Greif, Inc 10-Q for FY2025 Q1

Greif, Inc (GEF)

10-Q 2025-02-27 For: 2025-01-31

Added on April 06, 2026

About this 10-Q

Greif, Inc filed this 10-Q on February 27, 2025, covering the quarter ended January 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended January 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.27B; up 5.0% from $1.21B a year earlier
Net income: $8.6M; down 87.2% from net income of $67.2M a year earlier

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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)


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


Class A Common Stock			26,105,959 shares
Class B Common Stock			21,331,127 shares


Item		Page
	Part I. Financial Information
1	Financial Statements	3
	Condensed Consolidated Statements of Income for the Three Months Ended Janu a r y 31, 202 5 and 202 4 (Unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended January 31, 202 5 and 202 4 (Unaudited)	4
	Condensed Consolidated Balance Sheets at January 31, 202 5 (Unaudited) and October 31, 202 4	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended January 31, 202 5 and 202 4 (Unaudited)	7
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended January 31, 2025 and 2024 (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
4	Controls and Procedures	37

	Part II. Other Information
1A	Risk Factors	38
6	Exhibits	38
	Signatures	39


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


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


	Three Months Ended January 31,
(in millions, except per share amounts)	2025		2024
Net sales	$	1,265.8	$	1,205.8
Cost of products sold	1,020.3		984.2
Gross profit	245.5		221.6
Selling, general and administrative expenses	167.7		145.8
Acquisition and integration related costs	2.2		2.6
Restructuring charges	2.7		5.7

Non-cash asset impairment charges	13.7		1.3
Gain on disposal of properties, plants and equipment, net	(1.6)		(2.7)
Loss on disposal of businesses, net	0.9		—
Operating profit	59.9		68.9
Interest expense, net	37.7		24.2


Other expense, net	0.4		9.1
Income before income tax expense and equity earnings of unconsolidated affiliates, net	21.8		35.6
Income tax expense (benefit)	7.8		(38.2)
Equity earnings of unconsolidated affiliates, net of tax	(0.4)		(0.5)
Net income	14.4		74.3
Net income attributable to noncontrolling interests	(5.8)		(7.1)
Net income attributable to Greif, Inc.	$	8.6	$	67.2
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	0.15	$	1.17
Class B common stock	$	0.22	$	1.75
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	0.15	$	1.17
Class B common stock	$	0.22	$	1.75
Weighted-average number of Class A common shares outstanding:
Basic	25.9		25.5
Diluted	26.0		25.6
Weighted-average number of Class B common shares outstanding:
Basic	21.3		21.3
Diluted	21.3		21.3
Cash dividends declared per common share:
Class A common stock	$	0.54	$	0.52
Class B common stock	$	0.80	$	0.77


	Three Months Ended January 31,
(in millions)	2025		2024
Net income	$	14.4	$	74.3
Other comprehensive income (loss), net of tax:
Foreign currency translation	(41.0)		27.6
Derivative financial instruments	8.8		(36.2)
Minimum pension liabilities	2.4		(2.7)
Other comprehensive loss, net of tax	(29.8)		(11.3)
Comprehensive (loss) income	(15.4)		63.0
Comprehensive income attributable to noncontrolling interests	5.5		7.1
Comprehensive (loss) income attributable to Greif, Inc.	$	(20.9)	$	55.9


(in millions)	January 31, 2025		October 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	201.1	$	197.7
Trade accounts receivable, net of allowance	706.0		746.9
Inventories:
Raw materials	312.5		299.6

Finished goods	104.2		99.9
Assets held for sale	4.2		3.1

Prepaid expenses	86.0		55.8
Other current assets	183.1		146.4
	1,597.1		1,549.4
Long-term assets
Goodwill	1,941.6		1,953.7
Other intangible assets, net of amortization	908.3		937.1
Deferred tax assets	32.6		36.9

Pension assets	46.9		46.0
Operating lease right-of-use assets	269.7		284.5
Finance lease right-of-use assets	37.0		38.4
Other long-term assets	135.2		149.5
	3,371.3		3,446.1
Properties, plants and equipment
Timber properties, net of depletion	231.4		231.2
Land	155.5		158.0
Buildings	584.4		605.6
Machinery and equipment	2,290.6		2,308.7
Capital projects in progress	169.0		159.6
	3,430.9		3,463.1
Accumulated depreciation	(1,813.6)		(1,811.0)
	1,617.3		1,652.1
Total assets	$	6,585.7	$	6,647.6


