Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial
packaging products and services, today announced fiscal 2017 and
fourth quarter results.
Fiscal Year Highlights Include (all results compared to
the fiscal year 2016 unless otherwise noted):
- Net sales increased by $314.6 million
to $3,638.2 million.
- Gross profit increased by $29.8 million
to $714.7 million.
- Operating profit increased by $46.8
million to $272.4 million, and operating profit before special
items1 increased by $26.7 million to $335.0 million. Operating
profit before special items was negatively impacted by $5.3 million
associated with adverse weather events and $4.6 million of
professional advisory fees related to planning and execution of tax
strategies not contemplated in our original guidance, which
resulted in significant tax risk mitigation and tax savings.
- Income tax expense increased by $0.7
million to $67.2 million, but our effective tax rate decreased from
47.1 percent to 33.5 percent despite the fiscal 2016 one time tax
benefit achieved during Q3 2016.
- Net income of $118.6 million or $2.02
per diluted Class A share compared to net income of $74.9 million
or $1.28 per diluted Class A share. Net income, excluding the
impact of special items, of $173.1 million or $2.95 per diluted
Class A share compared to net income, excluding the impact of
special items, of $143.5 million or $2.44 per diluted Class A
share.
- Cash provided by operating activities
increased by $4.0 million to $305.0 million. Free cash flow2
increased by $7.3 to $208.2 million.
“We continued to make Greif a stronger and more profitable
business in 2017, with solid earnings and cash generation,” said
Pete Watson, Greif’s President and Chief Executive Officer. “Fiscal
Year 2017 Class A earnings per share before special items rose by
roughly 21 percent year over year; we generated more than $200
million in Free Cash Flow and returned nearly $100 million to
shareholders. Our focus on customer service excellence continues to
strengthen and we are driving a continuous improvement mindset to
create stronger sustainable performance. Our plans for Fiscal 2018
and beyond remain focused on our teams being accountable to execute
on our commitments and to deliver superior value to our customers
and shareholders.”
Fourth Quarter Highlights Include (all results compared
to the fourth quarter 2016 unless otherwise noted):
- Net sales increased by $100.5 million
to $968.1 million.
- Gross profit decreased by $1.0 million
to $182.4 million primarily related to adverse weather events.
- Operating profit increased by $6.8
million to $60.4 million and operating profit before special items
increased by $1.9 million to $88.9 million.
- Income tax expense decreased by $23.1
million to $5.2 million.
- Net income of $33.3 million or $0.57
per diluted Class A share compared to net income of $8.5 million or
$0.14 per diluted Class A share. Net income, excluding the impact
of special items, of $57.8 million or $0.98 per diluted Class A
share compared to net income, excluding the impact of special
items, of $38.5 million or $0.65 per diluted Class A share.
- Cash provided by operating activities
increased by $56.9 million to $199.9 million. Free cash flow
increased by $53.9 million to $168.2 million.
1
A summary of all special items that are excluded from
operating profit before special items, from net income before
special items, and from earnings per diluted Class A share before
special items is set forth in the Selected Financial Highlights
table following the Dividend Summary in this release.
2
Free cash flow is defined as net cash provided by operating
activities less cash paid for purchases of properties, plants and
equipment.
Note: A reconciliation of the differences between all non-GAAP
financial measures used in this release with the most directly
comparable GAAP financial measures is included in the financial
schedules that are a part of this release. These non-GAAP financial
measures are intended to supplement and should be read together
with our financial results. They should not be considered an
alternative or substitute for, and should not be considered
superior to, our reported financial results. Accordingly, users of
this financial information should not place undue reliance on these
non-GAAP financial measures.
Notable Business Highlights
Our three strategic priorities are:
1. Invest in our people and teams to foster a strong culture of
employee engagement and accountability.
2. Deliver industry leading customer service excellence to
achieve superior customer satisfaction and loyalty.
3. Strive for and realize performance excellence, leading to
enhanced free cash flow and value creation.
Our goal is to be the best performing customer service company
in industrial packaging in the world. We measure and track our
customer performance through two metrics: the customer satisfaction
index (CSI); and Net Promoter Score (NPS). NPS measures how likely
a customer is to recommend Greif as a business partner.
Our consolidated CSI tracks a variety of internal metrics
designed to enhance the customer experience in dealing with Greif.
Our CSI improved by roughly 2% versus the prior year quarter, with
the biggest improvement recorded in the Flexible Products &
Services (FPS) segment, which generated a 17% improvement versus
the prior year quarter. Our expectation is that each business
segment deliver CSI at a 95 score or better. Our Paper Packaging
& Services (PPS) segment has consistently performed at that
level for many years. Our Rigid Industrial Packaging and Services
(RIPS) and FPS segments are nearing that threshold.
We are finalizing the most recent NPS survey results, which will
be shared as part of our first quarter 2018 earnings release. The
NPS survey being finalized will be our fifth conducted since the
beginning of the Transformation initiative.
From an operational standpoint, the business delivered a solid
quarter despite weather related headwinds. Our third quarter
earnings call was several days after Hurricane Harvey made landfall
and at that time, we had estimated a $2.5 million adverse weather
impact; in actuality, the impact was $5.3 million. RIPS - our
largest business segment by revenue and operating profit - bore the
brunt of these headwinds, but still generated higher year-over-year
sales. RIPS gross profit margin was impacted by roughly $4 million
related to Hurricane Harvey, rising raw material prices and the
timing of contractual pass through mechanisms that will recover in
the coming quarters. PPS - which consists of two paper mills and
one of the newest corrugator networks in the containerboard
industry - delivered strong volumes, higher specialty sales and
realized previous containerboard price increases, which all helped
to offset the impact of year-over-year old corrugated container
inflation. FPS - the world’s largest producer of industrial
flexible intermediate bulk containers - continues to demonstrate
improvement, but was impacted by a $2.7 million expense during the
quarter related to legacy claims.
Fourth quarter Class A earnings per share before special items
was $0.98 per share versus $0.65 per share in the prior year
quarter. Earnings benefited from higher year over year sales, lower
SG&A expense, lower interest expense and a significantly
reduced tax rate versus the prior year quarter. For fiscal 2017, we
delivered Class A earnings per share before special items of $2.95
per share, which is at the high end our guidance range. Fiscal 2017
earnings benefited from a significant reduction in the company’s
anticipated annual tax expense in the fourth quarter as a result of
a reduction in anticipated pretax income, the realization of tax
benefits from global tax initiatives in fiscal 2017, and certain
one-time tax benefits realized in the fourth quarter of 2017.
