Financial Performance - Net income increased by 6.5% to $47.3 million, or $0.82 per diluted Class A share, compared to $44.4 million, or $0.77 per diluted Class A share in the prior year[6]. - Adjusted EBITDA rose by 26.0% to $213.9 million, up from $169.7 million[6]. - Net income attributable to Greif, Inc. for the three months ended April 30, 2025, was $47.3 million, up from $44.4 million in the same period of 2024, representing a 6.5% increase[31]. - Basic earnings per share attributable to Greif, Inc. common shareholders for Class A common stock was $0.82 for the three months ended April 30, 2025, compared to $0.77 for the same period in 2024, a 6.5% increase[31]. - Operating profit for the six months ended April 30, 2025, was $178.5 million, compared to $167.0 million for the same period in 2024, indicating a 6.5% increase[31]. - For the three months ended April 30, 2025, the consolidated operating profit was $118.6 million, a significant increase from $98.1 million in the same period of 2024, representing a growth of approximately 20.5%[41]. - Adjusted EBITDA for the six months ended April 30, 2025, reached $359.0 million, compared to $306.7 million for the same period in 2024, indicating an increase of about 17%[42]. Cash Flow and Debt Management - Net cash provided by operating activities increased by $48.9 million to $136.4 million, while adjusted free cash flow increased by $50.6 million to $109.6 million[6]. - Cash provided by operating activities for the six months ended April 30, 2025, was $105.6 million, compared to $92.0 million in 2024, marking a 14.8% increase[35]. - The company reported a net cash used in investing activities of $(31.7) million for the six months ended April 30, 2025, compared to $(662.6) million in 2024, showing a substantial reduction in cash outflow[35]. - The company experienced a net cash decrease of $116.2 million from financing activities for the three months ended April 30, 2025, compared to a net cash increase of $548.8 million in 2024[35]. - Total debt decreased by $140.9 million to $2,775.2 million, and net debt decreased by $197.6 million to $2,522.5 million, resulting in a leverage ratio decrease to 3.3x from 3.4x[6][7]. - The company’s net debt as of April 30, 2025, was $2,522.5 million, down from $2,720.1 million a year earlier[47]. - The leverage ratio as of April 30, 2025, was 3.3x, slightly improved from 3.4x a year prior[49]. Sales and Revenue Growth - Net sales for the three months ended April 30, 2025, were $1,385.7 million, a 1.9% increase from $1,371.0 million in the same period of 2024[31]. - Total net sales for the six months ended April 30, 2025, reached $2,651.5 million, up from $2,576.8 million in 2024, indicating a growth of 2.9%[37]. - Customized Polymer Solutions net sales increased by $43.7 million to $329.3 million, primarily due to $38.8 million from recent acquisitions[10]. - Sustainable Fiber Solutions net sales increased by $19.0 million to $599.1 million, driven by $29.0 million from higher containerboard and boxboard prices[14]. - Customized Polymer Solutions segment net sales increased to $329.3 million for the three months ended April 30, 2025, from $285.6 million in 2024, a growth of 15.2%[37]. Cost Management and Savings - The company anticipates achieving $15.0 million to $25.0 million in run-rate savings from its cost optimization program by the end of fiscal year 2025[6]. - The company reported acquisition and integration related costs of $2.0 million for the three months ended April 30, 2025, down from $11.5 million in the same period of 2024[31]. - Restructuring and other charges for the same period amounted to $14.6 million, contributing to the overall financial adjustments[45]. - The company incurred $2.0 million in acquisition and integration related costs during the three months ended April 30, 2025[45]. Asset Management - Total assets as of April 30, 2025, were $6,754.4 million, an increase from $6,647.6 million as of October 31, 2024[33]. - Cash and cash equivalents increased to $252.7 million as of April 30, 2025, from $197.7 million as of October 31, 2024[33]. - Long-term debt decreased to $2,290.9 million as of April 30, 2025, from $2,626.2 million as of October 31, 2024[33]. - Total equity for Greif, Inc. increased to $2,134.1 million as of April 30, 2025, compared to $2,082.4 million as of October 31, 2024[33]. Taxation - The company recorded an income tax rate of 35.5% for the second quarter, with an expected range of 27.0% to 32.0% for fiscal 2025[20]. - Greif's income before income tax for the three months ended April 30, 2025, was $83.9 million, reflecting a significant operational performance[45].

