Greif Declared Robust Q2 Results and Key Strategic Actions

Greif, Inc completed $149 million cash sale of nearly 69,200 acres of timberlands in southwest Alabama to Weyerhaeuser Company.

SEATTLE (Scrap Monster): Delaware, Ohio-headquartered Greif, Inc. announced strong second quarter 2021 results.

The company reported net income of $149.8 million during the quarter, compared to net income of $11.4 million in the corresponding quarter a year before. The adjusted EBITDA dropped by $4.7 million to $176.6 million. The adjusted free cash flow surged by $47.7 million to $126.7 million. The total debt recorded decline by $368.9 million to $2,313.4 million, whereas the net debt decreased by $406.9 million to $2,203.0 million.

Greif, Inc completed $149 million cash sale of nearly 69,200 acres of timberlands in southwest Alabama to Weyerhaeuser Company. The strong market demand resulted in record Intermediate Bulk Container (IBC) volumes during the quarter. It continued to express confidence in improving the business fundamentals and reintroduced the annual guidance for 2021. The sustainability report published by the company reiterated its commitment to reduce Scope 1 and 2 greenhouse gas emissions by 28% by 2030, in comparison with 2019 baseline, said the company press release.

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Pete Watson, President and Chief Executive Officer, Greif noted that the company delivered solid results and meaningful progress against its strategy. The company is well positioned to benefit from a growing global economy, he added.