Greif, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

Greif, Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and the impact of the ColePak acquisition.

AI Summary

GREIF, INC (GEF-B) filed a Quarterly Report (10-Q) with the SEC on February 29, 2024. Greif, Inc. filed a 10-Q report for the period ending January 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on October 31st. The report includes financial data for the periods ending January 31, 2024, October 31, 2023, and January 31, 2023. The acquisition of ColePak is noted as a significant event on August 23, 2023.

Why It Matters

For investors and stakeholders tracking GREIF, INC, this filing contains several important signals. This filing provides investors with an updated view of Greif's financial health and operational performance in the first quarter of fiscal year 2024. The inclusion of the ColePak acquisition highlights a strategic move that could impact future revenue and market position.

Risk Assessment

Risk Level: low — GREIF, INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update on the company's financial status.

Analyst Insight

Monitor future filings for the continued integration and financial impact of the ColePak acquisition on Greif's performance.

Key Numbers

• 2024-01-31 — Period End Date (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 10-Q — Form Type (SEC Filing Type)
• 0000043920 — CIK (Central Index Key)
• 2023-08-23 — Acquisition Date (ColePak Acquisition)

Key Players & Entities

• GREIF, INC (company) — Filer name
• GEF-B (company) — Ticker symbol
• 2024-01-31 (date) — Conformed period of report
• 2024-02-29 (date) — Filed as of date
• 0000043920 (company) — Central Index Key
• 3412 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• ColePak Acquisition (company) — Acquisition event

FAQ

Industry Context

Greif, Inc. operates in the industrial packaging sector, manufacturing and selling rigid industrial packaging products and services.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the impact of the ColePak acquisition on Greif's revenue and profitability in subsequent reports.
3. Compare Greif's Q1 2024 performance against industry benchmarks and historical trends.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-29: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-08-23: ColePak Acquisition — Significant business event impacting the company's operations and financials.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing an update from previous filings which would have covered earlier periods or the full fiscal year 2023.

Filing Documents

• gef-20240131.htm (10-Q) — 1190KB
• gef2024q110-qex311.htm (EX-31.1) — 10KB
• gef2024q110-qex312.htm (EX-31.2) — 10KB
• gef2024q110-qex321.htm (EX-32.1) — 5KB
• gef2024q110-qex322.htm (EX-32.2) — 6KB
• gef-20240131_g1.jpg (GRAPHIC) — 25KB
• 0000043920-24-000010.txt ( ) — 7070KB
• gef-20240131.xsd (EX-101.SCH) — 42KB
• gef-20240131_cal.xml (EX-101.CAL) — 101KB
• gef-20240131_def.xml (EX-101.DEF) — 272KB
• gef-20240131_lab.xml (EX-101.LAB) — 585KB
• gef-20240131_pre.xml (EX-101.PRE) — 406KB
• gef-20240131_htm.xml (XML) — 1051KB

Financial Information

Part I. Financial Information 1 Financial Statements 3 Condensed Consolidated Statements of Income for the Three Months Ended January 31, 202 4 and 202 3 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended January 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets at January 31, 202 4 (Unaudited) and October 31, 202 3 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended January 31, 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 24 4 Controls and Procedures 36

Other Information

Part II. Other Information 1A Risk Factors 37 6 Exhibits 37

Signatures

Signatures 38 2 Table of Content

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended January 31, (in millions, except per share amounts) 2024 2023 Net sales $ 1,205.8 $ 1,271.0 Cost of products sold 984.2 1,019.4 Gross profit 221.6 251.6 Selling, general and administrative expenses 145.8 139.4 Acquisition and integration related costs 2.6 7.5 Restructuring charges 5.7 2.4 Non-cash asset impairment charges 1.3 0.5 Gain on disposal of properties, plants and equipment, net ( 2.7 ) — Gain on disposal of businesses, net — ( 54.6 ) Operating profit 68.9 156.4 Interest expense, net 24.2 22.8 Other expense, net 9.1 3.3 Income before income tax expense and equity earnings of unconsolidated affiliates, net 35.6 130.3 Income tax (benefit) expense ( 38.2 ) 37.7 Equity earnings of unconsolidated affiliates, net of tax ( 0.5 ) ( 0.5 ) Net income 74.3 93.1 Net income attributable to noncontrolling interests ( 7.1 ) ( 3.2 ) Net income attributable to Greif, Inc. $ 67.2 $ 89.9 Basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.17 $ 1.55 Class B common stock $ 1.75 $ 2.31 Diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.17 $ 1.54 Class B common stock $ 1.75 $ 2.31 Weighted-average number of Class A common shares outstanding: Basic 25.5 25.7 Diluted 25.6 25.8 Weighted-average number of Class B common shares outstanding: Basic 21.3 21.7 Diluted 21.3 21.7 Cash dividends declared per common share: Class A common stock $ 0.52 $ 0.50 Class B common stock $ 0.77 $ 0.74 See accompanying Notes to Condensed Consolidated Financial Statements 3 Table of Content GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended January 31, (in millions) 2024 2023 Net income $ 74.3 $ 93.1 Other comprehensiv

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View this 10-Q filing on SEC EDGAR