Financial Performance - Net income for the three months ended April 30, 2025, was $54.5 million, compared to $52.0 million for the same period in 2024, representing a 4.8% increase[9] - Comprehensive income attributable to Greif, Inc. for the three months ended April 30, 2025, was $123.2 million, up from $44.1 million in 2024, indicating a significant increase of 179.5%[9] - Net cash provided by operating activities for the six months ended April 30, 2025, was $105.6 million, compared to $92.0 million for the same period in 2024, an increase of 14.8%[13] - The net income for the three months ended April 30, 2025, was $47.3 million, compared to $55.9 million for the six months ended April 30, 2025[14] - Comprehensive income for the three months ended April 30, 2025, was $123.2 million, while the comprehensive income for the six months ended April 30, 2025, was $102.3 million[14] - The net income attributable to Greif, Inc. for the six months ended April 30, 2025, was $55.9 million, compared to $111.6 million for the same period in 2024[92] Assets and Equity - Total assets as of April 30, 2025, were $6,754.4 million, compared to $6,647.6 million as of October 31, 2024, reflecting a growth of 1.6%[11] - Cash and cash equivalents increased to $252.7 million as of April 30, 2025, from $197.7 million at the end of October 2024, marking a rise of 27.8%[11] - The total shareholders' equity increased to $2,175.0 million as of April 30, 2025, from $2,117.5 million as of October 31, 2024, representing a growth of 2.7%[12] - As of April 30, 2025, Greif, Inc. reported a total equity of $2,175.0 million, an increase from $2,117.5 million as of October 31, 2024[14] - The company's total equity as of April 30, 2024, was $2,047.4 million, reflecting an increase from $1,986.3 million as of October 31, 2023[15] Debt and Financing - Long-term debt decreased to $2,290.9 million as of April 30, 2025, down from $2,626.2 million as of October 31, 2024, a reduction of 12.7%[12] - The Company has a secured revolving credit facility of $800.0 million, maturing on March 1, 2027[49] - As of April 30, 2025, the outstanding balance under the 2022 and 2023 Credit Agreements was $2,392.3 million, with a current portion of $95.8 million and a long-term portion of $2,296.5 million[55] - The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.88% for the six months ended April 30, 2025, with an actual interest rate of 6.06% as of the same date[55] Foreign Currency and Translation - The company reported a foreign currency translation gain of $118.0 million for the three months ended April 30, 2025, compared to a loss of $29.2 million in 2024[9] - The company experienced a foreign currency translation gain of $117.3 million for the three months ended April 30, 2025[14] - The company reported a foreign currency translation loss of $28.3 million for the current period[15] - The net investment hedges resulted in a final gain of $11.3 million, included in the foreign currency translation component of other comprehensive income (OCI) [74] Dividends - Dividends paid to Greif, Inc. shareholders amounted to $31.4 million for the three months ended April 30, 2025, with a per share distribution of $0.54 for Class A and $0.81 for Class B shares[14] - Dividends paid to Greif, Inc. shareholders amounted to $30.0 million, with Class A and Class B shares receiving $0.52 and $0.78 per share, respectively[15] Acquisitions and Restructuring - The Company acquired Ipackchem Group SAS for a total purchase price of $582.1 million, incurring transaction costs of $8.9 million[29] - As of April 30, 2025, the fair value of identifiable net assets acquired from Ipackchem was $301.1 million, with goodwill recognized at $281.0 million[32] - The Company recorded restructuring charges of $11.2 million for the three months ended April 30, 2025, compared to $(6.8) million for the same period in 2024[43] - The Company expects to incur remaining restructuring costs of $25.9 million as of April 30, 2025[46] Operational Segments - The Customized Polymer Solutions segment generated $624.4 million in net sales for the six months ended April 30, 2025, up from $513.6 million in the same period of 2024, reflecting a 21.6% increase[100][102] - The Sustainable Fiber Solutions segment reported net sales of $1,160.5 million for the six months ended April 30, 2025, compared to $1,108.9 million in the prior year, marking a 4.7% increase[100][102] - The Durable Metal Solutions segment achieved net sales of $721.1 million for the six months ended April 30, 2025, compared to $784.2 million in the same period of 2024, reflecting a decrease of 8.0%[100][102] - The Integrated Solutions segment reported an operating profit of $17.7 million for the six months ended April 30, 2025, down from $28.5 million in the same period of 2024, a decline of 37.5%[100][102] Compliance and Standards - The interim condensed consolidated financial statements have been prepared in accordance with GAAP, ensuring compliance with SEC regulations[17] - The company is in the process of determining the potential impact of recently issued accounting standards on its financial position and operations[24] Environmental and Tax - The company expects to make employer contributions of $5.9 million to its pension plans during 2025 [86] - As of April 30, 2025, the company's environmental reserves were $19.8 million, up from $19.1 million as of October 31, 2024 [90] - Income tax expense for the six months ended April 30, 2025, was $37.6 million, compared to a benefit of $(21.2) million for the same period in 2024, reflecting a $58.8 million increase [84] - A deferred tax liability of $63.6 million was recorded as part of the Ipackchem Acquisition, arising from temporary differences between the fair value of acquired assets and their tax basis [85]

Financial Performance - Net income decreased by 87.2% to $8.6 million or $0.15 per diluted Class A share compared to $67.2 million or $1.17 per diluted Class A share in the prior year[6] - Net income attributable to Greif, Inc. was $8.6 million, a significant decrease of 87.8% compared to $67.2 million in the prior year[31] - Net income for the three months ended January 31, 2025, was $14.4 million, a decrease of 80.6% compared to $74.3 million in the same period of 2024[39] - Net income for the trailing twelve months ended January 31, 2025, was $228.8 million, down from $360.3 million for the same period in 2024, representing a decrease of approximately 36.4%[48] - Basic earnings per share attributable to Greif, Inc. common shareholders for Class A common stock was $0.15, down from $1.17 in the same quarter of 2024[31] - The company reported an operating profit of $59.9 million for the three months ended January 31, 2025, down 13.0% from $68.9 million in the same period of 2024[39] Revenue and Sales - Net sales for the three months ended January 31, 2025, were $1,265.8 million, an increase of 4.1% compared to $1,205.8 million in the same period of 2024[31] - Customized Polymer Solutions net sales increased by $67.1 million to $295.1 million, primarily due to $58.5 million from recent acquisitions[12] - Sustainable Fiber Solutions net sales increased by $32.6 million to $561.4 million, driven by $25.8 million from higher containerboard and boxboard prices[16] - Customized Polymer Solutions segment net sales increased to $295.1 million, a rise of 29.4% from $228.0 million in the prior year[37] Adjusted EBITDA - Adjusted EBITDA increased by 5.9% to $145.1 million