	Three Months Ended January 31,
(in millions)	2025		2024
Cash flows from operating activities:
Net income	14.4		$	74.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	66.6		60.4
Non-cash asset impairment charges	13.7		1.3

Gain on disposals of properties, plants and equipment, net	(1.6)		(2.7)
Loss on disposals of businesses, net	0.9		—

Unrealized foreign exchange loss	0.5		7.6
Deferred income tax benefit	(0.6)		(49.2)


Non-cash lease expense	14.6		12.2
Other, net	0.4		0.5
Increase (decrease) in cash from changes in certain assets and liabilities, net of impacts from acquisitions:
Trade accounts receivable	31.9		21.5
Inventories	(21.5)		(28.0)

Accounts payable	(33.5)		(21.1)
Restructuring reserves	—		0.2
Operating leases	(14.6)		(12.5)
Pension and post-retirement benefit liabilities	(1.8)		(3.3)
Other, net	(100.2)		(56.7)
Net cash (used in) provided by operating activities	(30.8)		4.5
Cash flows from investing activities:
Purchases of business, net of cash acquired	(4.6)		—

Purchases of properties, plants and equipment	(35.7)		(55.6)
Purchases of timber properties	(1.6)		(1.8)





Payments for deferred purchase price of acquisitions	(1.2)		(1.2)
Proceeds from the sale of properties, plants, equipment and other assets	2.5		5.0
Payments for the sale of businesses	(0.9)		—

Proceeds from hedging derivatives	22.5		—

Net cash used in investing activities	(19.0)		(53.6)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	724.9		529.1
Payments on long-term debt	(570.5)		(419.2)

Payments on short-term borrowings, net	(2.1)		12.7
Proceeds from trade accounts receivable credit facility	7.4		0.7
Payments on trade accounts receivable credit facility	(55.9)		(49.2)


Dividends paid to Greif, Inc. shareholders	(31.0)		(29.7)
Dividends paid to noncontrolling interests	(2.0)		—



Tax withholding payments for stock-based awards	(6.4)		(6.8)

Other, net	(1.9)		(1.5)

Net cash provided by financing activities	62.5		36.1

Effects of exchange rates on cash	(9.3)		11.4
Net increase (decrease) in cash and cash equivalents	3.4		(1.6)
Cash and cash equivalents at beginning of period	197.7		180.9
Cash and cash equivalents at end of period	$	201.1	$	179.3


	Three Months Ended January 31, 2025
	Common Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Greif, Inc. Equity		Non controlling interests		Total Equity
(in millions, except for shares which are in thousands)	Common Shares	Amount		Treasury Shares	Amount
As of October 31, 2024	47,181	$	230.3	29,661	$	(279.0)	$	2,486.2	$	(355.1)	$	2,082.4	$	35.1	$	2,117.5
Net income							8.6				8.6		5.8		14.4
Other comprehensive income (loss):
Foreign currency translation									(40.7)		(40.7)		(0.3)		(41.0)
Derivative financial instruments, net of $2.8 million of income tax benefit									8.8		8.8				8.8
Minimum pension liability adjustment, net of $0.0 million income tax expense									2.4		2.4				2.4
Comprehensive loss				.							(20.9)				(15.4)
Current period mark to redemption value of redeemable noncontrolling interest							(2.1)				(2.1)				(2.1)
Net income allocated to redeemable noncontrolling interests											—		(1.5)		(1.5)
Dividends paid to Greif, Inc. shareholders ($0.54 and $0.80 per Class A share and Class B share, respectively)							(31.0)				(31.0)				(31.0)
Dividends paid to noncontrolling interests and other											—		(0.6)		(0.6)

Colleague stock purchase plan	45	2.1		(45)	0.3						2.4				2.4

Long-term incentive shares issued	211	6.6		(211)	1.7						8.3				8.3
Share based compensation	—	1.3		—	—						1.3				1.3


As of January 31, 2025	47,437	$	240.3	29,405	$	(277.0)	$	2,461.7	$	(384.6)	$	2,040.4	$	38.5	$	2,078.9


	Three Months Ended January 31, 2024
	Common Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Greif, Inc. Equity		Non controlling interests		Total Equity
(in millions, except for shares which are in thousands)	Common Shares	Amount		Treasury Shares	Amount
As of October 31, 2023	46,805	$	208.4	30,037	$	(281.9)	$	2,337.9	$	(316.5)	$	1,947.9	$	38.4	$	1,986.3
Net income							67.2				67.2		7.1		74.3
Other comprehensive income (loss):
Foreign currency translation									27.6		27.6		—		27.6
Derivative financial instruments, net of $11.9 million income tax expense									(36.2)		(36.2)				(36.2)
Minimum pension liability adjustment, net of $0.1 million income tax benefit									(2.7)		(2.7)				(2.7)
Comprehensive income											55.9				63.0