Fiscal 2017 Free Cash Flow totaled $208.2 million which exceeded
our guidance. Fiscal 2018 guidance is included in this press
release.
The end of Fiscal 2017 concludes our three year Transformation
initiative. That initiative helped to refocus Greif on the
importance of customer service excellence and re-oriented our
business strategy towards delivering value improvements over purely
volume gains. We have emerged from the Transformation with a
stronger portfolio, one that is optimized for future growth if
opportunities arise that generate appropriate returns. While the
Transformation may have officially concluded, optimization
activities identified during the initiative will continue into
2018. Furthermore, the financial discipline underlying our
Transformation will continue and full year benefits of fiscal 2017
initiatives will be realized in 2018.
Company Outlook
Highlights of fiscal 2018 guidance are set forth below.
Class A Earnings Per Share before Special Items
$3.25 - $3.55
Free Cash Flow
$200.0 million - $220.0 million
Note: 2018 Class A Earnings per Share guidance is not provided
in this release due to the potential for one or more of the
following, the timing and magnitude of which we are unable to
reliably forecast: gains or losses on the disposal of businesses,
timberland or properties, plants and equipment, net, non-cash asset
impairment charges due to unanticipated changes in the business,
restructuring-related activities, non-cash pension settlement
charges or acquisition costs, and the income tax effects of these
items and other income tax-related events. No reconciliation of the
fiscal year 2018 Class A earnings per share guidance, a non-GAAP
financial measure which excludes gains and losses on the disposal
of businesses, timberland and properties, plants and equipment,
non-cash pension settlement charges, acquisition costs and
restructuring and impairment charges is included in this release
because, due to the high variability and difficulty in making
accurate forecasts and projections of some of the excluded
information, together with some of the excluded information not
being ascertainable or accessible, we are unable to quantify
certain amounts that would be required to be included in the most
directly comparable GAAP financial measure without unreasonable
efforts. A reconciliation of 2018 free cash flow guidance to
forecasted net cash provided by operating activities, the most
directly comparable GAAP financial measure, is included in this
release.
Segment Results (all results compared to the fourth
quarter of 2017 unless otherwise noted)
Net sales are impacted mainly by the volume of primary products3
sold, selling prices, product mix and the impact of changes in
foreign currencies against the U.S. Dollar. The tables below show
the percentage impact of each of these items on net sales for our
primary products, both including and excluding the impact of
divestitures, for the fourth quarter of 2017 as compared to the
fourth quarter of 2016 for the business segments with manufacturing
operations:
Net Sales Impact
- Primary Products
Rigid IndustrialPackaging
&Services
Paper Packaging
&Services
Flexible Products&
Services
% % %
Currency
Translation 1.8 % —
3.7 %
Volume 1.5 % 6.0 % (4.7 )%
Selling Prices and
Product Mix 11.0 % 12.0 %
2.7 %
Total Impact of Primary Products 14.3 %
18.0 % 1.7 %
Net Sales Impact
- Primary Products, Excluding Divestitures:
Rigid IndustrialPackaging
&Services
Paper Packaging
&Services
Flexible Products&
Services
% % %
Currency
Translation 1.8 % — 3.7 %
Volume 1.5 % 6.0 % (4.7 )%
Selling Prices and Product Mix 11.1 %
12.0 % 2.7 %
Total Impact of Primary
Products 14.4 % 18.0 %
1.7 %
(3) Primary products are manufactured steel, plastic and fibre
drums; intermediate bulk containers; linerboard, medium, corrugated
sheets and corrugated containers; and 1&2 loop and 4 loop
flexible intermediate bulk containers.
Rigid Industrial Packaging & Services
Net sales increased by $59.6 million to $662.5 million.
Divestitures negatively impacted net sales by $2.5 million and
foreign currency translation benefited net sales by $9.8 million.
Net sales excluding divestitures and foreign currency translation
increased by $52.3 million due primarily to a 11.1 percent increase
in selling prices and product mix on our primary products stemming
from strategic pricing decisions and increases in index prices.
Gross profit decreased by $12.0 million to $118.9 million due to
raw material price increases and a $4.4 million impact from adverse
weather events.
Operating profit decreased by $6.0 million to $24.5 million.
Operating profit before special items decreased by $7.9 million to
$52.5 million, due primarily to the same factors that impacted
gross profit, offset by a reduction in this segment's selling,
general and administrative expenses.
Paper Packaging & Services
Net sales increased by $34.0 million to $223.0 million. The
increase was due primarily to an increase in volumes in our mills
and CorrChoice sheet feeder network and increased sales of
specialty products.
Gross profit increased by $10.0 million to $49.0 million
primarily due to the same factors that impacted net sales,
partially offset by a $0.5 million impact from adverse weather
events and higher year over year raw material costs.
Operating profit increased by $9.0 million to $33.7 million
primarily due to the same factors that impacted gross profit.
Flexible Products & Services
Net sales increased by $7.1 million to $76.2 million due
primarily to strategic pricing decisions.
Gross profit increased by $0.3 million to $12.0 million due
primarily to the same factors that impacted net sales above, offset
by increased reserves for legacy claims.
Operating profit increased by $3.9 million to $0.3 million.
Operating profit before special items increased by $0.5 million to
$0.6 million primarily due to the same factors that impacted gross
profit.
Land Management
Net sales decreased by $0.2 million to $6.4 million primarily
due to a decrease in timber sales and a $0.4 million impact from
adverse weather events.
Operating profit decreased by $0.1 million to $1.9 million.
Operating profit before special items increased by $0.4 million to
$1.8 million primarily due to the same factors that impacted net
sales offset by a reduction in transportation costs.
Dividend Summary
On December 5, 2017, the Board of Directors declared quarterly
cash dividends of $0.42 per share of Class A Common Stock and $0.62
per share of Class B Common Stock. Dividends are payable on January
1, 2018, to stockholders of record at the close of business on
December 18, 2017.