compared to $137.0 million in the prior year[6] - Total Adjusted EBITDA for the three months ended January 31, 2025, was $145.1 million, an increase of 5.9% from $137.0 million in the prior year[37] - Adjusted EBITDA for the trailing twelve months ended January 31, 2025, was $712.4 million, a decline of 11.2% compared to $802.4 million for the same period in 2024[48] Debt and Liabilities - Total debt increased by $548.4 million to $2,840.2 million, primarily due to the acquisition of Ipackchem, resulting in a leverage ratio increase to 3.63x from 2.46x[6] - Total debt increased to $2,840.2 million as of January 31, 2025, compared to $2,291.8 million a year earlier, representing a rise of 24.0%[46] - Net debt rose to $2,639.1 million as of January 31, 2025, compared to $2,112.5 million in the prior year, indicating an increase of 25.0%[46] - Total liabilities decreased to $3,158.0 million as of January 31, 2025, from $3,385.8 million as of October 31, 2024[33] - Adjusted net debt as of January 31, 2025, was $2,558.4 million, compared to $1,989.9 million for the same period in 2024, indicating an increase of about 28.5%[48] - The leverage ratio increased to 3.63x as of January 31, 2025, compared to 2.46x a year prior, highlighting a significant rise in financial leverage[48] Cash Flow - The company reported a net cash used in operating activities of $(30.8) million, a decline from $4.5 million in the same quarter of 2024[35] - Cash and cash equivalents at the end of the period were $201.1 million, compared to $179.3 million at the end of the same period in 2024[35] - Free cash flow for the three months ended January 31, 2025, was $(66.5) million, compared to $(51.1) million in the same period of 2024, reflecting a decline of 30.0%[43] - The company reported a net cash provided by operating activities of $391.0 million for fiscal 2025[50] Guidance and Projections - Fiscal 2025 low-end guidance for Adjusted EBITDA is set at $710 million and for Adjusted free cash flow at $245 million[23] - Projected free cash flow for fiscal 2025 is estimated at $220.0 million, with adjusted free cash flow expected to be $245.0 million[50] - Cash paid for purchases of properties, plants, and equipment is estimated at $171.0 million, impacting overall cash flow[50] Operational Changes - The closure of the A1 uncoated recycled paperboard machine in Austell, GA, and the containerboard and uncoated recycled paperboard mill in Fitchburg, MA, was announced[6] - The company is actively managing a period of industrial contraction while transforming internal processes for long-term profitable earnings growth[5] Taxation - The company recorded an income tax rate of 35.8% for the first quarter, with an expected range of 27.0% to 32.0% for fiscal 2025[20] - The effective tax rate for the three months ended January 31, 2025, was 35.8%, compared to a negative tax rate of 107.3% in the same period of 2024[44]

Financial Performance - Net sales for the three months ended January 31, 2025, increased to $1,265.8 million, up 4.1% from $1,205.8 million in the same period of 2024[9]. - Gross profit rose to $245.5 million, representing a 10.8% increase compared to $221.6 million in the prior year[9]. - Net income attributable to Greif, Inc. decreased significantly to $8.6 million, down 87.8% from $67.2 million in the same quarter of 2024[9]. - Basic earnings per share for Class A common stock dropped to $0.15, a decline of 87.9% from $1.17 in the previous year[9]. - Net income for the three months ended January 31, 2025, was $14.4 million, a decrease of 80.6% compared to $74.3 million for the same period in 2024[14]. - Total operating profit for the three months ended January 31, 2025, was $59.9 million, down from $68.9 million in 2024, a decrease of 13.0%[123]. - Adjusted EBITDA for the same period was $145.1 million, up 5.9% from $137.0 million in 2024[123]. Assets and Liabilities - Total assets as of January 31, 2025, were $6,585.7 million, a decrease from $6,647.6 million as of October 31, 2024[12]. - Long-term debt decreased to $2,422.2 million from $2,626.2 million, reflecting a reduction of 7.8%[13]. - Total shareholders' equity as of January 31, 2025, was $2,078.9 million, a decrease from $2,117.5 million as of October 31, 2024[15]. - The company reported accumulated other comprehensive loss of $384.6 million as of January 31, 2025, compared to $355.1 million as of October 31, 2024[94]. Cash Flow and Dividends - Cash flows from operating activities resulted in a net cash used of $30.8 million, contrasting with a net cash provided of $4.5 million in the prior year[14]. - The company paid dividends of $31.0 million to shareholders, slightly up from $29.7 million in the same quarter last year[15]. - Cash dividends paid to stockholders increased to $31.0 million in Q1 2025 from $29.7 million in Q1 2024[156]. Segment Performance - Operating profit for the Customized Polymer Solutions segment increased to $13.8 million in Q1 2025 from $11.7 million in Q1 2024, reflecting a growth of 17.9%[99]. - The Sustainable Fiber Solutions segment reported a decline in operating profit to $3.6 million in Q1 2025 from $8.2 million in Q1 2024, a decrease of 56.1%[99]. - Customized Polymer Solutions segment reported net sales of $295.1 million, a 29.5% increase from $228.0 million in 2024[123]. - Durable Metal Solutions segment net sales decreased to $342.2 million from $370.5 million, reflecting a decline of 7.0%[123]. - Sustainable Fiber Solutions segment achieved net sales of $561.4 million, an increase of 6.2% from $528.8 million in 2024[123]. - Integrated Solutions segment net sales decreased to $67.1 million from $78.5 million, a decline of 14.3%[123]. Acquisitions and Restructuring - The Company acquired Ipackchem Group SAS for a total purchase price of $582.1 million, incurring transaction costs of $8.9 million[28]. - Goodwill recognized from the Ipackchem acquisition amounted to $280.0 million, attributed to expected synergies and economies of scale[28]. - The restructuring charges recorded during the three months ended January 31, 2025, were $2.7 million, a decrease from $5.7 million in the same period of 2024[40]. - The restructuring activities in 2025 focus on optimizing operations and transforming internal processes for long-term profitable earnings growth[39]. Debt and Financing - The company has an outstanding amount of $2,524.3 million under the 2022 and 2023 Credit Agreements as of January 31, 2025[51]. - The company utilized $300.0 million from the Incremental Term Loan A-4 to repay funds drawn on the revolving credit facility for the acquisition of Ipackchem[47]. - The company has a secured revolving credit facility of $800.0 million, maturing on March 1, 2027[45]. Tax and Environmental Reserves - Income tax expense for the quarter was $7.8 million, a significant increase from an income tax benefit of $38.2 million in the same quarter of 2024[81]. - Environmental reserves increased to $19.5 million as of January 31, 2025, compared to $19.1 million as of October 31, 2024[88]. Other Financial Metrics - The company experienced an unrealized foreign exchange loss of $0.5 million in the current quarter, compared to a loss of $7.6 million in the same quarter last year[14]. - The company has various interest rate swaps with a total notional amount of $1,400.0 million, maturing between March 1, 2027, and July 16, 2029[59]. - The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.98% for the three months ended January 31, 2025[51].

