Greif, Inc. (NYSE:GEF) stock identified change of 8.37% away from 52-week low price and recently located move of -44.68% off 52-week high price. The company has 32.30% of outstanding shares and 1.821B shares were floated in the market.
Greif, Inc. (GEF, GEF.B) recently reported second quarter 2019 results.
Second Quarter Highlights include (all results contrast to the second quarter of 2018 unless otherwise noted):
- Net sales raised by $245.0M to $1,213.3M.
- Gross profit raised by $53.4M to $248.7M.
- Net income of $13.6M or $0.23 per diluted Class A share reduced contrast to net income of $45.1M or $0.77 per diluted Class A share. Net income, not including the impact of adjustments(1), of $47.6M or $0.81 per diluted Class A share raised contrast to net income, not including the impact of adjustments, of $44.7M or $0.76per diluted Class A share. Adjusted EBITDA(2) raised by $38.7M to $162.0M.
- Net cash provided by operating activities raised by $4.0M to $62.2M. Adjusted Free Cash Flow(3) raised by $16.2M to $46.1M.
- Completed the acquisition of Caraustar Industries, Inc. (“Caraustar”), on February 11, 2019 and included the results of Caraustar in the Company’s financial results under the Paper Packaging & Services section since that date.
- Identified $15.0M of new estimated run-rate synergies related to the Caraustar acquisition. The company now estimates that it will be able to achieve at least $60.0M of run rate synergies over the 36 months from deal close.
Rigid Industrial Packaging & Services
Net sales reduced by $31.1M to $631.6M. Net sales not including foreign currency translation raised by $2.3M due primarily to a 3.9 percent raise in selling prices on our primary products as a result of planned pricing decisions, partially offset by continued softness in Western/Central Europe, APAC and the U.S. Gulf Coast.
Gross profit reduced by $3.9M to $121.0M. The decrease in gross profit was primarily Because of the same factors that influenced net sales.
Operating profit reduced by $0.2M to $47.0M. Adjusted EBITDA reduced by $2.7M to $68.9MBecause of the same factors that influenced net sales, partially offset by a reduction in section SG&A expense.
Paper Packaging & Services
Net sales raised by $283.7M to $497.6M. The raise in sales was primarily Because of $293.3M of contribution from the purchased Caraustar operations, partially offset by the impact of about 27,000 tons of economic downtime taken across the Company’s container-board operations during the quarter.
Gross profit raised by $58.4M to $108.3M. The raise in gross profit was primarily Because of $56.3M of contribution from the purchased Caraustar operations, as well as more favorable price/cost mix. Gross profit was influenced by a one-time $9.0M acquisition inventory step-up charge that was about $2.0M higher than initially contemplated in post-acquisition guidance.
Operating profit reduced by $2.8M to $30.2M. Adjusted EBITDA raised by $41.0M to $82.1M primarily
Because of $34.9M of contribution from
the purchased Caraustar operations.Greif, Inc.’s (GEF) moved with change of +0.28% to $32.64 with the
total traded volume of 429,057 shares in recent session versus to an average
volume of 240,944. After opening the first trading session at $33.11, it
registered a day’s high of $33.61 and touched a day’s low of $32.30.
Eric Cooper – Financial Results
I am Eric Cooper I have completed my bachelor’s degree in English literature and a master’s degree in Business. I love to write about Business and Finance. I had seven years of writing experience which include articles, web content, and blogs. I always love to play with work, in both my career and education. I also had teaching experience of 3 years at the renowned university to teach business and technical writing and currently working as an instructor and training writer and designer. I am incredibly social, and I love to travel and explore the world.
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