Greif, Inc. - GEF STOCK NEWS

Greif announced its fiscal second quarter 2024 results, highlighting a significant decline in financial performance compared to Q2 2023. Net income dropped 60.1% to $44.4 million, and adjusted EBITDA decreased by 25.7% to $169.9 million. Net cash from operating activities fell by $123.3 million to $87.5 million. Total debt rose by $626.9 million, largely due to the acquisition of Ipackchem, increasing the leverage ratio to 3.44x. Notably, Global Industrial Packaging saw a rise in net sales by $56.6 million, while Paper Packaging & Services experienced a slight increase of $6.0 million in net sales but a significant drop in gross profit by $45.4 million. Despite these challenges, Greif plans strategic initiatives and will host an Investor Day in New York City on December 11, 2024, to discuss future plans.

Greif (NYSE: GEF) announced a price increase for all grades of uncoated recycled paperboard (URB) by $50 to $70 per short ton. This change will take effect for new orders and shipments starting July 8, 2024. The price adjustment is driven by rising costs in raw materials, energy, labor, and transportation, along with growing demand for URB products.

Greif (NYSE: GEF, GEF.B) has appointed Jillian Evanko to its Board of Directors. Evanko, currently the President and CEO of Chart Industries (NYSE: GTLS), brings over 25 years of experience in the manufacturing and industrial sectors. She has held executive roles at Dover , Arthur Andersen, Honeywell, and Sony. Evanko holds an MBA from The University of Notre Dame and a BS in Business Administration from La Salle University. She has received multiple awards for her leadership, including the 2023 EY Entrepreneur of the Year Southeastern Finalist and the 2020 S&P Global Platts Energy Award for Chief Trailblazer. Greif's Chairman, Bruce Edwards, emphasized her proven track record in driving growth and profitability as key assets for the company's strategic goals.

Greif, a leader in industrial packaging, has declared a quarterly cash dividend of $0.52 per share for its Class A Common Stock and $0.78 per share for its Class B Common Stock. The dividends will be payable on July 1, 2024, to shareholders of record as of June 18, 2024. Greif, headquartered in Delaware, Ohio, operates over 250 facilities in 37 countries and employs more than 14,000 people.

The company offers a diverse range of packaging products and services, including steel, plastic, and fiber drums, intermediate bulk containers, containerboard, corrugated sheets, and more. Greif also manages timber properties in the southeastern United States.

Greif, a leader in industrial packaging products and services, has been named to Newsweek’s 2024 list of Top 100 Global Most Loved Workplaces. This recognition is based on surveys of over 2 million employees from companies of varying sizes. Greif has received this honor for the second consecutive year. CEO Ole Rosgaard attributed this success to the company's commitment to respect, care, and integrity for its employees. Executive VP Bala V. Sathyanarayanan emphasized that this accolade helps Greif attract top talent and enhance its diverse global culture. For more details, visit Newsweek's official ranking page.

Greif, Inc., a global leader in industrial packaging, will announce its 2024 second quarter financial results on June 5, 2024, followed by a conference call on June 6, 2024. The company produces a variety of packaging products and services and aims to be the best performing customer service company globally.

Greif, Inc. (NYSE: GEF, GEF.B) is preparing to open a new bulk corrugated manufacturing facility in Dallas, Texas, expanding its capacity and creating opportunities in the South and Southwest regions of the United States and Mexico. The state-of-the-art facility will focus on producing triple wall sheets and jumbo boxes for industrial and agricultural industries, equipped with highly automated machinery to meet customer demands efficiently.

Greif, Inc. (GEF) receives the 2024 Gallup Exceptional Workplace Award for its highly engaged workforce and performance-oriented culture. The company emphasizes safety, inclusion, respect, and empowerment, setting a new global standard in workplace thriving.

Greif, Inc. completes the acquisition of Ipackchem Group SAS, adding new capabilities and market opportunities. The $538 million transaction is expected to drive incremental benefits, support future growth, and capture $7 million of synergies. The acquisition is set to be immediately accretive to EBITDA margins.