Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced first quarter 2024 results.
First Quarter Financial Highlights include (all results compared to the first quarter of 2023 unless otherwise noted):
*Net income of $67.2 million or $1.17 per diluted Class A share decreased compared to net income of $89.9 million or $1.54 per diluted Class A share. Net income, excluding the impact of adjustments(1), of $72.8 million or $1.27 per diluted Class A share increased compared to net income, excluding the impact of adjustments, of $61.9 million or $1.06 per diluted Class A share.
*Adjusted EBITDA(2) of $128.0 million decreased by $36.5 million compared to Adjusted EBITDA of $164.5 million.
*Net cash provided by operating activities decreased by $28.4 million to $4.5 million. Adjusted free cash flow(3) decreased by $40.6 million to a use of $48.2 million.
*Total debt of $2,291.8 million increased by $62.5 million. Net debt(4) increased by $44.2 million to $2,112.5 million. Our leverage ratio(5) increased to 2.53x from 2.20x sequentially, and increased from 2.11x in the prior year quarter.
CEO Commentary
“Greif once again has produced solid financial results in a challenging operating environment,” said Ole Rosgaard, President and Chief Executive Officer of Greif. “Our team continues to navigate this extended slow demand environment, while making structural improvements to the business under our Build to Last Strategy. We will continue to focus on controlling what we can control while we invest for the future as we approach closing the Ipackchem acquisition and advance other exciting strategic initiatives.”
more at: https://investor.greif.com/news-releases/news-release-details/greif-reports-first-quarter-2024-results