Greif Q3 sales rise to $1.45 billion, but adjusted EBITDA falls 14.5%
Greif reported fiscal third-quarter 2024 results for the period ended July 31, 2024. Net sales rose to $1,454.2 million, but net income attributable to Greif fell 3.5% to $87.1 million, and adjusted EBITDA fell 14.5% to $193.7 million, while net debt rose $701.5 million to $2,715.3 million, which matters to shareholders because it increases financial leverage even as the company raised its quarterly dividend.
- Net sales increased to $1,454.2 million from $1,330.3 million a year earlier, mainly on higher average selling prices and volumes.
- Diluted earnings per Class A share were $1.50, versus $1.55 a year earlier; excluding adjustments, they were $1.03, versus $1.75.
- Net debt rose to $2,715.3 million and the leverage ratio increased to 3.66x from 2.17x in the prior-year quarter.
- The Board declared a quarterly dividend of $0.54 per Class A share, up 2 cents from the prior quarter, payable October 1, 2024.