Delaware | 001-00566 | 31-4388903 | |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |
425 Winter Road, Delaware, Ohio | 43015 | ||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
(i) | the Company's consolidated operating profit, before special items, for the fiscal year 2018 and the fiscal year 2017, which is equal to the Company's consolidated operating profit for the applicable period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, less gains on disposal of properties, plants, equipment and businesses, net, each on a consolidated basis for the applicable period; |
(ii) | the Company's net income, excluding the impact of special items, for the fiscal year 2018 and the fiscal year 2017, which is equal to the Company's consolidated net income for the applicable period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, less the provisional net tax benefit resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”), each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period; |
(iii) | the Company's earnings per diluted class A share, excluding the impact of special items, for the fiscal year 2018 and fiscal year 2017, which is equal to earnings per diluted class A share of the Company for the applicable period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, less the provisional net tax benefit resulting from the Tax Reform Act, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period; |
(iv) | the Company’s consolidated free cash flow excluding the additional U.S. pension contribution for the fiscal year 2018 and the fiscal year 2017, which is equal to the Company’s consolidated net cash provided by operating activities for the applicable period plus the $65.0 million contribution by the Company during the third quarter of 2018 to its U.S. defined benefit plan less cash paid for purchases of properties, plants and equipment for the applicable period; |
(v) | the Company's consolidated operating profit, before special items, for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to the Company's consolidated operating profit for the applicable period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, less gains on disposal of properties, plants, equipment and businesses, net, each on a consolidated basis for the applicable period; |
(vi) | the Company's net income, excluding the impact of special items, for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to the Company's consolidated net income for the applicable period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, plus the provisional net tax benefit resulting from the Tax Reform Act, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period; |
(vii) | the Company's earnings per diluted class A share, excluding the impact of special items, for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to earnings per diluted class A share of the Company for the applicable period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, plus the provisional net tax benefit resulting from the Tax Reform Act, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period; |
(viii) | net sales excluding foreign currency translation for the Company's Rigid Industrial Packaging & Services business segment for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to that business segment's net sales for the applicable quarter, after adjusting such sales for the fourth quarter of 2018 for foreign currency translation; |
(ix) | operating profit before special items for the Company’s Rigid Industrial Packaging & Services business segment for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to that business segment’s operating profit plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, less gains on disposal of properties, plants, equipment and businesses, net, each for the applicable period; |
(x) | operating profit before special items for the Company’s Paper Packaging & Services business segment for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to that business segment’s operating profit plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, less gains on disposal of properties, plants, equipment and businesses, net, each for the applicable period; |
(xi) | net sales excluding foreign currency translation for the Company's Flexible Products & Services business segment for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to that business segment's net sales for the applicable quarter, after adjusting such sales for the fourth quarter of 2018 for foreign currency translation; |
(xii) | operating profit before special items for the Company’s Flexible Products & Services business segment for the fourth quarter of 2018 and the fourth quarter of 2017, which is equal to that business segment’s operating profit plus restructuring charges, less gains on disposal of properties, plants, equipment and businesses, net, each for the applicable period; and |
(xiii) | the Company's income tax rate, excluding the impact of special items, for the fourth quarter of 2018, which is equal to the Company's consolidated tax expense for such period plus the tax expense (benefit) of restructuring charges, plus the tax expense (benefit) of acquisition-related costs, plus the tax expense (benefit) of non-cash asset impairment charges, plus the provisional net tax benefit resulting from the Tax Reform Act, plus the tax expense (benefit) of non-cash pension settlement charges, less the tax expense (benefit) of gains on disposal of properties, plants, equipment and businesses, net, divided by the Company's consolidated income before income tax expense and equity earnings of unconsolidated affiliates, net for such period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, plus the provisional net tax benefit resulting from the Tax Reform Act, each on a consolidated basis for such period. |
