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Greif, Inc. (GEF) is a global leader in industrial packaging products and services, with a history dating back to 1877. The company specializes in the production of a wide range of packaging solutions including steel, plastic, and fiber drums, intermediate bulk containers, and flexible products. Greif also manufactures containerboard, corrugated sheets, and a diverse array of specialty products.
Headquartered in Delaware, Ohio, Greif's operations are strategically positioned in over 35 countries, enabling the company to effectively serve both global and regional customers. Greif's three main business segments are Global Industrial Packaging, Paper Packaging and Services, and Land Management. These segments allow the company to address various market needs, from packaging and logistics to timber property management in North America.
In recent developments, Greif has partnered with IonKraft to explore innovative plasma-based coating technology aimed at improving the recyclability of industrial plastic packaging. Additionally, the company's new facility in Dallas, Texas, is set to expand its bulk corrugated business, bolstering its capacity to meet customer demands across the South and Southwest regions of the United States and Mexico.
Greif is also deeply committed to community initiatives and corporate social responsibility. The company has a longstanding tradition of supporting charitable organizations focused on education, health, and social services. Through collaborations such as the Greif Blocked Shots Platform, Greif is actively contributing to the well-being of communities in Central Ohio.
Financially, Greif continues to demonstrate robust performance. The company is scheduled to report its second-quarter financial results for 2024 on June 5, 2024, with a conference call to discuss the results the following day. The company remains focused on its vision to be the best-performing customer service company in the world, providing durable and sustainable packaging solutions across various industries.
Greif, Inc. (NYSE: GEF, GEF.B) will release its 2022 fourth quarter financial results on December 7, 2022, following the market close. A conference call to discuss the results and 2023 outlook is scheduled for December 8, 2022, at 8:30 a.m. ET. The call will feature management commentary and a Q&A session. Registration is required for participation, and a digital replay will be available shortly after the call on the company's website.
Greif, Inc. (NYSE: GEF, GEF.B) reaffirmed its fiscal 2022 earnings guidance, estimating Class A EPS between $7.90 and $8.10 per share. This comes before the company's participation in the Baird Global Industrial Conference in Chicago. The reaffirmation is attributed to better-than-expected pricing in the fourth quarter, though this was offset by lower volumes, particularly in the EMEA and APAC regions due to energy inflation and COVID-19 challenges. The fiscal Q4 financial results will be announced after market close on December 7, 2022.
Greif, Inc. (NYSE: GEF, GEF.B) has announced a definitive agreement to acquire Lee Container Corporation for $300 million, aiming to enhance its position in the North American jerrycan market. The acquisition, expected to close by year-end 2022, is projected to generate $6 million in synergies within two years. Lee Container, which posted $162 million in sales and $33 million in adjusted EBITDA for the trailing twelve months ending September 30, 2022, is positioned in key growth sectors. The deal emphasizes Greif's strategy for ongoing growth in industrial packaging.
Greif, Inc. (NYSE: GEF, GEF.B) reported impressive third-quarter 2022 results, with net income rising to $141.8 million ($2.36 per share) from $113.0 million ($1.89 per share) year-over-year. Adjusted EBITDA of $251.0 million increased by $13.2 million, while net cash from operating activities surged by $114.4 million to reach $209.3 million. The company’s total debt decreased by $208.9 million, improving its leverage ratio to 1.99x. A $150 million share repurchase program was initiated, and the Board declared quarterly dividends of $0.50 for Class A and $0.75 for Class B shares, payable on October 1, 2022.
Greif, Inc. (NYSE: GEF, GEF.B) announced the election of Roel Vestjens to its Board of Directors on August 31, 2022. Vestjens, current President and CEO of Belden Inc., brings extensive experience in global leadership roles across sales, marketing, operations, and general management. His appointment is expected to enhance the Board's expertise and bring valuable insights to Greif. The company aims to be the best performing customer service company globally, specializing in industrial packaging products and services across over 35 countries.
Greif, Inc. (NYSE: GEF, GEF.B) announced a quarterly cash dividend of $0.50 for Class A Common Stock and $0.75 for Class B Common Stock, marking an 8.7% increase from previous dividends. The dividends are payable on October 1, 2022, to stockholders of record by September 16, 2022. This increase reflects Greif's commitment to shareholder value, complemented by a recent share repurchase program. The company aims to enhance recurring dividends while maintaining strong operational performance in the industrial packaging sector.
Greif, Inc. (NYSE: GEF, GEF.B) announced it will release its 2022 third quarter financial results on August 31, 2022, after market close. A conference call will follow on September 1, 2022, at 8:30 a.m. ET, allowing management to discuss results and answer questions. Participants can register for the call online and will receive confirmation details via email. Greif, a leader in industrial packaging, operates in over 35 countries and provides a diverse range of products and services, including steel, plastic, and fiber drums.
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