Greif Q1 2022 Earnings Report
Key Takeaways
Greif reported a strong first quarter in 2022, with net sales increasing to $1,564.3 million and adjusted EBITDA rising to $196.8 million. The company completed its CEO transition, announced the divestiture of its equity interest in the Flexible Products & Services joint venture, and increased its Fiscal Year 2022 guidance.
Net sales increased by $417.8 million to $1,564.3 million.
Adjusted EBITDA increased by $58.3 million to $196.8 million.
Net income was $10.3 million, or $0.18 per diluted Class A share.
The company announced a definitive agreement to divest its 50% equity interest in the Flexible Products & Services joint venture for $123 million.
Greif
Greif
Forward Guidance
Greif provided fiscal year 2022 outlook, excluding the contribution from the Flexible Products & Services joint venture after the expected divestiture on March 31, 2022.
Positive Outlook
- Class A earnings per share before adjustments are projected to be between $6.30 and $6.90.
- Adjusted free cash flow is expected to be between $380 million and $440 million.