GREIF, INC. AND SUBSIDIARY COMPANIES
SELECTED FINANCIAL HIGHLIGHTS
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions, except for per share
amounts)
2017 2016 2017
2016
Selected Financial
Highlights
Net sales $ 968.1 $ 867.6 $ 3,638.2 $ 3,323.6 Gross
profit 182.4 183.4 714.7 684.9 Gross profit margin 18.8 % 21.1 %
19.6 % 20.6 % Operating profit 60.4 53.6 272.4 225.6 Operating
profit before special items 88.9 87.0 335.0 308.3 EBITDA 89.4 83.9
382.9 345.1 EBITDA before special items 117.9 117.3 445.5 427.8
Cash provided by operating activities 199.9 143.0 305.0 301.0 Free
cash flow 168.2 114.3 208.2 200.9 Net income attributable to Greif,
Inc. 33.3 8.5 118.6 74.9 Diluted Class A earnings per share
attributable to Greif, Inc. $ 0.57 $ 0.14 $ 2.02 $ 1.28 Diluted
Class A earnings per share attributable to Greif, Inc. before
special items $ 0.98 $ 0.65 $ 2.95 $ 2.44
Special
items
Restructuring charges $ 4.0 $ 9.0 $ 12.7 $ 26.9 Acquisition-related
costs 0.7 0.1 0.7 0.2 Non-cash asset impairment charges 14.9 6.5
20.8 51.4 Non-cash pension settlement charge 1.5 — 27.1 — Loss on
disposal of properties, plants and equipment and businesses, net
7.4 17.8 1.3 4.2 Total special items $
28.5 $ 33.4 $ 62.6 $ 82.7 Total special
items, net of tax and noncontrolling interest 24.5 30.0
54.5 68.6 Impact of total special items, net
of tax, on diluted Class A earnings per share attributable to
Greif, Inc. $ 0.41 $ 0.51 $ 0.93 $ 1.16
October 31, 2017 October 31, 2016 Operating working
capital(4) $ 327.3 $ 304.6
(4)Operating working capital is defined as trade accounts
receivable plus inventories less accounts payable.
Conference Call
The Company will host a conference call to discuss the fourth
quarter of 2017 results on December 7, 2017, at 8:30 a.m. Eastern
Time (ET). To participate, domestic callers should call (833)
231-8265. The Greif ID is 9388796. The number for international
callers is +1-(647) 689-4110. Phone lines will open at 8:00 a.m.
ET. The conference call will also be available through a live
webcast, including slides, which can be accessed at http://investor.greif.com by clicking on the
Events and Presentations tab and searching under the events
calendar. A replay of the conference call will be available on the
Company’s website approximately two hours following the call.
About Greif
Greif is a global leader in industrial packaging products and
services and is pursuing its vision to become the world’s best
performing customer service company in industrial packaging. The
Company produces steel, plastic, fibre, flexible, corrugated, and
reconditioned containers, intermediate bulk containers,
containerboard and packaging accessories, and provides filling,
packaging and industrial packaging reconditioning services for a
wide range of industries. Greif also manages timber properties in
the southeastern United States. The Company is strategically
positioned with production facilities in over 45 countries to serve
global as well as regional customers. Additional information is on
the Company’s website at www.greif.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “aspiration,” “objective,” “project,” “believe,”
“continue,” “on track” or “target” or the negative thereof and
similar expressions, among others, identify forward-looking
statements. All forward-looking statements are based on
assumptions, expectations and other information currently available
to management. Such forward-looking statements are subject to
certain risks and uncertainties that could cause the Company’s
actual results to differ materially from those forecasted,
projected or anticipated, whether expressed or implied. The
most significant of these risks and uncertainties are described in
Part I of the Company’s Annual Report on Form 10-K for the fiscal
year ended October 31, 2017. The Company undertakes no
obligation to update or revise any forward-looking statements.
Although the Company believes that the expectations reflected in
forward-looking statements have a reasonable basis, the Company can
give no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to risks and uncertainties
that could cause the Company’s actual results to differ materially
from those forecasted, projected or anticipated, whether expressed
in or implied by the statements. Such risks and uncertainties that
might cause a difference include, but are not limited to, the
following: (i) historically, our business has been sensitive
to changes in general economic or business conditions, (ii) we
may not successfully implement our business strategies, including
achieving our transformation and growth objectives, (iii) our
operations subject us to currency exchange and political risks that
could adversely affect our results of operations, (iv) the current
and future challenging global economy and disruption and volatility
of the financial and credit markets may adversely affect our
business, (v) the continuing consolidation of our customer
base and suppliers may intensify pricing pressure, (vi) we
operate in highly competitive industries, (vii) our business
is sensitive to changes in industry demands, (viii) raw
material and energy price fluctuations and shortages may adversely
impact our manufacturing operations and costs, (ix) geopolitical
conditions, including direct or indirect acts of war or terrorism,
could have a material adverse effect on our operations and
financial results, (x) we may encounter difficulties arising from
acquisitions, (xi) in connection with acquisitions or
divestitures, we may become subject to liabilities, (xii) we
may incur additional restructuring costs and there is no guarantee
that our efforts to reduce costs will be successful,
(xiii) tax legislation initiatives or challenges to our tax
positions may adversely impact our results or condition,
(xiv) full realization of our deferred tax assets may be
affected by a number of factors, (xv) several operations are