Financial Performance - Total net sales for the year ended October 31, 2024, reached $5,218.6 million, with $3,332.3 million from Global Industrial Packaging and $2,260.5 million from Paper Packaging & Services[230]. - U.S. income before income tax expense was $85.1 million in 2024, down from $240.7 million in 2023[169]. - The company's effective income tax rate decreased to 8.51% in 2024 from 23.81% in 2023[201]. - The balance of unrecognized tax benefits increased to $25.5 million as of October 31, 2024, up from $23.4 million in 2023[172]. - The company reported a decrease in active participants in post-retirement benefit plans from 1,509 in 2023 to 1,323 in 2024[206]. - The company's accumulated other comprehensive loss (pre-tax) was $109.2 million as of October 31, 2024[215]. Acquisitions and Divestitures - The company completed the Ipackchem Acquisition on March 26, 2024, enhancing its position in high-performance plastic packaging[227]. - The cash consideration for the ColePak acquisition was $74.6 million, with a noncontrolling interest valued at $72.1 million[131]. - Total identifiable net assets acquired in the ColePak acquisition were $86.6 million, with goodwill recognized at $60.1 million[131]. - The fair value of customer relationships acquired in the Ipackchem acquisition was $183.8 million with a weighted average estimated useful life of 13.5 years[127]. - The Tama Divestiture generated net cash proceeds of $100.0 million and resulted in a gain on sale of business of $54.6 million, including goodwill allocated to the sale of $22.5 million[143]. Capital Investments and Financial Agreements - The company is making significant capital investments in new equipment automation and technology to increase capacity, productivity, and safety[68]. - An Incremental Term Loan Agreement was executed on March 25, 2024, as an amendment to the existing credit agreement[104]. - The company has a Second Amended and Restated Credit Agreement dated March 1, 2022, with various financial institutions as lenders[103]. - The outstanding balance under the 2022 and 2023 Credit Agreements was $2,369.9 million as of October 31, 2024, with a weighted average interest rate of 6.52%[152]. - The company has a secured revolving credit facility of $800.0 million, maturing on March 1, 2027[181]. Economic and Market Conditions - The company faces significant competitors in its markets, with pricing pressure expected to continue due to lower customer demand patterns experienced in fiscal years 2023 and 2024[66]. - Economic downturns or geopolitical uncertainties could materially adversely affect the company's business and cash flows[83]. - The ongoing military conflict in Ukraine has increased risks such as foreign exchange volatility and supply chain disruptions, potentially impacting financial performance[84]. - The company operates in various industries including chemicals, food and beverage, and pharmaceuticals, which are sensitive to economic conditions[82]. - The company faces challenges in forecasting revenues and operating results due to global economic conditions, leading to potential stock price volatility[87]. Employee and Safety Initiatives - The company is committed to employee well-being through various wellness programs, including health care insurances and mental health support[77]. - The company has established safety policies and programs to comply with extensive health and safety regulations, which are not expected to materially affect financial condition[51]. - The company utilizes Greif University for employee training and development, enhancing leadership and customer service skills[79]. Pension and Benefit Obligations - The benefit obligation at the end of the year for October 31, 2024, is $654.1 million, an increase from $604.1 million at the end of the previous year[240]. - The net periodic pension cost for the company was $7.2 million, with $4.8 million attributed to the United States and $2.4 million to international operations[177]. - The actuarial loss for the year ended October 31, 2024, was $52.8 million, primarily due to changes in discount rates used to measure benefit obligations[241]. - The service cost for the year ended October 31, 2024, was $6.8 million, compared to $8.0 million in the previous year[240]. - The investment policy aims for a well-diversified asset portfolio to meet long-term funding obligations without undue risk[242]. Asset Management and Impairments - Asset impairment charges recognized were $2.6 million in 2024 and $20.3 million in 2023, with significant write-downs in long-lived assets[160]. - The impairment of long-lived assets was recorded at $2.6 million for the year ended October 31, 2024, down from $20.3 million in 2023[192]. - The company has recorded valuation allowances of $65.2 million against non-U.S. deferred tax assets as of October 31, 2024[203].

