gef-20240131

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-00566

GREIF, INC.

(Exact name of registrant as specified in its charter)


Delaware			31-4388903
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


425 Winter Road, Delaware Ohio			43015
(Address of principal executive offices)			(Zip Code)

(Registrant’s telephone number, including area code: (740) 549-6000

Former name, former address and former fiscal year, if changed since last report: Not Applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock	GEF	New York Stock Exchange
Class B Common Stock	GEF-B	New York Stock Exchange

The number of shares outstanding of each of the issuer’s classes of common stock as of the close of business on February 26, 2024:


Class A Common Stock			25,790,029 shares
Class B Common Stock			21,331,127 shares

Table of Content


Item		Page
	Part I. Financial Information
1	Financial Statements	3
	Condensed Consolidated Statements of Income for the Three Months Ended January 31, 202 4 and 202 3 (Unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended January 31, 2024 and 2023 (Unaudited)	4
	Condensed Consolidated Balance Sheets at January 31, 202 4 (Unaudited) and October 31, 202 3	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2024 and 2023 (Unaudited)	7
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended January 31, 2024 and 2023 (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
4	Controls and Procedures	36

	Part II. Other Information
1A	Risk Factors	37
6	Exhibits	37
	Signatures	38

Table of Content

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended January 31,
(in millions, except per share amounts)	2024		2023
Net sales	$	1,205.8	$	1,271.0
Cost of products sold	984.2		1,019.4
Gross profit	221.6		251.6
Selling, general and administrative expenses	145.8		139.4
Acquisition and integration related costs	2.6		7.5
Restructuring charges	5.7		2.4

Non-cash asset impairment charges	1.3		0.5
Gain on disposal of properties, plants and equipment, net	(2.7)		—
Gain on disposal of businesses, net	—		(54.6)
Operating profit	68.9		156.4
Interest expense, net	24.2		22.8


Other expense, net	9.1		3.3
Income before income tax expense and equity earnings of unconsolidated affiliates, net	35.6		130.3
Income tax (benefit) expense	(38.2)		37.7
Equity earnings of unconsolidated affiliates, net of tax	(0.5)		(0.5)
Net income	74.3		93.1
Net income attributable to noncontrolling interests	(7.1)		(3.2)
Net income attributable to Greif, Inc.	$	67.2	$	89.9
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	1.17	$	1.55
Class B common stock	$	1.75	$	2.31
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	1.17	$	1.54
Class B common stock	$	1.75	$	2.31
Weighted-average number of Class A common shares outstanding:
Basic	25.5		25.7
Diluted	25.6		25.8
Weighted-average number of Class B common shares outstanding:
Basic	21.3		21.7
Diluted	21.3		21.7
Cash dividends declared per common share:
Class A common stock	$	0.52	$	0.50
Class B common stock	$	0.77	$	0.74

See accompanying Notes to Condensed Consolidated Financial Statements

Table of Content

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	Three Months Ended January 31,
(in millions)	2024		2023
Net income	$	74.3	$	93.1
Other comprehensive income (loss), net of tax:
Foreign currency translation	27.6		51.3
Derivative financial instruments	(36.2)		(25.7)
Minimum pension liabilities	(2.7)		(2.4)
Other comprehensive income (loss), net of tax	(11.3)		23.2
Comprehensive income	63.0		116.3
Comprehensive income attributable to noncontrolling interests	7.1		3.5
Comprehensive income attributable to Greif, Inc.	$	55.9	$	112.8

See accompanying Notes to Condensed Consolidated Financial Statements

Table of Content

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(in millions)	January 31, 2024		October 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	179.3	$	180.9
Trade accounts receivable, net of allowance	639.2		659.4
Inventories:
Raw materials	282.4		255.8

Finished goods	86.1		82.8
Assets held for sale	5.4		5.0

Prepaid expenses	66.5		46.0
Other current assets	130.4		139.2
	1,389.3		1,369.1
Long-term assets
Goodwill	1,704.1		1,693.0
Other intangible assets, net of amortization	773.5		792.2
Deferred tax assets	23.5		22.9

Pension assets	38.2		36.2
Operating lease right-of-use assets	298.0		290.3
Finance lease right-of-use assets	31.2		30.5

SEC Form 10-Q filed by Greif Inc.