Greif Q2 2020 Earnings Report
Key Takeaways
Greif reported second-quarter results, with net income decreasing compared to the previous year, but adjusted EBITDA and free cash flow increased. The company completed the divestiture of the Consumer Packaging Business and announced the permanent closure of the Mobile, Alabama Uncoated Recycled Board Mill. Due to end market uncertainty, the company withdrew its fiscal 2020 adjusted Class A earnings per share and adjusted free cash flow guidance.
Net income decreased to $11.4 million, or $0.19 per diluted Class A share.
Adjusted EBITDA increased by $19.3 million to $181.3 million.
Net cash provided by operating activities increased by $37.6 million to $99.8 million.
Total debt decreased by $260.2 million to $2,682.3 million.
Greif
Greif
Greif Revenue by Segment
Forward Guidance
Withdrawing fiscal 2020 adjusted Class A earnings per share and adjusted free cash flow guidance. Due to end market uncertainty, the Company is unable to reasonably quantify the impacts to its business for the remainder of its fiscal year. The Company plans to reinstate guidance in the future when there is better clarity into the duration and impact of the COVID-19 pandemic.