Current period mark to redemption value of redeemable noncontrolling interest							2.3				2.3				2.3
Net income allocated to redeemable noncontrolling interests											—		(1.6)		(1.6)
Dividends paid to Greif, Inc. shareholders ($0.52 and $0.77 per Class A share and Class B share, respectively)							(29.7)				(29.7)				(29.7)


Colleague stock purchase plan	33	1.8		(33)	0.2						2.0				2.0

Long-term incentive shares issued	283	10.5		(283)	2.2						12.7				12.7
Share based compensation	—	1.4		—	—						1.4				1.4


As of January 31, 2024	47,121	$	222.1	29,721	$	(279.5)	$	2,377.7	$	(327.8)	$	1,992.5	$	43.9	$	2,036.4


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration	$	582.1	$	—	$	582.1

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	14.5	$	—	$	14.5
Accounts receivable	50.9		—		50.9
Inventories	36.7		—		36.7
Other current assets	4.9		(0.6)		4.3
Intangibles	231.7		1.4		233.1
Operating lease right-of-use assets	15.1		2.4		17.5
Finance lease right-of-use assets	8.2		2.2		10.4
Other long-term assets	1.0		—		1.0
Properties, plants and equipment	91.5		(2.9)		88.6
Total assets acquired	454.5		2.5		457.0

Accounts payable	(17.2)		—		(17.2)

Short-term borrowings	(26.2)		—		(26.2)
Other current liabilities	(13.2)		0.1		(13.1)

Operating lease liabilities	(14.2)		(3.3)		(17.5)
Finance lease liabilities	(10.0)		(0.5)		(10.5)
Long-term deferred tax liability	(62.1)		(0.5)		(62.6)
Other long-term liabilities	(5.3)		(2.5)		(7.8)
Total liabilities assumed	(148.2)		(6.7)		(154.9)
Total identifiable net assets	$	306.3	(4.2)		302.1
Goodwill	$	275.8	$	4.2	$	280.0


(in millions)	Purchase Price Allocation		Weighted Average Estimated Useful Life
Customer relationships	$	183.8	13.5
Developed technology	39.0		8.0
Trademarks	10.3		5.0
Total intangible assets	$	233.1


(in millions)	Global Industrial Packaging		Paper Packaging & Services		Customized Polymer Solutions		Durable Metal Solutions		Sustainable Fiber Solutions		Integrated Solutions		Total
Balance at October 31, 2024	$	1,148.3	$	805.4	$	—	$	—	$	—	$	—	$	1,953.7
Segment recast	(1,148.3)		(805.4)		607.9		401.8		774.1		169.9		—
Goodwill acquired	—		—		11.2		—		—		—		11.2



Currency translation	—		—		(10.1)		(10.9)		—		(2.3)		(23.3)
Balance at January 31, 2025	$	—	$	—	$	609.0	$	390.9	$	774.1	$	167.6	$	1,941.6


(in millions)	January 31, 2025		October 31, 2024
2022 Credit Agreement - Term Loans	$	1,685.4	$	1,707.4
2023 Credit Agreement - Term Loan	286.9		288.8

Accounts receivable credit facilities	—		357.9
2022 Credit Agreement - Revolving Credit Facility	552.0		373.7
Other debt	—		1.3
	2,524.3		2,729.1
Less: current portion	95.8		95.8
Less: deferred financing costs	6.3		7.1
Long-term debt, net	$	2,422.2	$	2,626.2


	Three Months Ended January 31, 2025
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Customized Polymer Solutions	$	125.8	$	116.7	$	52.6	$	295.1
Durable Metal Solutions	63.1		194.0		85.1		342.2
Sustainable Fiber Solutions	550.0		0.3		11.1		561.4
Integrated Solutions	49.9		9.7		7.5		67.1
Total net sales	$	788.8	$	320.7	$	156.3	$	1,265.8


(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2024	$	4.8	$	0.1	$	4.9
Costs incurred and charged to expense	2.0		0.7		2.7
Costs paid or otherwise settled	(2.2)		(0.5)		(2.7)
Balance at January 31, 2025	$	4.6	$	0.3	$	4.9