Financial Performance - Net income for Q4 2024 decreased by 6.5% to $63.4 million, or $1.08 per diluted Class A share, compared to $67.8 million, or $1.16 per diluted Class A share in Q4 2023[3] - Adjusted EBITDA for Q4 2024 decreased by 2.0% to $197.6 million, down from $201.6 million in Q4 2023[3] - For the fiscal year 2024, net income decreased by 27.0% to $262.1 million, or $4.52 per diluted Class A share, compared to $359.2 million, or $6.15 per diluted Class A share in fiscal year 2023[4] - Adjusted free cash flow for fiscal year 2024 decreased by $291.4 million to $189.8 million[4] - Net income for the three months ended October 31, 2024, was $68.8 million, a decrease of 6.1% from $73.3 million in the same period last year[40] - The company reported a decrease in asset impairments to $0.7 million for the three months ended October 31, 2024, down from $16.9 million in the prior year[40] - The company reported a loss on disposal of businesses amounting to $46.0 million, which negatively affected overall financial performance[58] - The company reported net income of $288.7 million for the trailing twelve months ended October 31, 2024, down from $379.1 million in the previous year, a decline of 23.9%[62] Debt and Leverage - Total debt increased by $525.5 million to $2,740.6 million, with a leverage ratio rising to 3.53x from 2.2x in the prior year quarter[4] - Long-term debt increased to $2,626.2 million as of October 31, 2024, compared to $2,121.4 million a year earlier, reflecting a significant rise in leverage[37] - Net debt as of October 31, 2024, was $2,542.9 million, up from $2,034.2 million a year earlier, indicating an increase of 25%[62] - The leverage ratio as of October 31, 2024, was 3.53x, compared to 2.2x in the previous year, showing a significant increase in leverage[62] - Total debt as of October 31, 2024, was $2,740.6 million, an increase from $2,215.1 million in the previous year, representing a rise of 23.6%[62] Sales and Revenue - Net sales in the Global Industrial Packaging segment increased by $65.9 million to $786.9 million, primarily due to contributions from recent acquisitions and higher volumes[14] - Net sales for the three months ended October 31, 2024, were $1,417.1 million, an increase of 8.3% compared to $1,308.4 million for the same period in 2023[34] - Total net sales for the fiscal year ended October 31, 2024, reached $3,405.7 million, a 2.2% increase from $3,332.3 million in 2023[65] Operational Efficiency - The company announced a targeted cost optimization effort to eliminate $100 million of structural costs through SG&A rationalization and operational efficiency gains[6] - The company is focused on strategic initiatives to enhance market presence and operational efficiency, as evidenced by ongoing restructuring and integration efforts[58] Cash Flow - Cash provided by operating activities was $187.2 million for the three months ended October 31, 2024, compared to $203.5 million in the same period last year[40] - Net cash used in investing activities was $45.5 million for the three months ended October 31, 2024, a significant improvement from a net cash outflow of $173.5 million in the prior year[40] - Free Cash Flow for the three months ended October 31, 2024, was $142.1 million, an increase from $126.3 million in the prior year[55] - Adjusted Free Cash Flow for the three months ended October 31, 2024, was $144.7 million, compared to $136.2 million in the prior year[55] Future Outlook - The company expects low-end guidance for fiscal 2025 Adjusted EBITDA at $675 million and Adjusted free cash flow at $225 million[24] - The company will host an Investor Day on December 11, 2024, to discuss strategic actions and future outlook[5]

Financial Performance - Net income for fiscal Q3 2024 decreased by 3.5% to $87.1 million, or $1.50 per diluted Class A share, compared to $90.3 million, or $1.55 per diluted Class A share in Q3 2023[3] - Adjusted EBITDA decreased by 14.5% to $193.7 million from $226.5 million in the prior year[3] - Net income for the three months ended July 31, 2024, was $93.6 million, a decrease of 3.2% compared to $96.7 million for the same period in 2023[22] - Net income attributable to Greif, Inc. for the three months ended July 31, 2024, was $87.1 million, a decrease of 3.5% from $90.3 million in the prior year[20] - Basic earnings per share attributable to Greif, Inc. common shareholders for Class A stock was $1.51, down from $1.57 in the same period last year[20] - Adjusted EBITDA for the three months ended July 31, 2024, was $193.7 million, down 14.4% from $226.5 million in the same period of 2023[24] - Free cash flow for the three months ended July 31, 2024, was $32.0 million, significantly lower than $157.0 million in the same period of 2023[26] - Adjusted free cash flow for the three months ended July 31, 2024, was $34.3 million, compared to $167.1 million in the same period of 2023[26] Sales and Revenue - Net sales for the three months ended July 31, 2024, were $1,454.2 million, an increase of 9.3% compared to $1,330.3 million for the same period in 2023[20] - Net sales in Global Industrial Packaging increased by $84.2 million to $846.0 million, driven by higher selling prices and volumes[8] - Net sales in Paper Packaging & Services rose by $39.7 million to $603.6 million, primarily due to higher average selling prices and volumes[10] - Total net sales for the three months ended July 31, 2024, reached $1,454.2 million, an increase of 9.3% from $1,330.3 million in the prior year[23] Profitability - Gross profit for the three months ended July 31, 2024, was $290.4 million, a decrease of 5.4% from $307.0 million in the prior year[20] - Operating profit for the three months ended July 31, 2024, was $171.0 million, up 9.3% from $155.6 million in the same period last year[20] - The company reported a total gross profit margin of 19.9% for the three months ended July 31, 2024, compared to 23.1% in the same quarter of 2023[23] - Operating profit in the Global Industrial Packaging segment for the three months ended July 31, 2024, was $131.8 million, an increase of 29.4% from $102.0 million in the same period of 2023[25] - The Paper Packaging & Services segment's operating profit for the three months ended July 31, 2024, was $37.5 million, down from $52.1 million in the same period of 2023[25] Debt and Equity - Total debt increased by $738.0 million to $2,909.5 million, with net debt rising by $701.5 million to $2,715.3 million, resulting in a leverage ratio of 3.66x[3] - Long-term debt increased to $2,793.4 million as of July 31, 2024, from $2,121.4 million as of October 31, 2023[21] - Total equity for Greif, Inc. increased to $2,056.9 million as of July 31, 2024, compared to $1,947.9 million as of October 31, 2023[21] - The company’s net debt as of July 31, 2024, was $2,715.3 million, compared to $2,720.1 million as of April 30, 2024, and $2,013.8 million as of July 31, 2023[28] - The leverage ratio as of July 31, 2024, was 3.59x, compared to 3.44x for the trailing twelve months ended April 30, 2024, and 2.17x for the trailing twelve months ended July 31, 2023[29] Cash Flow - Cash provided by operating activities for the three months ended July 31, 2024, was $76.8 million, a decrease of 62.0% from $202.3 million in the same period last year[22] - Cash used in investing