Greif reports ‘outstanding’ Q3 financial results

Delaware, Ohio-based packaging producer Greif has announced its third quarter financial results, reporting increases in net income, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and net cash, while decreasing its total debt for what the company calls an “outstanding” quarter.

Greif reported a third-quarter net income of $141.8 million compared with $113 million in the same period last year, while its adjusted EBITDA increased by $13.2 million to $251 million compared with 2021 when it was $237.8 million. Net cash also increased by $114.4 million to $209.3 million and total debt decreased by $208.9 million to $2,058.7 million.

“Our team delivered an outstanding third quarter financial result, remaining steadfast and execution-focused during a time of macroeconomic uncertainty,” Greif President and CEO Ole Rosgaard says. “This commitment has led to a rock-solid balance sheet, record free cash flow generation and EBITDA growth.”

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In its Global Industrial Packaging (GIP) report, Greif says it saw solid volume performance against a historic Q3 2021, with strong demand in resin-based products outpacing steel demand, noting strength in industrial end markets offset softer demand in consumer markets.

Net GIP sales for the third quarter of this year are $906.7 million compared with $907.8 million in the same period last year.

In its Paper Packaging & Services (PPS) report, the company again notes solid volume performance against a historic Q3 2021 and says mills’ order backlog remained solid across all three substrates throughout the quarter. Net sales in the PPS sector were $710.2 million compared with $578.8 million in 2021, and gross profit ($167.3 million) and adjusted EBITDA ($131.8 million) also increased when compared with last-year’s numbers.

“Our team has done an outstanding job transforming our business, as evidenced by volume growth compared to prepandemic 2019 volume levels despite sequential declines from higher volumes last year,” Rosgaard says. “In addition to financial success, our teams have continued to deliver legendary customer service and made notable progress to further foster thriving communities at Greif and protect our future through industry-leading sustainability practice.”