Greif, Inc. Files Q2 2024 10-Q Report

TL;DR

Greif Inc. 10-Q filed. Q2 FY24 results out.

AI Summary

Greif, Inc. filed its 10-Q for the period ending April 30, 2024. The company reported financial results for the second quarter and the first six months of fiscal year 2024. Specific financial figures and operational details are provided within the filing.

Why It Matters

This filing provides investors with an update on Greif, Inc.'s financial performance and operational status for the second quarter of fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240430 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240606 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• GREIF, INC (company) — Filer of the 10-Q report
• 20240430 (date) — End of the reporting period
• 20240606 (date) — Date the filing was submitted
• 425 WINTER ROAD (location) — Company's business and mailing address
• DELAWARE (location) — City of the company's address
• OH (location) — State of the company's address

FAQ

Filing Documents

• gef-20240430.htm (10-Q) — 1652KB
• gef2024q210-qex101.htm (EX-10.1) — 27KB
• gef2024q210-qex102.htm (EX-10.2) — 93KB
• gef2024q210-qex311.htm (EX-31.1) — 10KB
• gef2024q210-qex312.htm (EX-31.2) — 10KB
• gef2024q210-qex321.htm (EX-32.1) — 5KB
• gef2024q210-qex322.htm (EX-32.2) — 6KB
• gef-20240430_g1.jpg (GRAPHIC) — 25KB
• 0000043920-24-000030.txt ( ) — 8582KB
• gef-20240430.xsd (EX-101.SCH) — 43KB
• gef-20240430_cal.xml (EX-101.CAL) — 106KB
• gef-20240430_def.xml (EX-101.DEF) — 291KB
• gef-20240430_lab.xml (EX-101.LAB) — 564KB
• gef-20240430_pre.xml (EX-101.PRE) — 427KB
• gef-20240430_htm.xml (XML) — 1400KB

Financial Information

Part I. Financial Information 1 Financial Statements 3 Condensed Consolidated Statements of Income for the Three and Six Months Ended April 30 , 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended April 30 , 2024 and 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets at April 30 , 2024 (Unaudited) and October 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30 , 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended April 30 , 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 29 4 Controls and Procedures 46

Other Information

Part II. Other Information 1A Risk Factors 47 6 Exhibits 47

Signatures

Signatures 48 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 April 30, Six Months Ended April 30, (in millions, except per share amounts) 2024 2023 2024 2023 Net sales $ 1,371.0 $ 1,308.9 $ 2,576.8 $ 2,579.9 Cost of products sold 1,100.9 997.1 2,085.1 2,016.5 Gross profit 270.1 311.8 491.7 563.4 Selling, general and administrative expenses 167.2 137.2 313.0 276.6 Acquisition and integration related costs 11.5 4.6 14.1 12.1 Restructuring charges ( 6.8 ) 2.4 ( 1.1 ) 4.8 Non-cash asset impairment charges 0.4 1.3 1.7 1.8 Gain on disposal of properties, plants and equipment, net ( 0.3 ) ( 5.0 ) ( 3.0 ) ( 5.0 ) Gain on disposal of businesses, net — ( 9.8 ) — ( 64.4 ) Operating profit 98.1 181.1 167.0 337.5 Interest expense, net 30.2 23.4 54.4 46.2 Other (income) expense, net ( 0.4 ) 2.9 8.7 6.2 Income before income tax (benefit) expense and equity earnings of unconsolidated affiliates, net 68.3 154.8 103.9 285.1 Income tax (benefit) expense 17.0 39.1 ( 21.2 ) 76.8 Equity earnings of unconsolidated affiliates, net of tax ( 0.7 ) ( 0.3 ) ( 1.2 ) ( 0.8 ) Net income 52.0 116.0 126.3 209.1 Net income attributable to noncontrolling interests ( 7.6 ) ( 4.8 ) ( 14.7 ) ( 8.0 ) Net income attributable to Greif, Inc. $ 44.4 $ 111.2 $ 111.6 $ 201.1 Basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 0.77 $ 1.91 $ 1.94 $ 3.46 Class B common stock $ 1.15 $ 2.88 $ 2.90 $ 5.19 Diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 0.77 $ 1.90 $ 1.94 $ 3.44 Class B common stock $ 1.15 $ 2.88 $ 2.90 $ 5.19 Weighted-average number of Class A common shares outstanding: Basic 25.8 25.8 25.7 25.7 Diluted 25.9 26.2 25.8 26.0 Weighted-average number of Class B common shares outstanding: Basic 21.3 21.5 21.3 21.6 Diluted 21.3 21.5 21.3 21.6 Cash dividends declared p

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View this 10-Q filing on SEC EDGAR