Welcome to our dedicated page for Greif news (Ticker: GEF), a resource for investors and traders seeking the latest updates and insights on Greif stock.
Greif, Inc. reports developments in global industrial and performance packaging, including quarterly results, product pricing, dividends and portfolio changes. The company operates packaging businesses organized around Customized Polymer, Sustainable Fiber, Durable Metal and Innovative Closure Solutions, with products and services that include drums, intermediate bulk containers, recycled paperboard, tubes and cores, protective packaging, closures, accessories and related packaging services.
Recurring Greif news also covers Class A and Class B common stock dividends, earnings conference calls, segment presentation changes and the completed divestiture of the containerboard business, including the CorrChoice sheet feeder system, which is treated as discontinued operations in company reporting.
Greif, Inc. reported record third-quarter 2021 results, achieving net sales of $1.49 billion, up $407.8 million year-over-year. Net income surged to $113 million, or $1.89 per diluted Class A share, from $20.7 million, or $0.35 per share, a year earlier. Adjusted EBITDA rose to $237.8 million, with total debt decreasing by $370 million to $2.27 billion. The company announced increased FY 2021 guidance for earnings per share and free cash flow, alongside a dividend hike of 2 cents for Class A and 3 cents for Class B shares, effective October 1, 2021. CEO Pete Watson will retire in 2022, succeeded by COO Ole Rosgaard.
Greif, Inc. (NYSE: GEF, GEF.B) announced on August 31, 2021, an increase in quarterly cash dividends: $0.46 per share for Class A Common Stock and $0.69 for Class B Common Stock, marking a 4.5% increase from the previous year. The dividends, reflecting the Board's confidence in the company's financial strength, are payable on October 1, 2021, for shareholders of record by September 17, 2021. Greif emphasizes dividends as a key component of shareholder returns and plans further evaluations for increases as debt levels decrease.
Greif, Inc. (NYSE: GEF, GEF.B) announced a $70 per ton price increase for all grades of uncoated recycled paperboard, effective for new orders from September 13, 2021. This follows a previous $50 increase on July 26, 2021. Additionally, an 8.5% price hike on tube, core, and protective packaging products will take effect from September 24, 2021, complementing a 6% increase already implemented on August 6, 2021. These adjustments aim to address robust demand and rising costs in raw materials, labor, and transportation.
Greif, Inc. (NYSE: GEF, GEF.B) announced it will release its 2021 third quarter financial results on September 1, 2021, after market close. A conference call is scheduled for September 2, 2021, at 8:30 a.m. ET. The call will feature management's remarks and a Q&A session. Conference call slides will be available alongside the earnings release. Participants can register online for the call, which will also have a digital replay accessible shortly after it concludes.
Greif, Inc. (NYSE: GEF, GEF.B) announced on July 15, 2021, that it has successfully repaid its existing 7.375% Euro 200 million senior notes. The repayment was financed through a $225 million term loan A-3, which was negotiated in November 2020. This term loan features an interest rate of approximately 2.0% and is set to mature in July 2026. This refinancing move aims to optimize the company's capital structure and reduce interest expenses.
Greif, Inc. (NYSE: GEF, GEF.B) announced a $50 per ton price increase for all grades of uncoated recycled paperboard (URB), effective for new orders and shipments starting July 26, 2021. This decision arises from ongoing cost pressures in production and transportation, alongside strong demand across the Greif paperboard network. As a global leader in industrial packaging, Greif produces a variety of containerboard and specialty products, serving clients in over 40 countries.
Greif, Inc. (NYSE: GEF, GEF.B) announced the retirement of President and CEO Pete Watson effective February 1, 2022, following a multi-year succession planning. Ole Rosgaard, currently COO and with Greif since 2015, will succeed Watson. Additionally, Michael Gasser will not seek re-election as Chairman at the 2022 annual meeting, with Watson transitioning to Executive Chairman. Under Watson's leadership, Greif enhanced performance through strategic investments and sustainability initiatives, including the acquisition of Caraustar Industries.
Greif, Inc. (NYSE: GEF, GEF.B) reported strong second quarter 2021 results, with net income reaching $149.8 million or $2.51 per diluted share, compared to $11.4 million or $0.19 in Q2 2020. Adjusted EBITDA decreased to $176.6 million, while net cash from operations increased by $52.5 million to $152.3 million. Total debt decreased to $2.3 billion, reducing the leverage ratio to 3.2x. The company also announced the sale of timberlands for $149 million and reintroduced annual guidance, forecasting Class A earnings per share between $4.55 and $4.85.
Greif, Inc. (NYSE: GEF, GEF.B) has announced the declaration of quarterly cash dividends of $0.44 per share on Class A Common Stock and $0.66 per share on Class B Common Stock. The dividends will be payable on July 1, 2021, to stockholders of record as of June 21, 2021. Greif operates in over 40 countries, providing a variety of industrial packaging products and services across multiple industries.
Greif, a leader in industrial packaging, has revised its fiscal second quarter 2021 earnings guidance, expecting diluted Class A earnings per share between $1.11 and $1.15, an increase from the prior range of $0.96 to $1.06. This revision is attributed to stronger volumes and selling prices in the Global Industrial Packaging sector, along with a lower tax rate, though it faces higher SG&A expenses due to increased incentive accruals. The financial results will be reported after market close on June 9, 2021, with a conference call scheduled for June 10, 2021.