Greif Reports Fourth Quarter and Fiscal 2020 Results

Date: 2020-12-09

DELAWARE, Ohio, Dec. 9, 2020 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2020 results.

Fourth Quarter Highlights Include (all results compared to the fourth quarter 2019 unless otherwise noted):

Net income of $44.4 million or $0.74 per diluted Class A share decreased compared to net income of $65.0 million or $1.09 per diluted Class A share. Net income, excluding the impact of adjustments(1), of $46.4 million or $0.78 per diluted Class A share decreased compared to net income, excluding the impact of adjustments, of $73.4 million or $1.24 per diluted Class A share. Adjusted EBITDA(2) decreased by $32.3 million to $154.5 million.

Net cash provided by operating activities increased by $5.0 million to $200.4 million. Adjusted free cash flow(3) increased by $23.7 million to $173.9 million.

Awarded a Gold Rating in sustainability performance for the third consecutive year by EcoVadis.

Fiscal Year Highlights Include (all results compared to the fiscal year 2019 unless otherwise noted):

Net income of $108.8 million or $1.83 per diluted Class A share decreased compared to net income of $171.0 million or $2.89 per diluted Class A share. Net income, excluding the impact of adjustments, of $190.9 million or $3.22 per diluted Class A share decreased compared to net income, excluding the impact of adjustments, of $234.0 million or $3.96 per diluted Class A share. Adjusted EBITDA decreased by $16.3 million to $642.6 million.

Net cash provided by operating activities increased by $65.2 million to $454.7 million. Adjusted free cash flow increased by $78.4 million to $346.2 million.

Reduced net debt(4) by $293.5 million since October 31, 2019 and paid $104.3 million in dividends to stockholders.

Pete Watson, Greif's President and Chief Executive Officer, commented:

"I am very proud of the commitment displayed by the Greif team to adapt and manage the challenges presented by the COVID-19 pandemic this past year," said Pete Watson, Greif's President and Chief Executive Officer. "Through our focus on customer service excellence and disciplined operational execution, the team delivered solid financial results, strong cash flow and significant debt reduction in a challenging operating environment. I am particularly pleased with our team's results in reducing working capital, which created a strong source of cash in the fiscal fourth quarter that helped drive our fiscal 2020 adjusted free cash flow well higher than our previously announced forecast.

Looking ahead, while downstream industries are gradually ramping back up, there remains lingering uncertainty in the global economy. We are committed to managing those areas within our control to navigate successfully through these uncertainties. Greif is well positioned to benefit as the economy further recovers."

View complete release here.

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