Delaware Packaging Leader Announced Q4 and Fiscal 2020 Results

For the full fiscal year, the company reported net income of $108.8 million or $1.83 per diluted share.

SEATTLE (Scrap Monster): Delaware, Ohio-based global packaging major Greif, Inc. reported results for fourth quarter and fiscal 2020.

The company reported net income of $44.4 million or $0.74 per diluted share in Q4 this fiscal year, as compared with net income of $65.0 million or $1.09 per diluted share in Q4 2019. The adjusted EBITDA dipped by $32.3 million to $154.5 million. Meantime, the adjusted cash flow increased by $23.7 million to $173.9 million.

For the full fiscal year, the company reported net income of $108.8 million or $1.83 per diluted share. This compares with net income of $171.0 million or $2.89 per diluted share a year before. Also, the company was able to significantly reduce its net debts by over $293.5 million during the fiscal year.

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The net sales by the company’s Paper Packaging & Services division witnessed a decline by $32.3 million to $502.3 million in Q4. The operating profit too plunged by $25 million to $30.7 million during the quarter.

Commenting on the results, Pete Watson, President and Chief Executive Officer, said that the company is proud of the commitment displayed by the team to adapt and manage the challenges presented by the pandemic. The continued focus on customer service excellence coupled with disciplined operational execution helped the company deliver solid financial results, he added.