(i) | the Company's fiscal year 2019 tax rate guidance, excluding the impact of special items, which is equal to the Company's consolidated tax expense for such period plus the tax expense (benefit) of restructuring charges, plus the tax expense (benefit) of acquisition-related costs, plus the tax expense (benefit) of non-cash asset impairment charges, plus the provisional net tax benefit resulting from the Tax Reform Act, plus the tax expense (benefit) of non-cash pension settlement charges, less the tax expense (benefit) of gains on disposal of properties, plants, equipment and businesses, net, divided by the Company's consolidated income before income tax expense and equity earnings of unconsolidated affiliates, net for such period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, less gains on disposal of properties, plants, equipment and businesses, net, each on a consolidated basis for such period; |
(ii) | the Company's fiscal year 2019 Class A earnings per share before special items guidance, which is equal to earnings per diluted class A share of the Company for such period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus the provisional net tax benefit resulting from the Tax Reform Act, less gains on disposal of properties, plants, equipment and businesses, net, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for such period; and |
(iii) | the Company's fiscal year 2019 adjusted free cash flow guidance, which is equal to the Company's consolidated net cash provided by operating activities, plus beneficial interest in transferred receivables less cash paid for purchases of properties, plants and equipment. |
Item 7.01. | Regulation FD Disclosure. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description |
Press release issued by Greif, Inc. on December 5, 2018 announcing the financial results for its fiscal year and fourth quarter ended October 31, 2018. | |
File transcript of conference call with interested investors and financial analysts held by management of Greif, Inc. on December 6, 2018. |
GREIF, INC. | ||
Date: December 11, 2018 | By | /s/ Lawrence A. Hilsheimer |
Lawrence A. Hilsheimer, Executive Vice President and Chief Financial Officer |
• | Net sales increased by $235.6 million to $3,873.8 million. |
• | Gross profit increased by $74.2 million to $788.9 million. |
• | Operating profit increased by $71.0 million to $370.5 million, and operating profit before special items1 increased by $56.7 million to $391.7 million. |
• | Income tax expense increased by $6.1 million to $73.3 million, but our effective tax rate decreased from 33.6 percent to 24.4 percent. |
• | Net income of $209.4 million or $3.55 per diluted Class A share increased compared to net income of $118.6 million or $2.02 per diluted Class A share, despite the negative impact of foreign currency exchange. Net income, excluding the impact of special items, of $208.7 million or $3.53 per diluted Class A share increased compared to net income, excluding the impact of special items, of $173.1 million or $2.95 per diluted Class A share. |
• | Net cash provided by operating activities decreased by $52.0 million to $253.0 million. The $52.0 million decrease included a one-time $65.0 million U.S. pension contribution. Free cash flow excluding the additional U.S. pension contribution2 decreased by $30.4 million to $177.8 million primarily as a result of higher capital expenditures and the negative impact of foreign exchange on operating working capital and certain accruals of approximately $24.0 million. |
• | Net sales increased by $19.6 million to $987.7 million. |
• | Gross profit increased by $22.4 million to $204.8 million. |
• | Operating profit increased by $41.4 million to $103.3 million and operating profit before special items increased by $24.4 million to $113.3 million. |
• | Income tax expense increased by $36.9 million to $42.1 million. |
• | Net income of $40.1 million or $0.67 per diluted Class A share increased compared to net income of $33.3 million or $0.57 per diluted Class A share. Net income, excluding the impact of special items, of $64.3 million or $1.08 per diluted Class A share increased compared to net income, excluding the impact of special items, of $57.8 million or $0.98 per diluted Class A share. |
• | Net cash provided by operating activities decreased by $2.7 million to $197.2 million. |
(1) | A summary of all special items that are excluded from operating profit before special items, from net income before special items, and from earnings per diluted Class A share before special items is set forth in the Selected Financial Highlights table following the Dividend Summary in this release. |
(2) | Free cash flow excluding the additional U.S. pension contribution is defined as net cash provided by operating activities, excluding the additional one-time $65.0 million contribution made by the Company to its U.S. defined benefit plan (the “additional U.S. pension contribution”) during the third quarter of 2018, less cash paid for purchases of properties, plants and equipment. The additional U.S. pension contribution will provide certain tax advantages to the Company as a result of the Tax Cuts and Jobs Act ("Tax Reform Act"). |
Net Sales Impact - Primary Products | Rigid Industrial Packaging & Services | Paper Packaging & Services | Flexible Products & Services | |||||
