Financial Performance - Net income for Q1 2024 was $67.2 million or $1.17 per diluted Class A share, a decrease from $89.9 million or $1.54 per diluted Class A share in Q1 2023[7] - Adjusted EBITDA decreased by $36.5 million to $128.0 million compared to $164.5 million in the prior year[7] - Net sales for the three months ended January 31, 2024, were $1,205.8 million, a decrease of 5.1% compared to $1,271.0 million in the same period of 2023[26] - Gross profit for the same period was $221.6 million, down 11.9% from $251.6 million year-over-year[26] - Operating profit decreased significantly to $68.9 million, a decline of 56.0% from $156.4 million in the prior year[26] - Net income attributable to Greif, Inc. was $67.2 million, down 25.5% from $89.9 million in the same quarter of 2023[26] - Basic earnings per share for Class A common stock decreased to $1.17, down 24.5% from $1.55 in the previous year[26] - Total adjusted EBITDA for the three months ended January 31, 2024, was $128.0 million, a decrease of 22.2% compared to $164.5 million in the same period of 2023[34] Debt and Cash Flow - Total debt increased by $62.5 million to $2,291.8 million, with net debt rising by $44.2 million to $2,112.5 million, resulting in a leverage ratio increase to 2.53x from 2.20x sequentially[7] - Cash and cash equivalents at the end of the period were $179.3 million, a slight decrease from $180.9 million at the beginning of the period[30] - The company reported a net cash used in operating activities of $4.5 million, a significant decline from $32.9 million in the same quarter of the previous year[30] - Net cash provided by operating activities was $4.5 million in Q1 2024, a decrease from $32.9 million in Q1 2023, resulting in a free cash flow of $(51.1) million compared to $(16.4) million in the prior year[38] - Projected adjusted free cash flow for fiscal 2024 is estimated at $200.0 million, with net cash provided by operating activities expected to be $346.8 million[45] Segment Performance - Net sales in the Global Industrial Packaging segment decreased by $19.2 million to $686.6 million, while Paper Packaging & Services net sales decreased by $45.6 million to $514.6 million[11][13] - Global Industrial Packaging segment reported an operating profit of $50.9 million for Q1 2024, up from $45.9 million in Q1 2023, with an EBITDA of $67.3 million compared to $64.2 million[36] - Paper Packaging & Services segment's operating profit decreased significantly to $16.8 million in Q1 2024 from $109.1 million in Q1 2023, with EBITDA dropping to $51.7 million from $142.5 million[36] Customer Experience and Initiatives - Customer satisfaction index (CSI) score was 93.3, with the Paper Packaging & Services segment at 92.7 and Global Industrial Packaging at 94.0[5] - The company announced a partnership with Ionkraft to explore innovative packaging technology aimed at the Agrochemical industry[6] - A new customer digital portal was launched to enhance customer experience and streamline order processes, currently available for select U.S. facilities[6] Dividends and Taxation - Quarterly cash dividends declared were $0.52 per share for Class A Common Stock and $0.78 per share for Class B Common Stock, payable on April 1, 2024[16] - The company recorded a negative income tax rate of 107.3% due to one-time discrete tax benefits of $48.1 million related to deferred tax assets[15] Costs and Charges - The company incurred acquisition and integration related costs of $2.6 million, down from $7.5 million in the prior year[26] - Restructuring charges for Q1 2024 were $5.7 million, compared to $2.4 million in Q1 2023[39]

Financial Performance - Net sales for the three months ended January 31, 2024, were $1,205.8 million, a decrease of 5.1% compared to $1,271.0 million in the same period of 2023[8]. - Gross profit decreased to $221.6 million, down 11.9% from $251.6 million year-over-year[8]. - Operating profit fell to $68.9 million, a decline of 56.0% from $156.4 million in the prior year[8]. - Net income attributable to Greif, Inc. was $67.2 million, down 25.5% from $89.9 million in the same quarter of 2023[8]. - Basic earnings per share for Class A common stock decreased to $1.17, down from $1.55 in the previous year, representing a decline of 24.5%[8]. - Comprehensive income attributable to Greif, Inc. was $55.9 million, down from $112.8 million, a decrease of 50.5%[9]. - Net income for the three months ended January 31, 2024, was $74.3 million, a decrease of 20.5% compared to $93.1 million for the same period in 2023[13]. - Adjusted EBITDA for Q1 2024 was $128.0 million, a decrease of $36.5 million (22.2%) compared to $164.5 million in Q1 2023[112]. Assets and Liabilities - Total assets as of January 31, 2024, were $5,969.1 million, slightly up from $5,960.8 million at October 31, 2023[12]. - Long-term debt increased to $2,185.3 million from $2,121.4 million, reflecting a rise of 3.0%[12]. - The total shareholders' equity as of January 31, 2024, was $2,036.4 million, up from $1,882.2 million a year earlier, indicating growth in equity[14]. - As of January 31, 2024, long-term debt was $2,185.3 million, up from $2,121.4 million as of October 31, 2023[45]. Cash Flow - Cash flows from operating activities provided $4.5 million, down from $32.9 million year-over-year, reflecting a significant decline in cash generation[13]. - Total cash and cash equivalents at the end of the period were $179.3 million, compared to $161.0 million at the end of January 31, 2023[13]. - Net cash used in investing activities was $53.6 million, a decrease from $269.1 million in the same quarter last year, indicating reduced investment outflows[13]. - The company paid dividends of $29.7 million to shareholders, reflecting a slight increase from $28.9 million in the previous year[14]. Segment Performance - Operating profit for the Global Industrial Packaging segment increased to $50.9 million in Q1 2024 from $45.9 million in Q1 2023, while the Paper Packaging & Services segment saw a significant decline from $109.1 million to $16.8 million[88]. - The Global Industrial Packaging segment generated net sales of $686.6 million in Q1 2024, compared to $705.8 million in Q1 2023, reflecting a decrease of 2.5%[87]. - The Paper Packaging & Services segment's net sales decreased to $514.6 million in Q1 2024 from $560.2 million in Q1 2023, a decline of 8.1%[87]. - Net sales in the Land Management segment were $4.6 million for Q1 2024, down from $5.0 million in Q1 2023, while gross profit decreased to $1.9 million from $2.1 million[123]. Acquisitions - The Company acquired a 51% ownership interest in ColePak for a