Greif Reports Fourth Quarter and Fiscal 2020 Results

Fourth Quarter Highlights Include (all results compared to the fourth quarter 2019 unless otherwise noted):
Net income of $44.4 million or $0.74 per diluted Class A share decreased compared to net income of $65.0 million or $1.09 per diluted Class A share. Net income, excluding the impact of adjustments(1), of $46.4 million or $0.78 per diluted Class A share decreased compared to net income, excluding the impact of adjustments, of $73.4 million or $1.24 per diluted Class A share. Adjusted EBITDA(2) decreased by $32.3 million to $154.5 million.

Net cash provided by operating activities increased by $5.0 million to $200.4 million. Adjusted free cash flow(3) increased by $23.7 million to $173.9 million.

Awarded a Gold Rating in sustainability performance for the third consecutive year by EcoVadis.

Fiscal Year Highlights Include (all results compared to the fiscal year 2019 unless otherwise noted):
Net income of $108.8 million or $1.83 per diluted Class A share decreased compared to net income of $171.0 million or $2.89 per diluted Class A share. Net income, excluding the impact of adjustments, of $190.9 million or $3.22 per diluted Class A share decreased compared to net income, excluding the impact of adjustments, of $234.0 million or $3.96 per diluted Class A share. Adjusted EBITDA decreased by $16.3 million to $642.6 million.

Net cash provided by operating activities increased by $65.2 million to $454.7 million. Adjusted free cash flow increased by $78.4 million to $346.2 million.

Reduced net debt(4) by $293.5 million since October 31, 2019 and paid $104.3 million in dividends to stockholders.

Pete Watson, Greif’s President and Chief Executive Officer, commented: “I am very proud of the commitment displayed by the Greif team to adapt and manage the challenges presented by the COVID-19 pandemic this past year,” said Pete Watson, Greif’s President and Chief Executive Officer. “Through our focus on customer service excellence and disciplined operational execution, the team delivered solid financial results, strong cash flow and significant debt reduction in a challenging operating environment. I am particularly pleased with our team’s results in reducing working capital, which created a strong source of cash in the fiscal fourth quarter that helped drive our fiscal 2020 adjusted free cash flow well higher than our previously announced forecast.

Looking ahead, while downstream industries are gradually ramping back up, there remains lingering uncertainty in the global economy. We are committed to managing those areas within our control to navigate successfully through these uncertainties. Greif is well positioned to benefit as the economy further recovers.”
details at: https://www.greif.com/about-greif/news/news/article/greif-reports-fourth-quarter-and-fiscal-2020-results

Related Posts

Bag-in-Box wines growing in popularity as Smurfit Kappa toasts 40 years

Smurfit Kappa, which celebrates 40 years of producing Bag-in-Box® packaging solutions, has experienced remarkable growth in Europe and particularly France where sales have tripled in the last 10 years. The rise in Bag-in-Box® wine sales reflects changes in consumer behaviour and social trends. The longer shelf life, ease of use and reduction in wastage has made it more attractive both to consumers and retailers. In addition to France, Smurfit Kappa Bag-in-Box® sales have also risen across the business, particularly in Argentina, Denmark, Norway, Russia, Sweden and the US. Launched in Epernay, France in 1977, the revolutionary Smurfit Kappa Bag-in-Box® packaging has continuously evolved over the years with the addition of innovative solutions including the Vitop® tap, high-specification filling machine systems and Pouch-Up® packs. Click Read More below for additional detail.

WestRock Reports Second Quarter Fiscal 2024 Results

Second Quarter Highlights and other notable items: *Net sales of $4.73 billion *Net income of $16 million, Adjusted Net Income of $101 million; net income included $81 million of restructuring and other costs, net *Earnings of $0.06 per diluted share (“EPS”) and Adjusted EPS of $0.39 *Consolidated Adjusted EBITDA of $618 million *Consumer Packaging Adjusted EBITDA margin increased 70 bps to 18.0% *Achieved over $160 million in cost savings; expect to significantly exceed previously announced fiscal 2024 target of $300 to $400 million

Graphic Packaging Holding Company Reports First Quarter 2021 Results; Announces Intent to Acquire Americraft Carton, Inc.

Q1 2021 Highlights: *Net Sales were $1,649 million versus $1,599 million in the prior year quarter. *Net Organic Sales increased 2% in the quarter driven by sustainability-supported innovative packaging solutions. *Net Income was $54 million versus a loss of $13 million in the prior year quarter. *Earnings per Diluted Share were $0.19 versus a loss of $0.04 in the prior year quarter. *Acquired $400 million of International Paper's minority ownership interest in the partnership, reducing minority ownership stake to approximately 7%. *Announces intent to acquire Americraft Carton, Inc., a leading independent folding carton producer in North America, extending participation into new and existing end markets while continuing to increase paperboard integration rates.
Back To Top
×Close search
Search