Greif Inc. Class A (GEF) reports earnings

The report was filed on December 23, 2024

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Greif Inc. Class A (GEF+0.61%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.

The filing indicates that Greif Inc. operates in three reportable segments: Global Industrial Packaging, Paper Packaging & Services, and Land Management. The company has operations in over 35 countries and offers a range of industrial packaging products and services.

For the fiscal year 2024, Greif Inc. reported total net sales of $5,448.1 million, an increase from $5,218.6 million in 2023. The increase was attributed to contributions from recent acquisitions and higher volumes, offset by lower prices in some segments.

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The Global Industrial Packaging segment reported net sales of $3,124.3 million, while the Paper Packaging & Services segment reported $2,303.5 million. The Land Management segment reported net sales of $20.3 million.

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Operating profit for the fiscal year 2024 was $464.6 million, compared to $605.5 million in 2023. The decrease was primarily due to higher raw material costs and increased SG&A expenses.

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Net income for the fiscal year 2024 was $295.5 million, down from $379.1 million in 2023. The decrease in net income was mainly due to higher interest expenses and a reduction in operating profit.

The company completed several acquisitions during the fiscal year, including Ipackchem Group SAS, which contributed to the increase in net sales. The acquisition was valued at $582.1 million.

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Greif Inc. also divested certain businesses, including Delta Petroleum Company, Inc., resulting in a gain of $46.1 million.

The company reported cash provided by operating activities of $356.0 million, a decrease from $649.5 million in the previous year. The decrease was due to changes in working capital and higher interest payments.

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Greif Inc. maintains a strong focus on sustainability and has announced a greenhouse gas emission reduction target of 28% by 2030 from a 2019 baseline.

The filing outlines various risks, including market and economic factors, industry conditions, and regulatory and legal costs, which could impact the company's future financial performance.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greif Inc. Class A annual 10-K report dated December 23, 2024. To report an error, please email earnings@qz.com.