DELAWARE, Ohio, Feb. 26, 2020 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced first quarter 2020 results.

First Quarter Highlights include (all results compared to the first quarter of 2019 unless otherwise noted):

• Net sales increased by $215.4 million to $1,112.4 million.

• Gross profit increased by $49.8 million to $222.6 million.

• Net income of $32.3 million or $0.55 per diluted Class A share increased compared to net income of $29.7 million or $0.51 per diluted Class A share. Net income, excluding the impact of adjustments⁽¹⁾, of $37.9 million or $0.64 per diluted Class A share decreased compared to net income, excluding the impact of adjustments, of $38.3 million or $0.65 per diluted Class A share. Adjusted EBITDA⁽²⁾ increased by $41.1 million to $147.4 million.

• Net cash provided by operating activities increased by $29.1 million to $19.5 million. Adjusted free cash flow⁽³⁾ increased by $22.3 million to a use of $13.3 million.

"Greif's performance in the first quarter was strong across all strategic priorities," said Pete Watson, Greif's President and Chief Executive Officer. "Adjusted EBITDA rose by 39% to $147.4 million, driven by strong performance in our Rigid Industrial Packaging & Services segment and the acquired Caraustar operations. Our internal customer satisfaction index score improved to an all-time high and we received several recognitions for our sustainability leadership. While we continue to face a challenging industrial market, our global Greif team is successfully managing those areas within our control to deliver strong performance."