.1 | % | ||||||||||
| *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | |||||||||||||||||||||||||
The impact of income tax (benefit) expense and noncontrolling interest on each adjustment is calculated based on tax rates and ownership percentages specific to each applicable entity.
| GREIF INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET DEBT UNAUDITED | |||||||||||
| (in millions) | October 31, 2024 | July 31, 2024 | October 31, 2023 | ||||||||
| Total Debt | $ | 2,740.6 | $ | 2,909.5 | $ | 2,215.1 | |||||
| Cash and cash equivalents | (197.7 | ) | (194.2 | ) | (180.9 | ) | |||||
| Net Debt | $ | 2,542.9 | $ | 2,715.3 | $ | 2,034.2 | |||||
| GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION LEVERAGE RATIO UNAUDITED | ||||||||||
| Trailing Twelve Month Credit Agreement EBITDA (in millions) | Trailing Twelve Months Ended 10/31/2024 | Trailing Twelve Months Ended 7/31/2024 | Trailing Twelve Months Ended 10/31/2023 | |||||||
| Net income | $ | 288.7 | $ | 293.2 | $ | 379.1 | ||||
| Plus: Interest expense, net | 134.9 | 120.5 | 96.3 | |||||||
| Plus: Income tax expense | 33.9 | 24.9 | 117.8 | |||||||
| Plus: Depreciation, depletion and amortization expense | 261.3 | 254.6 | 230.6 | |||||||
| EBITDA | $ | 718.8 | $ | 693.2 | $ | 823.8 | ||||
| Plus: Acquisition and integration related costs | 18.5 | 19.6 | 19.0 | |||||||
| Plus: Restructuring charges | 5.4 | 6.8 | 18.7 | |||||||
| Plus: Non-cash asset impairment charges | 2.6 | 18.8 | 20.3 | |||||||
| Plus: (Gain) loss on disposal of properties, plants and equipment, net | (8.8 | ) | (5.6 | ) | (2.5 | ) | ||||
| Plus: (Gain) loss on disposal of businesses, net | (46.0 | ) | (46.0 | ) | (64.0 | ) | ||||
| Plus: Non-cash pension settlement charges | — | 3.5 | 3.5 | |||||||
| Plus: Other costs* | 3.7 | 5.5 | 3.4 | |||||||
| Adjusted EBITDA | $ | 694.2 | $ | 695.8 | $ | 822.2 | ||||
| Credit Agreement adjustments to EBITDA(13) | 0.8 | 21.4 | 23.7 | |||||||
| Credit Agreement EBITDA | $ | 695.0 | $ | 717.2 | $ | 845.9 | ||||
| Adjusted Net Debt (in millions) | For the Period Ended 10/31/2024 | Trailing Twelve Months Ended 7/31/2024 | For the Period Ended 10/31/2023 | |||||||
| Total debt | $ | 2,740.6 | $ | 2,909.5 | $ | 2,215.1 | ||||
| Cash and cash equivalents | (197.7 | ) | (194.2 | ) | (180.9 | ) | ||||
| Net debt | $ | 2,542.9 | $ | 2,715.3 | $ | 2,034.2 | ||||
| Credit Agreement adjustments to debt(14) | (90.6 | ) | (106.8 | ) | (177.4 | ) | ||||
| Adjusted net debt | $ | 2,452.3 | $ | 2,608.5 | $ | 1,856.8 | ||||
| Leverage Ratio(15) | 3.53x | 3.64x | 2.2x | |||||||
| *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | ||||||||||
(13)Adjustments to EBITDA are specified by the 2022 Credit Agreement and include certain timberland gains, equity earnings of unconsolidated affiliates, net of tax, certain acquisition savings, deferred financing costs, capitalized interest, income and expense in connection with asset dispositions, and other items.
(14)Adjustments to net debt are specified by the 2022 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts.
(15) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA.
The following table presents net sales by reportable segments and geographic operating segments, depreciation, depletion and amortization expenses by reportable segments, and capital expenditures by reportable segments for fiscal years 2024 and 2023. The following information is unaudited:
| Twelve Months Ended October 31, 2024 | Twelve Months Ended October 31, 2023 | ||||||||||||||||
| (in millions) | United States | Europe, Middle East and Africa | Asia Pacific and Other Americas | United States | Europe, Middle East and Africa | Asia Pacific and Other Americas | |||||||||||
| Global Industrial Packaging | $ | 1,124.0 | $ | 1,388.0 | $ | 612.3 | $ | 1,093.0 | $ | 1,310.9 | $ | 532.9 | |||||
| Paper Packaging & Services | 2,261.4 | — | 42.1 | 2,218.0 | — | 42.5 | |||||||||||
| Land Management | 20.3 | — | — | 21.3 | — | — | |||||||||||
| Total net sales | $ | 3,405.7 | $ | 1,388.0 | $ | 654.4 | $ | 3,332.3 | $ | 1,310.9 | $ | 575.4 | |||||
| Twelve Months Ended October 31, | |||||
| (in millions) | 2024 | 2023 | |||
| Depreciation, depletion and amortization expense: | |||||
| Global Industrial Packaging | $ | 122.3 | $ | 95.3 | |
| Paper Packaging & Services | 136.8 | 133.1 | |||
| Land Management | 2.2 | 2.2 | |||
| Total depreciation, depletion and amortization expense | $ | 261.3 | $ | 230.6 | |
| Capital expenditures: | |||||
| Global Industrial Packaging | $ | 70.8 | $ | 83.9 | |
| Paper Packaging & Services | 88.9 | 120.6 | |||
| Land Management | 0.2 | 1.1 | |||
| Total segment | 159.9 | 205.6 | |||
| Corporate and other | 9.1 | 12.6 | |||
| Total capital expenditures | $ | 169.0 | $ | 218.2 | |
| GREIF, INC. AND SUBSIDIARY COMPANIES PROJECTED 2025 GUIDANCE RECONCILIATION ADJUSTED FREE CASH FLOW UNAUDITED | |||
| Fiscal 2025 Low-End Guidance Estimate | |||
| (in millions) | |||
| Net cash provided by operating activities | $ | 371.0 | |
| Cash paid for purchases of properties, plants and equipment | (166.0 | ) | |
| Free cash flow | $ | 205.0 | |
| Cash paid for acquisition and integration related costs | 17.0 | ||
| Cash paid for integration related ERP systems and equipment | 1.0 | ||
| Cash paid for fiscal year-end change costs | 2.0 | ||
| Adjusted free cash flow | $ | 225.0 | |
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