total purchase price of $74.6 million, with a fair value of the remaining noncontrolling interest at $72.1 million[22]. - The acquisition of Centurion Container LLC was completed for $144.5 million, increasing the Company's ownership from approximately 10% to 80%, with a fair value of the remaining noncontrolling interest at $40.9 million[26]. - The total purchase price for the Lee Container Corporation acquisition was $303.0 million, with identifiable net assets recognized at $227.1 million and goodwill of $75.9 million[33]. - Goodwill recognized from the ColePak acquisition was $60.1 million, attributed to expected synergies and expanded market presence[23]. - The Company recognized goodwill of $95.4 million from the Centurion acquisition, reflecting enhanced business network and market presence[29]. Restructuring and Expenses - Restructuring charges for the three months ended January 31, 2024, totaled $5.7 million, an increase from $2.4 million in the same period of 2023[43]. - SG&A expenses increased to $145.8 million in Q1 2024, up $6.4 million (4.6%) from $139.4 million in Q1 2023, representing 12.1% of net sales compared to 11.0%[111]. - The company recorded a depreciation, depletion, and amortization expense of $60.4 million, an increase of 9.6% from $55.1 million in the prior year[13]. Market Conditions and Risks - The company continues to face risks related to economic conditions, supply chain disruptions, and competitive pressures that may impact future performance[92]. - The company anticipates slight increases in prices for old corrugated containers and a slight decrease in steel prices, with stable prices for resin and other direct materials expected throughout the year[113]. Tax and Other Financial Matters - The company reported a significant decrease in income tax expense, with a benefit of $(38.2) million for the three months ended January 31, 2024, compared to an expense of $37.7 million in 2023, resulting in a net decrease of $75.9 million[74]. - The estimated net decrease in unrecognized tax benefits for the next 12 months ranges from zero to $5.7 million[133].

Company Operations and Segments - The company operates in over 35 countries, producing a comprehensive line of industrial packaging products, including steel, fiber, and plastic drums, with a focus on container life cycle management and logistics services[11] - The company operates in three reportable segments: Global Industrial Packaging, Paper Packaging & Services, and Land Management, with detailed financial information available in Note 13 of the consolidated financial statements[15] - The company operates in six segments, aggregated into three reportable segments: Global Industrial Packaging, Paper Packaging & Services, and Land Management[15] - The Global Industrial Packaging segment includes products such as steel, fiber, and plastic drums, serving industries like chemicals and food and beverage[16] - The Paper Packaging & Services segment produces containerboard and corrugated products, serving North American customers in various industries[17] - The company produces and sells coated and uncoated recycled paperboard, serving both industrial and consumer markets[17] Acquisitions and Growth Plans - The company announced a planned acquisition of Ipackchem Group SAS, a leader in high-performance plastic packaging, on October 31, 2023[14] - The company plans to acquire Ipackchem for a purchase price of $538.0 million, subject to certain adjustments and regulatory approvals[43] - The acquisition of Ipackchem is subject to risks including regulatory approvals and the ability to integrate the acquired business successfully[48] Employee and Workplace Initiatives - As of October 31, 2023, the company has approximately 12,000 full-time employees, with 58% located in North America and 17% female representation[38] - The company provides various wellness programs for employees, including health care insurances and mental health support, tailored to regional needs[33] - The company utilizes Greif University for employee training and development, enhancing leadership and customer service skills[37] - The company is focused on maintaining pay equity and fair compensation for its employees, monitoring pay equity data regularly[36] - The company aims to foster a diverse and inclusive work environment, with ongoing programs to support gender and ethnic diversity[36] - The company emphasizes diversity, equity, and inclusion, with ongoing programs to support gender and ethnic diversity within the workforce[34] Financial Performance and Cost Management - The company has closed higher-cost facilities and restructured operations, significantly improving cost competitiveness[22] - The company has closed higher-cost facilities and restructured operations over the past several years, significantly improving cost competitiveness[22] - The company does not anticipate any material capital expenditures related to environmental control in 2024[29] - The company has not experienced material adverse effects from raw material shortages, which have been managed through inter-facility shipments[23] Safety and Corporate Culture - The company has implemented a global safety program called LIFE, aimed at reducing at-risk situations and promoting a culture of safety across all facilities[32] - The company has implemented a safety program called LIFE to track incidents and improve workplace safety, promoting a culture of Zero Harm[32] - The company emphasizes a "Build to Last" strategy, focusing on creating thriving communities, delivering legendary customer service, and ensuring financial strength[31] - The company is focused on delivering legendary customer service as part of its "Build to Last" strategy, which includes creating thriving communities and ensuring financial strength[31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter) _ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023 OR Delaware 31-4388903 (State or other jurisdiction of incorporation or organization) 425 Winter Road Delaware Ohio (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification No.) 43015 (740) 549-6000 (R ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-00566 _________________________________________________ GREIF, INC. (Exact name of Registrant as specified in its charter) _________________________________________________ Delaware 31-4388903 (State or other jurisdiction of incorporation or organization) 425 Winter Road Delaware Ohio (Address of principal executive offices) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter) _ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter ...