Greif, Inc. Declares Sombre Results in 3Q 2020

SEATTLE (Scrap Monster): Greif, Inc.- the global leader in industrial packaging products and services announced results for third quarter 2020. Also, the company reintroduced guidance for the fiscal year ending October 31, 2020.

The company reported net income of $20.7 million or $0.35 per diluted share, considerably less when compared with net income of $62.7 million or $1.06 per diluted share in the third quarter of 2019. The net cash provided by operating activities were down by $6.5 million to $135 million. The adjusted free cash flow too decreased to $106.6 million. Total debt dropped by $240.9 million, whereas the net debt decreased by $263.6 million.

RELATED NEWS:

Paper Could Provide More Flexibility Than Plastic In Packaging

Keurig Dr Pepper Announced Solid Progress on Sustainability Goals

The Paper & Packaging Services segment net sales decreased by $70.7 million to $459.3 million. The company took nearly 10,000 tons of economic downtime across its containerboard operations during the quarter. The operating profits collapsed by $45.8 million to $88.9 million. Also, operating profits were down by $49.8 million to $13.3 million from the comparable quarter a year before.

Commenting on the results, Pete Watson, President and CEO noted that the team executed well in the face of a challenging operating environment. The financial results, dragged down by soft industrial conditions, were weak as expected. Despite external challenges, it generated free cash flow essentially flat to the prior year, he added.