Greif, Inc., a world leader in industrial packaging products and services based in Delaware, announced second quarter 2019 results on Wednesday.
Second Quarter Highlights include (all results compared to the second quarter of 2018 unless otherwise noted):
- Net sales increased by $245.0 million to $1,213.3 million.
- Gross profit increased by $53.4 million to $248.7 million.
- Net income of $13.6 million or $0.23 per diluted Class A share decreased compared to net income of $45.1 million or $0.77 per diluted Class A share. Net income, excluding the impact of adjustments(1), of $47.6 million or $0.81 per diluted Class A share increased compared to net income, excluding the impact of adjustments, of $44.7 million or $0.76 per diluted Class A share. Adjusted EBITDA(2)increased by $38.7 million to $162.0 million.
- Net cash provided by operating activities increased by $4.0 million to $62.2 million. Adjusted Free Cash Flow(3) increased by $16.2 million to $46.1 million.
- 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 segment since that date.
- Identified $15.0 million of new estimated run-rate synergies related to the Caraustar acquisition. The company now estimates that it will be able to achieve at least $60.0 million of run rate synergies over the 36 months from deal close.
The full news release can be read at this location.
