Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial
packaging products and services, today reaffirms that fiscal 2023
results will be within the previously provided guidance range of
Adjusted EBITDA of $790 million to $820 million1 in anticipation of
participation in the Baird Global Industrial Conference in Chicago,
IL on Wednesday, November 8, 2023. The materials presented at this
conference will be accessible online the morning of the conference
through the Investors section of the Company’s website located at
www.greif.com.
This guidance reaffirmation is attributable to performance
in-line with expectations for the fiscal fourth quarter in both
Paper Packaging & Services (PPS) and Global Industrial
Packaging (GIP). GIP volumes remained soft in all regions and most
end markets during the quarter, with no positive volume inflections
through October; the GIP business also faced a less favorable price
/ cost dynamic in Q4 as falling steel costs and the continued
volume softness pressured margins. The PPS business experienced
continued converting and mill volume weakness, both down mid-single
digits year-over-year through the fourth quarter despite improved
containerboard volumes in October, in addition to sequentially
lower published RISI pricing and rising OCC costs.
The Company will report its fiscal fourth quarter 2023 financial
results after the market closes on Wednesday, December 6, 2023. A
conference call will be held on Thursday, December 7, 2023, at 8:30
a.m. ET. Conference call details are available at
https://investor.greif.com/.
Concerning 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.
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) our global
operations subject us to political risks, instability and currency
exchange that could adversely affect our results of operations,
(iii) the current and future challenging global economy and
disruption and volatility of the financial and credit markets may
adversely affect our business, (iv) the COVID-19 pandemic could
continue to impact any combination of our business, financial
condition, results of operations and cash flows, (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 and
customer preferences, (viii) raw material, price fluctuations,
global supply chain disruptions and increased inflation may
adversely impact our results of operations, (ix) energy and
transportation price fluctuations and shortages may adversely
impact our manufacturing operations and costs, (x) we may not
successfully implement our business strategies, including achieving
our growth objectives, (xi) we may encounter difficulties or
liabilities arising from acquisitions or divestitures, (xii) we may
incur additional rationalization costs and there is no guarantee
that our efforts to reduce costs will be successful, (xiii) several
operations are conducted by joint ventures that we cannot operate
solely for our benefit, (xiv) certain of the agreements that govern
our joint ventures provide our partners with put or call options,
(xv) our ability to attract, develop and retain talented and
qualified employees, managers and executives is critical to our
success, (xvi) our business may be adversely impacted by work
stoppages and other labor relations matters, (xvii) we may be
subject to losses that might not be covered in whole or in part by
existing insurance reserves or insurance coverage and general
insurance premium and deductible increases, (xviii) our business
depends on the uninterrupted operations of our facilities, systems
and business functions, including our information technology and
other business systems, (xix) a security breach of customer,
employee, supplier or Company information and data privacy risks
and costs of compliance with new regulations may have a material
adverse effect on our business, financial condition, results of
operations and cash flows, (xx) we could be subject to changes to
our tax rates, the adoption of new U.S. or foreign tax legislation
or exposure to additional tax liabilities, (xxi) full realization
of our deferred tax assets may be affected by a number of factors,
(xxii) we have a significant amount of goodwill and long-lived
assets which, if impaired in the future, would adversely impact our
results of operations, (xxiii) 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, (xxiv) changing climate, global climate
change regulations and greenhouse gas effects may adversely affect
our operations and financial performance, (xxv) we may be unable to
achieve our greenhouse gas emission reduction targets by 2030,
(xxvi) legislation/regulation related to environmental and health
and safety matters and corporate social responsibility could
negatively impact our operations and financial performance, (xxvii)
product liability claims and other legal proceedings could
adversely affect our operations and financial performance, (xxviii)
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.
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, as updated by our Form 10-Qs filed after
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. This release reflects management’s views as of November 8,
2023. Except to the extent required by applicable law, we undertake
no obligation to update or revise any forward-looking
statements.
About Greif, Inc.
Greif is a global leader in industrial packaging products and
services and is pursuing its vision: be the best performing
customer service company in the world. The Company produces steel,
plastic and fibre drums, intermediate bulk containers,
reconditioned containers, jerrycans and other small plastics,
containerboard, uncoated recycled paperboard, coated recycled
paperboard, tubes and cores and a diverse mix of specialty
products. The Company also manufactures packaging accessories and
provides filling, packaging and other services for a wide range of
industries. In addition, Greif manages timber properties in the
southeastern United States. The Company is strategically
positioned in over 35 countries to serve global as well as regional
customers. Additional information is on the Company's website at
www.greif.com.
Contact:
Matt Leahy740-549-6158matthew.leahy@greif.com
1. Fiscal 2023 Adjusted EBITDA guidance on a GAAP basis 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: restructuring-related activities; integration
related costs; non-cash pension settlement charges; non-cash asset
impairment charges due to unanticipated changes in the business;
gains or losses on the disposal of businesses or properties, plants
and equipment, net. No reconciliation of the fiscal 2023 Adjusted
EBITDA guidance, a non-GAAP financial measure which excludes
restructuring charges, integration costs, non-cash asset impairment
charges, non-cash pension settlement charges, (gain) loss on the
disposal of properties, plants, equipment and businesses, net, 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.
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