conducted by joint ventures that we cannot operate solely for our
benefit, (xvi) certain of the agreements that govern our joint
ventures provide our partners with put or call options,
(xvii) our ability to attract, develop and retain talented and
qualified employees, managers and executives is critical to our
success, (xviii) our business may be adversely impacted by
work stoppages and other labor relations matters, (xix) we may
not successfully identify illegal immigrants in our workforce,
(xx) our pension and postretirement plans are underfunded and
will require future cash contributions and our required future cash
contributions could be higher than we expect, each of which could
have a material adverse effect on our financial condition and
liquidity, (xxi) we may be subject to losses that might not be
covered in whole or in part by existing insurance reserves or
insurance coverage, (xxii) our business depends on the
uninterrupted operations of our facilities, systems and business
functions, including our information technology (IT) and other
business systems, (xxiii) a security breach of customer,
employee, supplier or Company information may have a material
adverse effect on our business, financial condition and results of
operations, (xxiv) legislation/regulation related to
environmental and health and safety matters and corporate social
responsibility could negatively impact our operations and financial
performance, (xxv) product liability claims and other legal
proceedings could adversely affect our operations and financial
performance, (xxvi) we may incur fines or penalties, damage to
our reputation or other adverse consequences if our employees,
agents or business partners violate, or are alleged to have
violated, anti-bribery, competition or other laws, (xxvii) changing
climate, climate change regulations and greenhouse gas effects may
adversely affect our operations and financial performance, (xxviii)
the frequency and volume of our timber and timberland sales will
impact our financial performance, (xxix) changes in U.S. generally
accepted accounting principles (U.S. GAAP) and SEC rules and
regulations could materially impact our reported results, (xxx) if
the Company fails to maintain an effective system of internal
control, the Company may not be able to accurately report financial
results or prevent fraud, and (xxxi) the Company has a significant
amount of goodwill and long-lived assets which, if impaired in the
future, would adversely impact our results of operations. The risks
described above are not all-inclusive, and given these and other
possible risks and uncertainties, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. For a detailed discussion of the most significant risks
and uncertainties that could cause our actual results to differ
materially from those forecasted, projected or anticipated, see
“Risk Factors” in Part I, Item 1A of our most recently filed
Form 10-K and our other filings with the Securities and Exchange
Commission. All forward-looking statements made in this news
release are expressly qualified in their entirety by reference to
such risk factors. Except to the limited extent required by
applicable law, we undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions, except per share
amounts)
2017 2016 2017
2016 Net sales $ 968.1 $ 867.6 $ 3,638.2
$ 3,323.6 Cost of products sold 785.7 684.2
2,923.5 2,638.7 Gross profit
182.4 183.4 714.7 684.9 Selling, general and administrative
expenses 94.2 96.5 380.4 376.8 Restructuring charges 4.0 9.0 12.7
26.9 Non-cash asset impairment charges 14.9 6.5 20.8 51.4 Non-cash
pension settlement charge 1.5 — 27.1 — (Gain) loss on disposal of
properties, plants and equipment, net 3.5 (0.8 ) (0.4 ) (10.3 )
Loss on disposal of businesses, net 3.9 18.6
1.7 14.5 Operating profit 60.4 53.6
272.4 225.6 Interest expense, net 13.4 17.2 60.1 75.4 Other
expense, net 3.8 1.6 12.0
9.0 Income before income tax expense and equity earnings of
unconsolidated affiliates, net 43.2 34.8 200.3 141.2 Income tax
expense 5.2 28.3 67.2 66.5 Equity earnings of unconsolidated
affiliates, net of tax (1.7 ) — (2.0 )
(0.8 ) Net income 39.7 6.5 135.1 75.5 Net (income) loss
attributable to noncontrolling interests (6.4 ) 2.0
(16.5 ) (0.6 ) Net income attributable to Greif, Inc.
$ 33.3 $ 8.5 $ 118.6 $
74.9
Basic earnings per share attributable to Greif, Inc.
common shareholders: Class A Common Stock $ 0.57 $ 0.14 $ 2.02
$ 1.28 Class B Common Stock $ 0.85 $ 0.22 $ 3.02 $ 1.90
Diluted
earnings per share attributable to Greif, Inc. common
shareholders: Class A Common Stock $ 0.57 $ 0.14 $ 2.02 $ 1.28
Class B Common Stock $ 0.85 $ 0.22 $ 3.02 $ 1.90
Shares used to
calculate basic earnings per share attributable to Greif, Inc.
common shareholders: Class A Common Stock 25.8 25.8 25.8 25.8
Class B Common Stock 22.0 22.0 22.0 22.1
Shares used to
calculate diluted earnings per share attributable to Greif, Inc.
common shareholders: Class A Common Stock 25.8 25.8 25.8 25.8
Class B Common Stock 22.0 22.0
22.0 22.1
GREIF, INC.
AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE
SHEETS
UNAUDITED
(in millions)
October 31, 2017
October 31, 2016 ASSETS CURRENT ASSETS Cash and cash
equivalents $ 142.3 $ 103.7 Trade accounts receivable 447.0 399.2
Inventories 279.5 277.4 Other current assets 125.7
132.0 994.5 912.3 LONG-TERM ASSETS Goodwill 785.4 786.4 Intangible
assets 98.0 110.6 Assets held by special purpose entities 50.9 50.9
Other long-term assets 115.1 120.9 1,049.4 1,068.8
PROPERTIES, PLANTS AND EQUIPMENT 1,188.4 1,171.9 $ 3,232.3
$ 3,153.0
LIABILITIES AND EQUITY CURRENT LIABILITIES
Accounts payable $ 399.2 $ 372.0 Short-term borrowings 14.5 51.6
Current portion of long-term debt 15.0 — Other current liabilities
259.2 235.6 687.9 659.2 LONG-TERM LIABILITIES
Long-term debt 937.8 974.6 Liabilities held by special purpose
entities 43.3 43.3 Other long-term liabilities 484.3 486.2
