Greif Reports Strong Second Quarter 2021 Results

Second Quarter Financial Highlights include (all results compared to the second quarter of 2020 unless otherwise noted)(1):
*Net income of $149.8 million or $2.51 per diluted Class A share increased compared to net income of $11.4 million or $0.19 per diluted Class A share. Net income, excluding the impact of adjustments(2), of $67.3 million or $1.13 per diluted Class A share increased compared to net income, excluding the impact of adjustments, of $56.5 million or $0.95 per diluted Class A share. Adjusted EBITDA(3) decreased by $4.7 million to $176.6 million.
*Net cash provided by operating activities increased by $52.5 million to a source of $152.3 million. Adjusted free cash flow(4) increased by $47.7 million to a source of $126.7 million.
*Total debt decreased by $368.9 million to $2,313.4 million. Net debt(5) decreased by $406.9 million to $2,203.0 million and decreased by $235.0 million sequentially from the first quarter of 2021. The Company’s leverage ratio(6) decreased to 3.2x compared to 3.6x.

Strategic Actions and Announcements
*Completed the sale of approximately 69,200 acres of timberlands in southwest Alabama to Weyerhaeuser Company (NYSE: WY) for approximately $149.0 million in cash.
*Achieved record Intermediate Bulk Container (IBC) volume, reflecting strong market demand.
*Reintroduced annual guidance given better visibility into the remainder of the fiscal year and continued confidence in the improving fundamentals of our business.
*Published Greif’s 12th consecutive sustainability report highlighting the Company’s commitments to environmental, social and governance (ESG) principles and key metrics. Also announced a new science-aligned goal to reduce the Company’s Scope 1 and 2 greenhouse gas emissions by 28% by 2030, versus a 2019 baseline.

“Greif delivered a strong second quarter, with solid results across the company and meaningful progress against our strategy,” said Pete Watson, Greif’s President and Chief Executive Officer. “In addition to strong underlying business performance that drove improved earnings and free cash flow, we enhanced colleague engagement and customer service levels, advanced our commitment to sustainability and achieved a notable reduction in our leverage. With improved visibility into customer demand patterns, we are reintroducing annual guidance for fiscal 2021 and are well positioned to benefit from a growing global economy.”
https://www.greif.com/about-greif/news/news/article/greif-reports-strong-second-quarter-2021-results-reintroduces-fiscal-2021-earnings-guidance

Related Posts

4 sustainable trends and innovations in packaging

Packaging is often the first physical touchpoint a customer has with a brand and product - the form, function, and branding of the packaging can be very influential on a purchasing decision. However, packaging has a massive sustainability problem that can’t be ignored. Today the world produces 400 million tons of plastic waste annually, 36% of which is from packaging and 85% of which ends up in landfills or as unregulated waste. Rethinking how we package products can improve the sustainability and circularity of these materials, address health concerns like microplastics and antimicrobial-resistant bacteria along the way, and even provide an improved business case. With that in mind, let’s dive into four trends and innovations in sustainable packaging that will define the future of the category. 1. Reducing and recycling plastic packaging 2. Making strides with mono-materials 3. Biodegradable and repurposable packaging 4. Antimicrobial awareness and innovation

Novolex Increasing Production of Poly Mailers to Help Companies Ship Products More Securely

With demand increasing, Novolex® brand Shields® is stepping up production of its innovative poly mailers to help companies ship their products more reliably and securely. Manufactured in the USA, the Shields eCommerce mailer bag is durable, puncture resistant and waterproof. Its easy-to-use closure uses a secure, pressure-sensitive adhesive with an anti-static release liner. The mailer is also labeled with the How2Recycle® “store drop-off” label, which instructs consumers and businesses to bring mailers to participating retailers for recycling. “The pandemic is creating an intense need for secure poly mailers manufactured dependably in the USA,” said Martin McDonough, Vice President of Sales for Shields. “We are increasing production of our high-quality mailers so we can help as many companies as possible ship their products more reliably and securely.”

BillerudKorsnäs is the best in the industry in sustainability

In its latest ESG Risk Ratings, the sustainability analysis company Sustainalytics has ranked BillerudKorsnäs the most sustainable enterprise to invest in within the packaging sector. For the renowned Swedish company, this top ranking is proof positive that its unswerving focus on sustainability has paid off. The Dow Jones Sustainability Index already ranks BillerudKorsnäs the most sustainable packaging company in the world. In its annual assessment, the sustainability analysis company Sustainalytics rates BillerudKorsnäs as having low risk exposure combined with a strong approach to sustainability issues. In fact, BillerudKorsnäs was awarded an ESG Risk Rating score of 10.0, where low figures represent low risk, putting the company in first place among all the packaging companies analysed.
Back To Top
×Close search
Search