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Oct 31, 2023
Greif Q4 2023 Earnings Report
Greif reported mixed results due to market headwinds and lower volumes, but achieved the second-best year in company history for Adjusted EBITDA and Adjusted Free Cash Flow.
Key Takeaways
Greif reported fourth quarter results with net income decreasing to $67.8 million from $99.5 million in the prior year. Net sales also decreased to $1,308.4 million from $1,495.8 million. Despite these declines, the company highlighted its second-best year in history for Adjusted EBITDA and Adjusted Free Cash Flow.
Net income decreased to $67.8 million, or $1.16 per diluted Class A share, compared to $99.5 million, or $1.67 per diluted Class A share, in the fourth quarter of 2022.
Adjusted EBITDA decreased to $199.2 million from $218.7 million in the prior year.
Net sales decreased to $1,308.4 million from $1,495.8 million in the fourth quarter of 2022.
The company completed the acquisition of Reliance Products, Ltd. and signed an agreement to acquire Ipackchem Group SAS.
Forward Guidance
Greif is providing a low-end guidance estimate for fiscal year 2024, based on the continuation of demand trends reflected in the past year and current price/cost factors in Paper Packaging and Services. The low-end guidance does not factor in any contribution from the proposed acquisition of Ipackchem or other near-term M&A opportunities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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