1,465.4 1,504.1 REDEEMABLE NONCONTROLLING INTERESTS 31.5
31.8 EQUITY Total Greif, Inc. equity 1,010.9
947.4 Noncontrolling interests 36.6 10.5 1,047.5
957.9 $ 3,232.3 $ 3,153.0
GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions)
2017
2016 2017 2016 CASH FLOWS
FROM OPERATING ACTIVITIES: Net income $ 39.7 $ 6.5 $
135.1 $ 75.5 Depreciation, depletion and amortization 31.1 31.9
120.5 127.7 Asset impairments 14.9 6.5 20.8 51.4 Pension settlement
loss 1.5 — 27.1 — Other non-cash adjustments to net income 16.1
30.7 6.2 9.8 Operating working capital changes 65.5 50.0 (30.6 )
24.2 Deferred purchase price on sold receivables 35.9 25.4 5.1 5.2
Increase (decrease) in cash from changes in other assets and
liabilities (4.8 ) (8.0 ) 20.8 7.2
Net cash provided by operating activities 199.9
143.0 305.0 301.0 CASH
FLOWS FROM INVESTING ACTIVITIES: Acquisitions of businesses, net of
cash acquired — — — (0.4 ) Collection of subordinated note
receivable — — — 44.2 Purchases of properties, plants and equipment
(31.7 ) (28.7 ) (96.8 ) (100.1 ) Purchases of and investments in
timber properties (2.2 ) (2.4 ) (9.5 ) (7.1 ) Purchases of
properties, plants and equipment with insurance proceeds — — — (4.4
) Proceeds from the sale of properties, plants and equipment,
businesses, timberland and other assets 1.7 1.4 15.5 36.1 Proceeds
on insurance recoveries — — 0.4 6.6 Net
cash used in investing activities (32.2 ) (29.7 ) (90.4 ) (25.1 )
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from (payments on)
debt, net (100.1 ) (77.8 ) (72.8 ) (159.8 ) Dividends paid to
Greif, Inc. shareholders (24.7 ) (24.7 ) (98.6 ) (98.7 ) Other (0.1
) 0.9 (4.2 ) (14.3 ) Net cash used in financing activities
(124.9 ) (101.6 ) (175.6 ) (272.8 ) Reclassification of cash to
assets held for sale 5.5 — — — Effects of exchange rates on cash
(0.6 ) (2.3 ) (0.4 ) (5.6 )
Net increase (decrease) in cash and
cash equivalents 47.7 9.4 38.6 (2.5 ) Cash and cash
equivalents, beginning of period 94.6 94.3 103.7
106.2 Cash and cash equivalents, end of period $
142.3 $ 103.7 $ 142.3 $ 103.7
GREIF, INC. AND SUBSIDIARY COMPANIES
FINANCIAL HIGHLIGHTS BY SEGMENT
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions)
2017
2016 2017 2016 Net
sales: Rigid Industrial Packaging & Services
$ 662.5 $ 602.9 $ 2,522.7 $ 2,324.2 Paper Packaging & Services
223.0 189.0 800.9 687.1 Flexible Products & Services 76.2 69.1
286.4 288.1 Land Management 6.4 6.6 28.2 24.2
Total net sales $ 968.1 $ 867.6 $
3,638.2 $ 3,323.6
Operating profit (loss):
Rigid Industrial Packaging & Services $ 24.5 $ 30.5 $ 173.4 $
143.9 Paper Packaging & Services 33.7 24.7 83.3 89.1 Flexible
Products & Services 0.3 (3.6 ) 5.7 (15.5 ) Land Management 1.9
2.0 10.0 8.1 Total operating profit $
60.4 $ 53.6 $ 272.4 $ 225.6
EBITDA(5): Rigid Industrial Packaging &
Services $ 43.4 $ 50.3 $ 241.9 $ 223.8 Paper Packaging &
Services 41.9 32.7 115.3 120.7 Flexible Products & Services 1.4
(2.3 ) 11.1 (11.3 ) Land Management 2.7 3.2 14.6
11.9 Total EBITDA $ 89.4 $ 83.9
$ 382.9 $ 345.1
EBITDA before special items:
Rigid Industrial Packaging & Services $ 71.4 $ 80.2 $ 294.9 $
293.6 Paper Packaging & Services 42.2 33.1 126.1 123.3 Flexible
Products & Services 1.7 1.4 12.3 0.6 Land Management 2.6
2.6 12.2 10.3 Total EBITDA before special
items $ 117.9 $ 117.3 $ 445.5 $ 427.8
(5)EBITDA is defined as net income, plus interest expense, net,
plus income tax expense, plus depreciation, depletion and
amortization. However, because the Company does not calculate net
income by segment, this table calculates EBITDA by segment with
reference to operating profit (loss) by segment, which, as
demonstrated in the table of Consolidated EBITDA, is another method
to achieve the same result. See the reconciliations in the table of
Segment EBITDA.
GREIF, INC. AND SUBSIDIARY COMPANIES
FINANCIAL HIGHLIGHTS BY GEOGRAPHIC REGION
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions)
2017
2016 2017 2016 Net
sales: United States $ 473.1 $ 431.8 $ 1,779.3 $
1,610.8 Europe, Middle East and Africa 351.6 302.5 1,322.4 1,208.4
Asia Pacific and other Americas 143.4 133.3
536.5 504.4 Total net sales $ 968.1 $
867.6 $ 3,638.2 $ 3,323.6
Gross profit:
United States $ 103.7 $ 100.0 $ 380.8 $ 360.1 Europe, Middle East
and Africa 56.3 57.9 245.8 227.3 Asia Pacific and other Americas
22.4 25.5 88.1 97.5 Total gross profit
$ 182.4 $ 183.4 $ 714.7 $ 684.9
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO
NON-GAAP RECONCILIATION OPERATING WORKING CAPITAL
UNAUDITED
(in millions)
October
31, 2017 October 31,
2016 Trade accounts receivable $ 447.0 $ 399.2 Plus:
inventories 279.5 277.4 Less: accounts payable 399.2 372.0
Operating working capital $ 327.3 $ 304.6
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO
NON-GAAP RECONCILIATION
CONSOLIDATED EBITDA(6)
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions)
2017
2016 2017 2016 Net income
$ 39.7 $ 6.5 $ 135.1 $ 75.5 Plus: Interest expense,
net 13.4 17.2 60.1 75.4 Plus: Income tax expense 5.2 28.3 67.2 66.5
Plus: Depreciation, depletion and amortization expense 31.1
31.9 120.5 127.7 EBITDA $ 89.4 $ 83.9
$ 382.9 $ 345.1 Net income $ 39.7 $ 6.5 $
135.1 $ 75.5 Plus: Interest expense, net 13.4 17.2 60.1 75.4 Plus:
Income tax expense 5.2 28.3 67.2 66.5 Plus: Other expense, net 3.8
1.6 12.0 9.0 Less: equity earnings of unconsolidated affiliates,
net of tax (1.7 ) — (2.0 ) (0.8 ) Operating profit 60.4 53.6
272.4 225.6 Less: Other expense, net 3.8 1.6 12.0 9.0 Less: equity
earnings of unconsolidated affiliates, net of tax (1.7 ) — (2.0 )
(0.8 ) Plus: Depreciation, depletion and amortization expense 31.1
31.9 120.5 127.7 EBITDA $
89.4 $ 83.9 $ 382.9 $ 345.1
(6) EBITDA is defined as net income, plus interest expense, net,
plus income tax expense, plus depreciation, depletion and
amortization. As demonstrated in this table, EBITDA can also be
calculated with reference to operating profit.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION
