US – American manufacturing company, Greif has reported US$1.62 billion in revenue for the third quarter (Q3) of fiscal 2022 (FY22), up from US$1.49 billion in the same period of fiscal 2021 (FY21).
For the three months to 31 July, net income attributable to the company was US$141.8 million, compared with a net income of US$113 million in Q3 2021.
Its diluted earnings for each Class A share also increased to US$2.36 against US$1.89 in the prior-year period.
Greif reported adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of US$251.0 million, up by US$13.2 million from US$237.8 million in the same quarter of FY21.
Net sales for the company’s Global Industrial Packaging segment dropped by US$1.1 million to US$906.7 million year-on-year.
The segment’s gross profit fell by US$21.7 million to US$177.7 million, while its operating profit decreased by US$14.8 million to US$107.2 million.
Driven by higher published containerboard and boxboard prices, net sales for Greif’s Paper Packaging & Services segment rose by US$131.4 million to US$710.2 million.
The segment’s gross profit also increased by US$49.3 million to US$167.3 million, while its operating profit rose to US$96.7 million.
Greif President and CEO Ole Rosgaard said: “Our team delivered an outstanding third-quarter financial result, remaining steadfast and execution-focused during a time of macroeconomic uncertainty.
“This commitment has led to a rock-solid balance sheet, record free cash flow generation, and EBITDA growth.”
Rosgaard added: “Our team has done an outstanding job transforming our business, as evidenced by volume growth compared to pre-pandemic 2019 volume levels, despite sequential declines from higher volumes last year.
“In addition to financial success, our teams have continued to deliver Legendary Customer Service, and made notable progress to further foster Thriving Communities at Greif and Protect Our Future through industry-leading sustainability practice.”
In January this year, Greif agreed to sell a 50% stake in its Flexible Packaging joint venture to plastic film manufacturer Gulf Refined Packaging.
Roel Vestjens elected to the Board of Directors
Meanwhile, the company has also announced the addition of Roel Vestjens to the Greif Board of Directors.
“We are pleased to welcome this talented and experienced leader to the Board of Directors,” said Pete Watson, Executive Chairman of the Greif Board of Directors.
“His diverse leadership experiences and global viewpoint will bring a wealth of expertise to Greif and will add tremendous value to our Company.”
Mr. Vestjens is the current President and Chief Executive Officer of Belden Inc. During his tenure with Belden, he has held a diverse array of global leadership roles in sales, marketing, operations, and general management.
Prior to joining Belden, Mr. Vestjens held various sales and marketing leadership roles with Royal Philips Electronics European division.
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