DELAWARE, Ohio - Greif, Inc. (NYSE:GEF) reported fiscal third quarter 2024 earnings that surpassed analyst estimates, as the industrial packaging company saw higher sales volumes across all regions despite uncertain global markets. The company also announced a dividend increase.
Greif posted adjusted earnings per share of $1.03, beating the analyst consensus of $1.15 by $0.35. Revenue came in at $1.45 billion, topping expectations of $1.37 billion.
"We are proud to present another solid quarter of performance for Greif," stated CEO Ole Rosgaard. "While global markets remain uncertain, our diligence in maintaining close contact with our customers has resulted in positive volume momentum in all regions."
Net sales in the Global Industrial Packaging (NYSE:PKG) segment increased 11% YoY to $846 million, driven by higher average selling prices, higher volumes, and contributions from recent acquisitions. The Paper Packaging & Services segment saw net sales rise 7% to $603.6 million.
Greif's Board of Directors declared a quarterly cash dividend increase of 2 cents per share on Class A Common Stock and 3 cents per share on Class B Common Stock.
For fiscal 2024, the company expects adjusted EBITDA between $675-$725 million and adjusted free cash flow of $175-$225 million.
The company also announced it completed the divestment of its US-based subsidiary Delta Petroleum Company on July 31, using the proceeds to accelerate debt paydown. Greif said this move aligns with its strategy to focus on growing its resin-based industrial products portfolio.
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