activities for the three months ended July 31, 2024, was $(41.2) million, compared to $(45.7) million in the same quarter of 2023[22] - Cash used in financing activities for the three months ended July 31, 2024, was $(43.2) million, a decrease from $(153.6) million in the same period last year[22] - The company’s cash and cash equivalents at the end of the period were $194.2 million, an increase from $157.7 million at the end of the same period last year[22] Future Outlook - Fiscal 2024 adjusted EBITDA outlook is projected between $675 million and $725 million, with adjusted free cash flow expected between $175 million and $225 million[14] - Fiscal 2024 guidance for net cash provided by operating activities is projected between $322.0 million and $388.0 million[30] - Free cash flow is expected to range from $144.0 million to $188.0 million[30] - Adjusted free cash flow is projected to be between $175.0 million and $225.0 million[30] - Cash paid for acquisitions and integration-related costs is estimated at $26.8 million to $30.8 million[30] - The company anticipates capital expenditures for properties, plants, and equipment to be between $178.0 million and $200.0 million[30] Risks and Challenges - The company faces various risks including economic conditions, competitive pressures, and potential disruptions in the supply chain[18]

Financial Performance - Net sales for the three months ended July 31, 2024, increased to $1,454.2 million, up 9.3% from $1,330.3 million in the same period of 2023[4]. - Gross profit for the nine months ended July 31, 2024, was $782.1 million, a decrease of 10.1% compared to $870.4 million for the same period in 2023[4]. - Operating profit for the three months ended July 31, 2024, was $171.0 million, an increase of 9.3% from $155.6 million in the prior year[4]. - Net income attributable to Greif, Inc. for the three months ended July 31, 2024, was $87.1 million, down from $90.3 million in the same period of 2023[4]. - Basic earnings per share for Class A common stock decreased to $1.51 for the three months ended July 31, 2024, from $1.57 in the prior year[4]. - The company reported comprehensive income of $80.2 million for the three months ended July 31, 2024, down from $108.2 million in the same period of 2023[6]. - Net income for the nine months ended July 31, 2024, was $219.9 million, a decrease of 28.1% compared to $305.8 million for the same period in 2023[14]. - The company reported a total operating profit of $171.0 million for the three months ended July 31, 2024, compared to $155.6 million for the same period in 2023, marking a 9.2% increase[105]. - The total pro forma net income attributable to Greif, Inc. for the nine months ended July 31, 2024, was $224.3 million, down from $289.2 million in the same period of 2023[32]. Assets and Liabilities - Cash and cash equivalents increased to $194.2 million as of July 31, 2024, compared to $180.9 million at the end of October 2023[9]. - Trade accounts receivable rose to $785.7 million as of July 31, 2024, up from $659.4 million at the end of October 2023[9]. - Total assets increased to $6,834.9 million as of July 31, 2024, compared to $5,960.8 million at the end of October 2023[9]. - Current liabilities increased to $1,010.2 million as of July 31, 2024, up from $939.3 million on October 31, 2023, reflecting a rise of 7.6%[12]. - Long-term debt rose significantly to $2,793.4 million as of July 31, 2024, compared to $2,121.4 million on October 31, 2023, marking an increase of 31.7%[12]. - Total shareholders' equity increased to $2,099.6 million as of July 31, 2024, up from $1,986.3 million on October 31, 2023, representing a growth of 5.7%[12]. - The company’s retained earnings increased to $2,449.0 million as of July 31, 2024, up from $2,337.9 million on October 31, 2023, reflecting a growth of 4.8%[12]. Cash Flow and Investments - Cash flows from operating activities provided $168.8 million, a decline of 62.2% from $446.0 million in the prior year[14]. - Net cash used in investing activities was $703.8 million, an increase of 41.8% compared to $496.7 million in the previous year[14]. - The company reported a net cash provided by financing activities of $541.7 million, a significant increase from $62.0 million in the previous year[14]. - The company invested $141.4 million in capital expenditures during the first nine months of 2024, compared to $136.4 million in 2023[173]. Acquisitions and Divestitures - The company completed the acquisition of Ipackchem Group SAS on March 26, 2024, for a total purchase price of $582.1 million, with transaction costs of $8.9 million incurred[24]. - Goodwill recognized from the Ipackchem acquisition amounted to $275.4 million, attributed to expected synergies and economies of scale[24]. - The company completed the acquisition of Centurion Container LLC on March 31, 2023, for a total purchase price of $144.5 million[39]. - The company recognized a gain of $9.8 million from the acquisition of Centurion, with a fair value of the previously held interest valued at $16.8 million[40]. - The Delta Divestiture generated net sales proceeds of $91.2 million and resulted in a gain of $46.1 million on the sale of business[52]. - The Tama Divestiture resulted in net cash proceeds of $100.2 million and a gain of $54.6 million on the sale of business[53]. Segment Performance - The Global Industrial Packaging segment reported net sales of $846.0 million in Q3 2024, up from $761.8 million in Q3 2023, with an operating profit of $131.8 million compared to $102.0 million[139]. - The Paper Packaging & Services segment reported net sales of $603.6 million, up from $563.9 million, marking a 7.9% increase[129]. - Operating profit for the Global Industrial Packaging segment was $131.8 million for the three months ended July 31, 2024, compared to $102.0 million in the same period of 2023, representing a 29.1% increase[105]. - The Paper Packaging & Services segment's net sales increased to $603.6 million in Q3 2024 from $563.9 million in Q3 2023, but operating profit decreased to $37.5 million from $52.1 million[142][143]. Expenses and Profit Margins - Gross profit decreased to $290.4 million in Q3 2024 from $307.0 million in Q3 2023, with a gross profit margin of 20.0% compared to 23.1% in the prior year[135]. - SG&A expenses rose to $164.0 million in Q3 2024 from $135.7 million in Q3 2023, representing 11.3% of net sales compared to 10.2% in the previous year[136]. - Adjusted EBITDA decreased to $193.7 million from $226.5 million, a decline of 14.5% year-over-year[129]. - Operating profit for the first nine months of 2024 was $338.0 million, down from $493.1 million in the same period of 2023[162]. Tax and Compliance - For the nine months ended July 31, 2024, the Company recorded income tax expense of $15.0 million, a decrease of $92.9 million from $107.9 million for the same period in 2023[84]. - The company was in compliance with all covenants under the 2023 Credit Agreement and the U.S. RFA as of July 31, 2024[185][187]. Risks and Future Outlook - The company faces various risks including economic conditions, supply chain disruptions, and competitive pressures that could impact future performance[114]. - The company anticipates mixed demand trends to continue through the fiscal year end, with stable costs for key materials expected[137].