SEGMENT EBITDA(7)
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions)
2017
2016 2017 2016 Rigid
Industrial Packaging & Services Operating
profit $ 24.5 $ 30.5 $ 173.4 $ 143.9 Less: other expense, net 3.1
1.1 10.5 5.5 Less: equity earnings of unconsolidated affiliates,
net of tax (1.7 ) — (2.0 ) (0.8 ) Plus: depreciation and
amortization expense 20.3 20.9 77.0
84.6 EBITDA $ 43.4 $ 50.3 $ 241.9 $ 223.8
Restructuring charges 3.6 7.8 11.2 19.0 Acquisition-related costs
0.5 0.1 0.5 0.2 Non-cash asset impairment charges 14.9 3.5 20.5
43.3 Non-cash pension settlement charge 1.4 — 16.7 — Loss on
disposal of properties, plants, equipment, and businesses, net 7.6
18.5 4.1 7.3
EBITDA before special items $ 71.4 $ 80.2
$ 294.9 $ 293.6
Paper Packaging
& Services Operating profit $ 33.7 $ 24.7 $ 83.3 $ 89.1
Less: other income, net — — (0.1 ) — Plus: depreciation and
amortization expense 8.2 8.0 31.9
31.6 EBITDA $ 41.9 $ 32.7 $ 115.3 $ 120.7
Restructuring charges — 0.4 0.3 1.5 Acquisition-related costs 0.2 —
0.2 — Non-cash asset impairment charges — — — 1.5 Non-cash pension
settlement charge 0.1 — 10.2 — (Gain) loss on disposal of
properties, plants, equipment, net — —
0.1 (0.4 ) EBITDA before special items $ 42.2
$ 33.1 $ 126.1 $ 123.3
Flexible Products & Services Operating profit (loss) $
0.3 $ (3.6 ) $ 5.7 $ (15.5 ) Less: other expense, net 0.7 0.5 1.6
3.5 Plus: depreciation and amortization expense 1.8
1.8 7.0 7.7 EBITDA $ 1.4 $ (2.3
) $ 11.1 $ (11.3 ) Restructuring charges 0.4 0.7 1.2 6.3 Non-cash
asset impairment charges — 3.0 0.3 6.6 Non-cash pension settlement
charge — — 0.1 — Gain on disposal of properties, plants, equipment
and businesses, net (0.1 ) — (0.4 )
(1.0 ) EBITDA before special items $ 1.7 $ 1.4
$ 12.3 $ 0.6
Land Management
Operating profit $ 1.9 $ 2.0 $ 10.0 $ 8.1 Plus: depreciation,
depletion and amortization expense 0.8 1.2
4.6 3.8 EBITDA $ 2.7 $ 3.2 $ 14.6 $
11.9 Restructuring charges — 0.1 — 0.1 Non-cash pension settlement
charge — — 0.1 — Gain on disposal of properties, plants, equipment,
net (0.1 ) (0.7 ) (2.5 ) (1.7 ) EBITDA before
special items $ 2.6 $ 2.6 $ 12.2
$ 10.3 Consolidated EBITDA $ 89.4 $
83.9 $ 382.9 $ 345.1
Consolidated EBITDA before special items $ 117.9 $
117.3 $ 445.5 $ 427.8
(7)EBITDA is defined as net income, plus interest expense, net,
plus income tax expense, plus depreciation, depletion and
amortization. However, because the Company does not calculate net
income by segment, this table calculates EBITDA by segment with
reference to operating profit (loss) by segment, which, as
demonstrated in the table of Consolidated EBITDA, is another method
to achieve the same result.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION
FREE CASH FLOW(8)
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions)
2017
2016 2017 2016 Net
cash provided by operating activities $ 199.9 $ 143.0 $
305.0 $ 301.0 Cash paid for purchases of properties, plants
and equipment (31.7 ) (28.7 ) (96.8 ) (100.1 )
Free Cash Flow $ 168.2 $ 114.3
$ 208.2 $ 200.9
GREIF, INC. AND SUBSIDIARY COMPANIES
PROJECTED 2018 GUIDANCE RECONCILIATION FREE CASH FLOW
UNAUDITED
Fiscal 2018 Forecast Range (in millions)
Scenario 1
Scenario 2
Net cash provided by operating activities $ 300.0 $
340.0 Cash paid for purchases of properties, plants and equipment
(100.0 ) (120.0 )
Free Cash Flow
$ 200.0 $ 220.0
(8)Free Cash Flow is defined as net cash provided by operating
activities less cash paid for purchases of properties, plants and
equipment.
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
SEGMENT OPERATING PROFIT (LOSS) BEFORE
SPECIAL ITEMS(9)
UNAUDITED
Three months ended October 31, Twelve
months ended October 31, (in millions)
2017
2016 2017 2016
Operating profit (loss): Rigid Industrial
Packaging & Services $ 24.5 $ 30.5 $ 173.4 $ 143.9 Paper
Packaging & Services 33.7 24.7 83.3 89.1 Flexible Products
& Services 0.3 (3.6 ) 5.7 (15.5 ) Land Management 1.9
2.0 10.0 8.1 Total operating profit $ 60.4
$ 53.6 $ 272.4 $ 225.6
Restructuring charges: Rigid Industrial Packaging &
Services $ 3.6 $ 7.8 $ 11.2 $ 19.0 Paper Packaging & Services —
0.4 0.3 1.5 Flexible Products & Services 0.4 0.7 1.2 6.3 Land
Management — 0.1 — 0.1 Total
restructuring charges $ 4.0 $ 9.0 $ 12.7 $
26.9
Acquisition-related costs: Rigid Industrial
Packaging & Services $ 0.5 $ 0.1 $ 0.5 $ 0.2 Paper Packaging
& Services 0.2 — 0.2 — Total
acquisition-related costs $ 0.7 $ 0.1 $ 0.7 $
0.2
Non-cash asset impairment charges: Rigid
Industrial Packaging & Services $ 14.9 $ 3.5 $ 20.5 $ 43.3
Paper Packaging & Services — — — 1.5 Flexible Products &
Services — 3.0 0.3 6.6 Total non-cash
asset impairment charges $ 14.9 $ 6.5 $ 20.8 $
51.4
Non-cash pension settlement charge: Rigid
Industrial Packaging & Services $ 1.4 $ — $ 16.7 $ — Paper
Packaging & Services 0.1 — 10.2 — Flexible Products &
Services — — 0.1 — Land Management — — 0.1 —
Total non-cash pension settlement charge $ 1.5 $ —
$ 27.1 $ —
(Gain) loss on disposal of
properties, plants, equipment and businesses, net: Rigid
Industrial Packaging & Services $ 7.6 $ 18.5 $ 4.1 $ 7.3 Paper
Packaging & Services — — 0.1 (0.4 ) Flexible Products &
Services (0.1 ) — (0.4 ) (1.0 ) Land Management (0.1 ) (0.7 ) (2.5
) (1.7 ) Total loss on disposal of properties, plants, equipment
and businesses, net $ 7.4 $ 17.8 $ 1.3 $ 4.2
Operating profit (loss) before special items: Rigid
Industrial Packaging & Services $ 52.5 $ 60.4 $ 226.4 $ 213.7
Paper Packaging & Services 34.0 25.1 94.1 91.7 Flexible
Products & Services 0.6 0.1 6.9 (3.6 ) Land Management 1.8
1.4 7.6 6.5 Total
operating profit before special items $ 88.9 $ 87.0 $
335.0 $ 308.3
(9)Operating profit (loss) before special items is defined as
operating profit (loss), plus restructuring charges, plus
acquisition-related costs, plus non-cash pension settlement charge,
plus non-cash impairment charges, less gain on disposal of
properties, plants, equipment, net.