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the Three Months Ended January 31, 2025		Amounts Remaining to be Incurred
Customized Polymer Solutions
Employee separation costs	$	0.7	$	0.4	$	0.3
Other restructuring costs	0.4		0.1		0.3
	1.1		0.5		0.6
Durable Metal Solutions
Employee separation costs	2.5		0.4		$	2.1
Other restructuring costs	0.8		0.1		0.7
	3.3		0.5		2.8
Sustainable Fiber Solutions
Employee separation costs	8.3		1.1		$	7.2
Other restructuring costs	21.7		0.5		21.2
	30.0		1.6		28.4
Integrated Solutions
Employee separation costs	0.3		0.1		0.2
Other restructuring costs	1.3		—		1.3
	1.6		0.1		1.5
	$	36.0	$	2.7	$	33.3


	January 31, 2025
	Assets								Liabilities
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivatives	$	—	$	41.5	$	—	$	41.5	$	—	$	(2.7)	$	—	$	(2.7)
Foreign exchange hedges	—		0.4		—		0.4		—		(0.3)		—		(0.3)
Insurance annuity	—		—		18.2		18.2		—		—		—		—
Cross currency swap	—		5.3		—		5.3		—		(4.6)		—		(4.6)

	October 31, 2024
	Assets								Liabilities
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivatives	$	—	$	40.4	$	—	$	40.4	$	—	$	(5.6)	$	—	$	(5.6)
Foreign exchange hedges	—		0.2		—		0.2		—		(0.1)		—		(0.1)
Insurance annuity	—		—		18.9		18.9		—		—		—		—
Cross currency swap	—		17.6		—		17.6		—		(6.4)		—		(6.4)


	Authorized Shares	Issued Shares	Outstanding Shares	Treasury Shares
January 31, 2025
Class A Common Stock	128,000,000	42,281,920	26,105,959	16,175,961
Class B Common Stock	69,120,000	34,560,000	21,331,127	13,228,873

October 31, 2024
Class A Common Stock	128,000,000	42,281,920	25,850,270	16,431,650
Class B Common Stock	69,120,000	34,560,000	21,331,127	13,228,873


(in millions)	Foreign Currency Translation		Derivative Financial Instruments		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance as of October 31, 2024	$	(314.1)	$	33.9	$	(74.9)	$	(355.1)
Other comprehensive income (loss)	(40.7)		8.8		2.4		(29.5)
Balance as of January 31, 2025	$	(354.8)	$	42.7	$	(72.5)	$	(384.6)


(in millions)	Foreign Currency Translation		Derivative Financial Instruments		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance as of October 31, 2023	$	(317.7)	$	71.7	$	(70.5)	$	(316.5)
Other comprehensive income (loss)	27.6		(36.2)		(2.7)		(11.3)

Balance as of January 31, 2024	$	(290.1)	$	35.5	$	(73.2)	$	(327.8)


Three Months Ended January 31, (in millions)	2025		2024
Net cash (used in) provided by operating activities	$	(30.8)	$	4.5
Net cash used in investing activities	(19.0)		(53.6)
Net cash provided by financing activities	62.5		36.1
Effects of exchange rates on cash	(9.3)		11.4
Net increase (decrease) in cash and cash equivalents	3.4		(1.6)
Cash and cash equivalents at beginning of year	197.7		180.9
Cash and cash equivalents at end of period	$	201.1	$	179.3


Exhibit No.						Description of Exhibit

31.1						Certification of Chief Executive Officer Pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934.

31.2						Certification of Chief Financial Officer Pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934.

32.1						Certification of Chief Executive Officer required by Rule 13a —14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code.

32.2						Certification of Chief Financial Officer required by Rule 13a — 14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code.

101						The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2025, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income (ii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Cash Flows (v) Condensed Consolidated Statements of Changes in Shareholders’ Equity and (vi) Notes to Condensed Consolidated Financial Statements.


						GREIF, INC.
						(Registrant)

Date: February 27, 2025						/s/ LAWRENCE A. HILSHEIMER
						Lawrence A. Hilsheimer
						Executive Vice President and Chief Financial Officer


Date: February 27, 2025									/s/ OLE G. ROSGAARD
									Ole G. Rosgaard, President and Chief Executive Officer (Principal Executive Officer)


Date: February 27, 2025									/s/ LAWRENCE A. HILSHEIMER
									Lawrence A. Hilsheimer, Executive Vice President and Chief Financial Officer (Principal Financial Officer)


Date: February 27, 2025									/s/ OLE G. ROSGAARD
									Ole G. Rosgaard,
									President and Chief Executive Officer


Date: February 27, 2025									/s/ LAWRENCE A. HILSHEIMER
									Lawrence A. Hilsheimer,
									Executive Vice President and Chief Financial Officer