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Jul 31, 2020
Greif Q3 2020 Earnings Report
Greif's Q3 2020 financial results were reported, revealing weaker performance due to soft industrial conditions and a price/cost squeeze in the paper business, though free cash flow was maintained and debt was reduced.
Key Takeaways
Greif, Inc. announced its third quarter 2020 results, showing a decrease in net income and adjusted EBITDA compared to the previous year. The company generated free cash flow essentially flat to the prior year and paid down debt through stronger operating discipline and better working capital performance. The company reintroduced guidance for the fiscal year ending October 31, 2020.
Net income decreased to $20.7 million, or $0.35 per diluted Class A share.
Adjusted EBITDA decreased by $44.4 million to $159.4 million.
Net cash provided by operating activities decreased by $6.5 million to $135.0 million.
Total debt decreased by $240.9 million to $2,637.6 million.
Forward Guidance
The Company expects the COVID-19 pandemic will continue to create uncertainty in its end markets. The magnitude of the impact will depend on the depth and duration of the crisis, as well as the timing of the recovery in the markets served by the Company.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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