GREIF, INC. AND
SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION
NET INCOME AND CLASS A EARNINGS PER SHARE BEFORE SPECIAL
ITEMS
UNAUDITED
(Dollars in millions, except for per share
amounts)
Income before Income Tax Expense and
Equity Equity Earnings of Income Tax
earnings of Non- Net Income Diluted Class
A Unconsolidated Expense unconsolidated
Controlling Attributable Earnings Per
Affiliates, net (Benefit)
affiliates Interest to Greif,
Inc. Share Three months ended October 31,
2017 $ 43.2 $ 5.2 $ (1.7 ) $ 6.4 $ 33.3 $ 0.57 Loss on disposal
of properties, plants, equipment and businesses, net 7.4 1.5 — (0.1
) 6.0 0.10 Restructuring charges 4.0 0.1 — 0.2 3.7 0.06 Non-cash
asset impairment charges 14.9 0.1 — — 14.8 0.25 Acquisition-related
costs 0.7 0.2 — — 0.5 0.01 Non-cash pension settlement charge 1.5
2.0 — —
(0.5 ) (0.01 ) Excluding Special Items $ 71.7
$ 9.1 $ (1.7 ) $ 6.5 $ 57.8
$ 0.98
Three months ended October
31, 2016 $ 34.8 $ 28.3 $ — $ (2.0 ) $ 8.5 $ 0.14 Loss on
disposal of properties, plants, equipment and businesses, net 17.8
0.5 — — 17.3 0.29 Restructuring charges 9.0 1.3 — 0.3 7.4 0.13
Non-cash asset impairment charges 6.5 (0.7 ) — 1.9 5.3 0.09
Acquisition-related costs 0.1 0.1 —
— — — Excluding
Special Items $ 68.2 $ 29.5 $ —
$ 0.2 $ 38.5 $ 0.65
Twelve months ended October 31, 2017 $ 200.3 $ 67.2 $
(2.0 ) $ 16.5 $ 118.6 $ 2.02 Loss on disposal of properties,
plants, equipment and businesses, net 1.3 (0.7 ) — (0.2 ) 2.2 0.04
Restructuring charges 12.7 (2.2 ) — 0.6 14.3 0.24 Non-cash asset
impairment charges 20.8 0.1 — 0.1 20.6 0.35 Acquisition-related
costs 0.7 0.2 — — 0.5 0.01 Non-cash pension settlement charge 27.1
10.2 — —
16.9 0.29 Excluding Special Items $ 262.9
$ 74.8 $ (2.0 ) $ 17.0
$ 173.1 $ 2.95
Twelve months
ended October 31, 2016 $ 141.2 $ 66.5 $ (0.8 ) $ 0.6 $ 74.9 $
1.28 Loss on disposal of properties, plants, equipment and
businesses, net 4.2 (2.1 ) — (0.7 ) 7.0 0.12 Restructuring charges
26.9 4.9 — 2.9 19.1 0.33 Non-cash asset impairment charges 51.4 5.2
— 3.8 42.4 0.71 Acquisition-related costs 0.2 0.1
— — 0.1 —
Excluding Special Items $ 223.9 $ 74.6
$ (0.8 ) $ 6.6 $ 143.5 $
2.44
The impact of income tax expense and non-controlling interest on
each special item is calculated based on tax rates and ownership
percentages specific to each applicable entity. Included in the
year ended October 31, 2017 restructuring charges special item is a
$4.4 million income tax charge due to a change in assertions
related to unremitted foreign earnings as a result of the
restructuring of our intercompany debt portfolio. The tax rate
excluding the impact of special items for the fourth quarter of
2017 was 12.7 percent and in fiscal 2017 was 28.5 percent.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION SELECTED FINANCIAL
INFORMATION EXCLUDING THE IMPACT OF DIVESTITURES
UNAUDITED
Three months ended October 31, Twelve months ended
October 31, Excluding the
Excluding the Impact of Impact of Impact
of Impact of (in millions)
2017
Divestitures Divestitures 2017
Divestitures Divestitures Net
Sales: Rigid Industrial Packaging & Services $ 662.5 $ — $
662.5 $ 2,522.7 $ 1.8 $ 2,520.9 Paper Packaging & Services
223.0 — 223.0 800.9 — 800.9 Flexible Products & Services 76.2 —
76.2 286.4 — 286.4 Land Management 6.4 — 6.4
28.2 — 28.2 Consolidated $ 968.1 $ — $
968.1 $ 3,638.2 $ 1.8 $ 3,636.4
Gross Profit: Rigid Industrial Packaging & Services $
118.9 $ (0.4 ) $ 119.3 $ 502.2 $ (0.1 ) $ 502.3 Paper Packaging
& Services 49.0 — 49.0 150.9 — 150.9 Flexible Products &
Services 12.0 — 12.0 51.1 — 51.1 Land Management 2.5 —
2.5 10.5 — 10.5 Consolidated $ 182.4
$ (0.4 ) $ 182.8 $ 714.7 $ (0.1 ) $ 714.8
Operating Profit: Rigid Industrial Packaging &
Services $ 24.5 $ (0.6 ) $ 25.1 $ 173.4 $ (0.5 ) $ 173.9 Paper
Packaging & Services 33.7 — 33.7 83.3 — 83.3 Flexible Products
& Services 0.3 — 0.3 5.7 — 5.7 Land Management 1.9 —
1.9 10.0 — 10.0 Consolidated $ 60.4
$ (0.6 ) $ 61.0 $ 272.4 $ (0.5 ) $ 272.9
Operating profit before special
items(10): Rigid Industrial Packaging &
Services $ 52.5 $ (0.5 ) $ 53.0 $ 226.4 $ (0.5 ) $ 226.9 Paper
Packaging & Services 34.0 — 34.0 94.1 — 94.1 Flexible Products
& Services 0.6 — 0.6 6.9 — 6.9 Land Management 1.8 —
1.8 7.6 — 7.6 Consolidated $ 88.9
$ (0.5 ) $ 89.4 $ 335.0 $ (0.5 ) $ 335.5
(10)See table contained herein entitled GAAP to Non-GAAP
Reconciliation Segment Operating Profit (Loss) Before Special Items
for a reconciliation of each segment’s operating profit (loss)
before special items.