Financial Performance - Net income decreased by 60.1% to $44.4 million or $0.77 per diluted Class A share compared to $111.2 million or $1.90 per diluted Class A share in the prior year[6] - Adjusted EBITDA decreased by 25.7% to $169.9 million compared to $228.6 million in the same quarter last year[6] - Net income attributable to Greif, Inc. for the three months ended April 30, 2024, was $44.4 million, compared to $111.2 million in the same period of 2023, reflecting a decline of 60%[26] - Basic earnings per share for Class A common stock decreased to $0.77 for the three months ended April 30, 2024, from $1.91 in the same period of 2023, a drop of 59.6%[26] - Net income for the three months ended April 30, 2024, was $52.0 million, a decrease of 55.2% compared to $116.0 million in the same period of 2023[30] - Gross profit for the six months ended April 30, 2024, was $491.7 million, down from $563.4 million in 2023, indicating a decrease of 12.7%[26] - Gross profit for the three months ended April 30, 2024, was $270.1 million, down 13.3% from $311.8 million in the same period of 2023[32] - Operating profit for the three months ended April 30, 2024, decreased to $98.1 million, a decline of 45.8% compared to $181.1 million in the same period of 2023[32] - Net cash provided by operating activities for the six months ended April 30, 2024, was $92.0 million, compared to $243.7 million for the same period in 2023, reflecting a decrease of 62.2%[30] - Total adjusted EBITDA for the six months ended April 30, 2024, was $297.9 million, down 24.2% from $393.1 million in the same period of 2023[34] - Net income for the trailing twelve months ended April 30, 2024, was $296.3 million, down from $457.8 million in the same period last year, representing a decrease of 35.2%[43] - Adjusted EBITDA for the trailing twelve months ended April 30, 2024, was $723.6 million, a decline of 16.1% compared to $862.8 million for the same period last year[43] Sales and Revenue - Net sales for Global Industrial Packaging increased by $56.6 million to $804.8 million, driven by higher volumes and average selling prices[10] - Net sales for Paper Packaging & Services increased by $6.0 million to $560.8 million, primarily due to higher volumes despite lower average selling prices[13] - Net sales for the three months ended April 30, 2024, were $1,371.0 million, an increase from $1,308.9 million in the same period of 2023, representing a growth of 4.8%[26] - Total net sales for the three months ended April 30, 2024, increased to $1,371.0 million, up 4.7% from $1,308.9 million in the same period of 2023[32] - The Global Industrial Packaging segment reported net sales of $804.8 million for the three months ended April 30, 2024, an increase of 7.5% from $748.2 million in the same period of 2023[32] Debt and Financial Position - Total debt increased by $626.9 million to $2,916.1 million, primarily due to the acquisition of Ipackchem, resulting in a leverage ratio increase to 3.44x from 2.53x sequentially[6] - Long-term debt rose to $2,782.9 million as of April 30, 2024, compared to $2,121.4 million as of October 31, 2023, an increase of 31.1%[28] - The total debt as of April 30, 2024, was $2,916.1 million, an increase from $2,291.8 million as of January 31, 2024[41] - The net debt increased to $2,720.1 million as of April 30, 2024, compared to $2,112.5 million as of January 31, 2024[41] - The leverage ratio as of April 30, 2024, was 3.44x, compared to 2.25x a year ago, indicating increased financial leverage[43] Cash Flow and Projections - Adjusted free cash flow for fiscal 2024 is projected to be between $175 million and $225 million[18] - Projected free cash flow for fiscal 2024 ranges from $144.0 million to $188.0 million, with adjusted free cash flow expected to be between $175.0 million and $225.0 million[45] - The adjusted free cash flow for the six months ended April 30, 2024, was $185.5 million, up from $177.9 million for the same period in 2023, indicating a 4.3% growth[38] Acquisitions and Strategic Initiatives - The company completed the acquisition of Ipackchem on March 26, 2024, enhancing its position in high-performance small plastic containers[6] - The company reported acquisition and integration related costs of $11.5 million for the three months ended April 30, 2024, compared to $4.6 million in the same period of 2023[26] - Greif will host its Investor Day in New York City on December 11, 2024, to provide further insights into its strategic objectives[6] Customer Satisfaction - Customer satisfaction index (CSI) score was 92.6, with the Paper Packaging & Services segment at 93.7 and Global Industrial Packaging at 91.4[5] Risks and Challenges - The company highlighted potential risks including economic conditions, competitive pressures, and supply chain disruptions that could impact future performance[24]

