Greif Inc. Announced Solid Financial Results in Q1 2024

SEATTLE (Scrap Monster): Delaware, Ohio-based global leader in industrial packaging products and services announced results for the first quarter of 2024.

The company reported net income of $67.2 million or $1.17 per diluted share, significantly lower from $89.9 million or $1.54 per diluted share in the corresponding quarter a year before. The adjusted EBITDA declined year-on-year from $164.5 million to $128.0 million. The adjusted free cash flow declined by $40.6 million. The net cash provided by operating activities recorded decline by $28.4 million to $4.5 million. Also, net debt increased by $44.2 million to $2,112.5 million during the quarter.

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The net sales by Global Industrial Packaging segment reported decline by $19.2 million to $686.6 million, mainly driven by lower volumes and lower average selling prices. The segment’s operating profit increased by $5.0 million to $50.9 million. The Paper Packaging & Services segment reported $45.6 million dip in net sales to $514.6 million. The operating profit too were down by $92.3 million to $16.8 million.

Ole Rosgaard, President and Chief Executive Officer of Greif stated that the company has once again produced solid financial results in a challenging operating environment. The company will continue to focus on advancing its exciting strategic initiatives, Rosagaard added.