Fri. Jan 24th, 2020

Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, recently stated fiscal 2k19 and 4th-quarter results.

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Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, recently stated fiscal 2k19 and 4th-quarter results.

Financial Year Highlights Include (all results compared to the financial year 2k18 unless otherwise noted):

  • Completed the acquisition of Caraustar Industries, Inc. (“Caraustar”) and inclined anticipated run-rate synergies to at least $70.00M from the original $45.00M estimate. Approximately $24.00M of synergies were realized in fiscal 2k19.
  • Net sales inclined by $721.20M to $4,595.00M.
  • Gross profit inclined by $171.00M to $959.90M.
  • Income tax cost declined by $2.60M to $70.70M, but our effective tax rate inclined from 24.40 percent to 27.00 percent.
  • Net income of $171.0M or $2.890 for each diluted Class A share declined compared to net income of $209.40M or $3.550 for each diluted Class A share. Net income, excluding the impact of adjustments(1), of $234.00M or $3.960 for each diluted Class A share inclined compared to net income, excluding the impact of adjustments, of $208.70M or $3.530 for each diluted Class A share. Adjusted EBITDA(2) inclined by $155.70M to $658.90M.
  • Net cash provided by operating activities inclined by $136.50M to $389.50M. Adjusted free cash flow(3) inclined by $89.30M to $267.80M.
  • Reduced net debt by $178.10M since April 30, 2k19.

4th-Quarter Highlights Include (all results compared to the 4th-quarter 2k18 unless otherwise noted):

  • Net sales inclined by $244.40M to $1,232.10M.
  • Gross profit inclined by $54.20M to $259.00M.
  • Income tax cost declined by $29.70M to $12.40M.
  • Net income of $65.00M or $1.090 for each diluted Class A share inclined compared to net income of $40.10M or $0.670 for each diluted Class A share. Net income, excluding the impact of adjustments, of $73.40M or $1.240 for each diluted Class A share inclined compared to net income, excluding the impact of adjustments, of $64.30M or $1.080 for each diluted Class A share. Adjusted EBITDA inclined by $45.30M to $186.80M.
  • Net cash provided by operating activities declined by $1.80M to $195.40M. Adjusted free cash flow inclined by $1.20M to $150.20M.

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