Financial Performance - Net sales for the three months ended April 30, 2024, were $1,371.0 million, a 4.7% increase from $1,308.9 million in the same period of 2023[9]. - Gross profit decreased to $270.1 million for the three months ended April 30, 2024, down 13.4% from $311.8 million in 2023[9]. - Operating profit for the six months ended April 30, 2024, was $167.0 million, a decline of 50.5% compared to $337.5 million in the same period of 2023[9]. - Net income attributable to Greif, Inc. for the three months ended April 30, 2024, was $44.4 million, down 60% from $111.2 million in 2023[9]. - Comprehensive income for the three months ended April 30, 2024, was $50.8 million, down from $107.2 million in 2023[10]. - Net income for the six months ended April 30, 2024, was $126.3 million, a decrease of 39.5% compared to $209.1 million in the same period of 2023[14]. - Total net sales for the first six months of 2024 were $2,576.8 million, a slight decrease from $2,579.9 million in the same period of 2023[161]. - Adjusted EBITDA fell to $297.9 million for the first six months of 2024, compared to $393.1 million in 2023, a decrease of 24.2%[164]. Assets and Liabilities - Total assets increased to $6,828.8 million as of April 30, 2024, compared to $5,960.8 million as of October 31, 2023[12]. - Long-term debt rose to $2,782.9 million as of April 30, 2024, up from $2,121.4 million as of October 31, 2023[13]. - Cash and cash equivalents increased to $196.0 million as of April 30, 2024, compared to $180.9 million as of October 31, 2023[12]. - Total shareholders' equity as of April 30, 2024, was $2,047.4 million, an increase from $2,036.4 million at the beginning of the period[15]. - The company’s accumulated other comprehensive loss increased to $(328.1) million as of April 30, 2024, from $(316.5) million as of October 31, 2023[95]. Dividends and Shareholder Returns - The company declared cash dividends of $0.52 per share for Class A common stock and $0.78 per share for Class B common stock, compared to $0.50 and $0.75 respectively in the previous year[9]. - The company paid dividends of $59.7 million to Greif, Inc. shareholders during the period, compared to $57.9 million in the previous year[14]. - Greif, Inc. paid dividends of $29.0 million to shareholders during the three months ended April 30, 2023, with dividends of $0.50 and $0.75 per Class A and Class B share, respectively[16]. Acquisitions and Integration - The company completed the acquisition of Ipackchem Group SAS on March 26, 2024, for a total purchase price of $582.1 million, with transaction costs amounting to $8.9 million[24]. - Ipackchem contributed net sales of $22.6 million for the three months ended April 30, 2024, following its acquisition on March 26, 2024[29]. - The company acquired a 51% ownership interest in ColePak for a total purchase price of $74.6 million, with recognized goodwill of $60.1 million attributed to expected synergies and expanded market presence[33]. - The company completed the acquisition of Centurion for a total purchase price of $144.5 million, recognizing goodwill of $95.4 million related to expanded market presence and enhanced business network[37]. - The company completed the Ipackchem Acquisition on March 26, 2024, enhancing its Global Industrial Packaging segment with high-performance plastic packaging products[98]. Segment Performance - For the three months ended April 30, 2024, the Global Industrial Packaging segment generated net sales of $804.8 million, while Paper Packaging & Services generated $560.8 million[99]. - Operating profit for the Global Industrial Packaging segment was $83.4 million for the three months ended April 30, 2024, compared to $111.3 million for the same period in 2023, reflecting a decrease of approximately 25.1%[100]. - The Paper Packaging & Services segment reported an operating profit of $12.6 million for the three months ended April 30, 2024, a significant decrease from $67.6 million in the same period of 2023, indicating a decline of approximately 81.4%[100]. - Global Industrial Packaging net sales increased to $1,491.4 million in the first half of 2024, up 2.6% from $1,454.0 million in 2023[165]. - Gross profit for Global Industrial Packaging rose to $316.8 million, a 4.5% increase from $303.2 million in 2023, with a gross profit margin of 21.2%[166]. Cash Flow and Investments - Cash provided by operating activities decreased to $92.0 million, down 62.2% from $243.7 million in the prior year[14]. - Net cash used in investing activities increased to $662.6 million, compared to $451.0 million in the same period last year, reflecting higher business acquisitions[14]. - The company invested $96.6 million in capital expenditures during the first half of 2024, compared to $91.1 million in 2023[179]. Debt and Financing - Proceeds from the issuance of long-term debt amounted to $1,571.6 million, an increase from $1,252.0 million in the previous year[14]. - The company entered into a $300.0 million senior secured credit agreement on May 17, 2023, with CoBank, which includes a secured term loan facility with quarterly principal installments starting July 31, 2023, and maturing on May 17, 2028[61]. - As of April 30, 2024, the outstanding borrowings under the 2022 and 2023 Credit Agreements totaled $2,536.3 million, with a current portion of $95.8 million and a long-term portion of $2,440.5 million[63]. Market Outlook and Strategic Focus - The company anticipates stable prices for steel and resin through the rest of the year, with potential slight increases in certain regions[135]. - Customer demand patterns are expected to show slight sequential improvement, although some markets may experience uncertainty in business volumes[134]. - The company is focusing on strategic investments and acquisitions to enhance operational efficiency and profitability[132].