Greif, Inc. Stock Price, News & Analysis

Greif, Inc. (NYSE: GEF, GEF.B) has successfully acquired an 80% stake in Centurion Container LLC, increasing its ownership from 9% in an all-cash deal valued at $145 million. This transaction, funded through Greif's existing credit facility, is expected to enhance Greif's market presence in North America, particularly in reusable packaging solutions. Greif's CEO Ole Rosgaard emphasized the acquisition's alignment with its growth strategy and commitment to sustainability. Centurion, a leader in IBC and plastic drum reconditioning, has shown rapid growth since Greif's initial investment in 2020, signaling potential for future revenue expansion.

Greif, Inc. reported first-quarter 2023 results, showcasing net income of $89.9 million or $1.54 per diluted Class A share, a substantial increase from $10.3 million or $0.18 per share in Q1 2022. However, net income excluding adjustments fell to $61.9 million from $75.6 million. Adjusted EBITDA was $164.5 million, down $32.3 million. Operating cash flow rose to $32.9 million, while total debt decreased by $67.5 million to $2.229 billion. Greif has completed the acquisition of Lee Container and plans to increase its stake in Centurion Container. The net sales for Global Industrial Packaging and Paper Packaging decreased significantly, indicating challenges in customer demand.

Greif, Inc. (NYSE: GEF, GEF.B) announces significant leadership changes as Pete Watson retires from the Board and Bruce Edwards is elected as the new Chairman of the Board. Edwards, who has been with the Board since 2006 and previously served as Chair of the Audit Committee, brings extensive experience from his role as former Global CEO of DHL Supply Chain. Watson's tenure saw Greif solidify its position as a customer service leader, while John Finn also retires after 15 years of service. New Board member Frank Miller, formerly of Kaiser Permanente, joins the team. The company continues its pursuit to be the best performing customer service company worldwide.

On February 28, 2023, Greif, Inc. (NYSE: GEF, GEF.B) announced its Board of Directors declared quarterly cash dividends of $0.50 per share on Class A Common Stock and $0.75 on Class B Common Stock. The dividends are payable on April 1, 2023, to stockholders of record by the close of business on March 17, 2023. Greif operates globally in over 35 countries, providing a wide range of industrial packaging solutions and services.

Greif, Inc. (NYSE: GEF, GEF.B) announced its 2023 first quarter financial results will be released after market close on March 1, 2023. A conference call is scheduled for March 2, 2023, at 8:30 a.m. ET to discuss the results, featuring management remarks and a question and answer session. Conference call slides will accompany the earnings press release. Participants can register online to access the call and receive a confirmation with dial-in details. Greif is a leading provider of industrial packaging products and services, operating in over 35 countries.

Greif, Inc. (NYSE: GEF, GEF.B) announced the receipt of two prestigious awards recognizing its commitment to sustainability and corporate social responsibility. The company achieved an 'A-' rating for climate change from CDP, placing it in the 'Leadership' category. Additionally, Greif was named one of America's Most Responsible Companies by Newsweek for the fourth consecutive year. These accolades highlight Greif's dedication to reducing greenhouse gas emissions and managing environmental risks while adhering to best practices.