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP
TO NON-GAAP RECONCILIATION SELECTED FINANCIAL
INFORMATION EXCLUDING THE IMPACT OF DIVESTITURES
(CONTINUED)
UNAUDITED
Three months ended October 31, Twelve months ended
October 31, Excluding the
Excluding the Impact of Impact of Impact
of Impact of (in millions)
2016
Divestitures Divestitures 2016
Divestitures Divestitures Net
Sales: Rigid Industrial Packaging & Services $ 602.9 $ 2.5
$ 600.4 $ 2,324.2 $ 62.4 $ 2,261.8 Paper Packaging & Services
189.0 — 189.0 687.1 — 687.1 Flexible Products & Services 69.1 —
69.1 288.1 6.5 281.6 Land Management 6.6 — 6.6
24.2 — 24.2 Consolidated $ 867.6 $ 2.5
$ 865.1 $ 3,323.6 $ 68.9 $ 3,254.7
Gross Profit: Rigid Industrial Packaging &
Services $ 130.9 $ 0.3 $ 130.6 $ 489.4 $ 5.3 $ 484.1 Paper
Packaging & Services 39.0 — 39.0 144.5 — 144.5 Flexible
Products & Services 11.7 — 11.7 42.0 1.1 40.9 Land Management
1.8 — 1.8 9.0 — 9.0
Consolidated $ 183.4 $ 0.3 $ 183.1 $ 684.9
$ 6.4 $ 678.5
Operating Profit
(loss): Rigid Industrial Packaging & Services $ 30.5 $ (0.4
) $ 30.9 $ 143.9 $ (19.2 ) $ 163.1 Paper Packaging & Services
24.7 — 24.7 89.1 — 89.1 Flexible Products & Services (3.6 ) —
(3.6 ) (15.5 ) 0.3 (15.8 ) Land Management 2.0 — 2.0
8.1 — 8.1 Consolidated $ 53.6 $
(0.4 ) $ 54.0 $ 225.6 $ (18.9 ) $ 244.5
Operating profit (loss) before special
items(11): Rigid Industrial Packaging &
Services $ 60.4 $ — $ 60.4 $ 213.7 $ (1.3 ) $ 215.0 Paper Packaging
& Services 25.1 — 25.1 91.7 — 91.7 Flexible Products &
Services 0.1 — 0.1 (3.6 ) 0.3 (3.9 ) Land Management 1.4 —
1.4 6.5 — 6.5 Consolidated $
87.0 $ — $ 87.0 $ 308.3 $ (1.0 ) $
309.3
(11)See table contained herein entitled GAAP to Non-GAAP
Reconciliation Segment Operating Profit (Loss) Before Special Items
for a reconciliation of each segment’s operating profit (loss)
before special items.
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION NET SALES TO NET SALES
EXCLUDING THE IMPACT OF DIVESTITURES AND CURRENCY
TRANSLATION
UNAUDITED
Three months ended October 31, Increase
in Increase in (in millions)
2017
2016 Net Sales ($) Net Sales (%)
Net Sales $ 968.1 $ 867.6 $ 100.5 11.6 % Impact of
Divestitures — 2.5
Net Sales Excluding the Impact
of Divestitures $ 968.1 $ 865.1 Currency Translation 12.2
N/A
Net Sales Excluding the Impact of Divestitures
and Currency Translation $ 955.9 $ 865.1 $ 90.8
10.5 %
Twelve months ended October 31,
Increase in Increase in (in millions)
2017 2016 Net Sales ($)
Net Sales (%) Net Sales $ 3,638.2 $ 3,323.6 $ 314.6
9.5 % Impact of Divestitures 1.8 68.9
Net Sales
Excluding the Impact of Divestitures $ 3,636.4 $ 3,254.7
Currency Translation (23.1 ) N/A
Net Sales Excluding the
Impact of Divestitures and Currency Translation $ 3,659.5
$ 3,254.7 $ 404.8 12.4 %
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP
RECONCILIATION RIGID INDUSTRIAL PACKAGING & SERVICES
NET SALES TO NET SALES EXCLUDING THE IMPACT OF
DIVESTITURES AND CURRENCY TRANSLATION
UNAUDITED
Three months ended October 31, Increase
in Increase in (in millions)
2017
2016 Net Sales ($) Net Sales (%)
Net Sales $ 662.5 $ 602.9 $ 59.6 9.9 % Impact of
Divestitures — 2.5
Net Sales Excluding the Impact
of Divestitures $ 662.5 $ 600.4 Currency Translation 9.8
N/A
Net Sales Excluding the Impact of Divestitures and
Currency Translation $ 652.7 $ 600.4 $ 52.3 8.7 %
Twelve months ended October 31,
Increase in Increase in (in millions)
2017 2016 Net Sales ($)
Net Sales (%) Net Sales $ 2,522.7 $ 2,324.2 $ 198.5
8.5 % Impact of Divestitures 1.8 62.4
Net Sales
Excluding the Impact of Divestitures $ 2,520.9 $ 2,261.8
Currency Translation (16.6 ) N/A
Net Sales Excluding the
Impact of Divestitures and Currency Translation $ 2,537.5
$ 2,261.8 $ 275.7 12.2 %
GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP
RECONCILIATION
PRIMARY PRODUCTS(12)
NET SALES TO NET SALES EXCLUDING THE IMPACT OF DIVESTITURES
UNAUDITED
Three months ended October 31, Increase
in Increase in Primary Products Primary
Products (in millions)
2017 2016
Net Sales ($) Net Sales (%) Rigid
Industrial Packaging & Services Primary Products Net Sales
$ 590.6 $ 516.9 Impact of Divestitures — (0.7 ) Primary
Products Net Sales Excluding the Impact of Divestitures $ 590.6
$ 516.2 $ 74.4 14.4 %
Paper Packaging &
Services Primary Products Net Sales $ 222.1 $ 188.3 Impact of
Divestitures — — Primary Products Net Sales Excluding
the Impact of Divestitures $ 222.1 $ 188.3 $ 33.8
18.0 %
Flexible Products & Services Primary
Products Net Sales $ 69.2 $ 68.1 Impact of Divestitures — —
Primary Products Net Sales Excluding the Impact of
Divestitures $ 69.2 $ 68.1 $ 1.1 1.6 %
(12)Primary products are manufactured steel, plastic and fibre
drums; intermediate bulk containers; linerboard, medium, corrugated
sheets and corrugated containers; and 1&2 loop and 4 loop
flexible intermediate bulk containers.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171206006310/en/
Investor Relations:Greif, Inc.Matt Eichmann,
740-549-6067matt.eichmann@greif.com
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