% | % | % | ||||||
Currency Translation | (5.0 | )% | — | (3.8 | )% | |||
Volume | (3.8 | )% | 4.0 | % | 5.2 | % | ||
Selling Prices and Product Mix | 8.4 | % | 6.0 | % | 3.0 | % | ||
Total Impact of Primary Products | (0.4 | )% | 10.0 | % | 4.4 | % |
(in millions, except per share amounts) | Fiscal 2019 Outlook |
SG&A expense | $400 - $420 |
Depreciation & amortization expense | $125 - $130 |
Interest expense | $50 - $55 |
Other expense, net | $15 - $20 |
Net income attributable to noncontrolling interests | $18 - $22 |
Tax rate excluding the impact of special items | 28% - 32% |
Class A earnings per share before special items | $3.55 - $3.95 |
Capital expenditures | $130 - $150 |
Adjusted Free Cash Flow(6) | $175 - $205 |
(3) | Customer satisfaction index (CSI) tracks a variety of internal metrics designed to enhance the customer experience in dealing with Greif. |
(4) | Net Promoter Score (NPS) is derived from a survey conducted by a third party that measures how likely a customer is to recommend Greif as a business partner. NPS scores are calculated by subtracting the percentage of detractors a business has from the percentage of its promoters. |
(5) | Primary products are manufactured steel, plastic and fibre drums; intermediate bulk containers; linerboard, medium, corrugated sheets and corrugated containers; and 1&2 loop and 4 loop flexible intermediate bulk containers. |
(6) | Adjusted free cash flow is defined as net cash provided by operating activities, plus beneficial interest in transferred receivables, less cash paid for purchases of properties, plants and equipment. Management adopted this metric for fiscal 2019 in response to new accounting guidance published that reclassified certain cash flows related to the collection of certain receivables sold through the Company’s securitization program from operating activities to investing activities. |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions, except for per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Selected Financial Highlights | |||||||||||||||
Net sales | $ | 987.7 | $ | 968.1 | $ | 3,873.8 | $ | 3,638.2 | |||||||
Gross profit | 204.8 | 182.4 | 788.9 | 714.7 | |||||||||||
Gross profit margin | 20.7 | % | 18.8 | % | 20.4 | % | 19.6 | % | |||||||
Operating profit | 103.3 | 61.9 | 370.5 | 299.5 | |||||||||||
Operating profit before special items | 113.3 | 88.9 | 391.7 | 335.0 | |||||||||||
EBITDA(7) | 130.6 | 89.4 | 480.7 | 382.9 | |||||||||||
EBITDA before special items | 141.5 | 117.9 | 503.2 | 445.5 | |||||||||||
Net cash provided by operating activities | 197.2 | 199.9 | 253.0 | 305.0 | |||||||||||
Adjusted net cash provided by operating activities | 197.2 | 199.9 | 318.0 | 305.0 | |||||||||||
Free cash flow(8) | 149.0 | 168.2 | 112.8 | 208.2 | |||||||||||
Free cash flow excluding the additional U.S. pension contribution | 149.0 | 168.2 | 177.8 | 208.2 | |||||||||||
Net income attributable to Greif, Inc. | 40.1 | 33.3 | 209.4 | 118.6 | |||||||||||
Diluted Class A earnings per share attributable to Greif, Inc. | $ | 0.67 | $ | 0.57 | $ | 3.55 | $ | 2.02 | |||||||
Diluted Class A earnings per share attributable to Greif, Inc. before special items | $ | 1.08 | $ | 0.98 | $ | 3.53 | $ | 2.95 | |||||||
Special items | |||||||||||||||
Restructuring charges | $ | 4.8 | $ | 4.0 | $ | 18.6 | $ | 12.7 | |||||||
Acquisition-related costs | — | 0.7 | 0.7 | 0.7 | |||||||||||
Non-cash asset impairment charges | 4.2 | 14.9 | 8.3 | 20.8 | |||||||||||
Non-cash pension settlement charge | 0.9 | 1.5 | 1.3 | 27.1 | |||||||||||
(Gain) loss on disposal of properties, plants and equipment and businesses, net | 1.0 | 7.4 | (6.4 | ) | 1.3 | ||||||||||
Provisional tax net (benefit) expense resulting from the Tax Reform Act | 14.2 | — | (19.2 | ) | — | ||||||||||
Total special items | $ | 25.1 | $ | 28.5 | $ | 3.3 | $ | 62.6 | |||||||
October 31, 2018 | October 31, 2017 | ||||||||||||||
Operating working capital(9) | $ | 342.4 | $ | 327.3 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net sales | $ | 987.7 | $ | 968.1 | $ | 3,873.8 | $ | 3,638.2 | |||||||
Cost of products sold | 782.9 | 785.7 | 3,084.9 | 2,923.5 | |||||||||||
Gross profit | 204.8 | 182.4 | 788.9 | 714.7 | |||||||||||
Selling, general and administrative expenses | 91.5 | 94.2 | 397.9 | 380.4 | |||||||||||
Restructuring charges | 4.8 | 4.0 | 18.6 | 12.7 | |||||||||||
Non-cash asset impairment charges | 4.2 | 14.9 | 8.3 | 20.8 | |||||||||||
(Gain) loss on disposal of properties, plants and equipment, net | 1.9 | 3.5 | (5.6 | ) | (0.4 | ) | |||||||||
(Gain) loss on disposal of businesses, net | (0.9 | ) | 3.9 | (0.8 | ) | 1.7 | |||||||||
Operating profit | 103.3 | 61.9 | 370.5 | 299.5 | |||||||||||
Interest expense, net | 12.6 | 13.4 | 51.0 | 60.1 | |||||||||||
Non-cash pension settlement charge | 0.9 | 1.5 | 1.3 | 27.1 | |||||||||||
Other expense, net | 3.4 | 3.8 | 18.4 | 12.0 | |||||||||||
Income before income tax expense and equity earnings of unconsolidated affiliates, net | 86.4 | 43.2 | 299.8 | 200.3 | |||||||||||
Income tax expense | 42.1 | 5.2 | 73.3 | 67.2 | |||||||||||
Equity earnings of unconsolidated affiliates, net of tax | (1.2 | ) | (1.7 | ) | (3.0 | ) | (2.0 | ) | |||||||
Net income | 45.5 | 39.7 | 229.5 | 135.1 | |||||||||||
Net income attributable to noncontrolling interests | (5.4 | ) | (6.4 | ) | (20.1 | ) | (16.5 | ) | |||||||
Net income attributable to Greif, Inc. | $ | 40.1 | $ | 33.3 | $ | 209.4 | $ | 118.6 | |||||||
Basic earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | $ | 0.68 | $ | 0.57 | $ | 3.56 | $ | 2.02 | |||||||
Class B Common Stock | $ | 1.03 | $ | 0.85 | $ | 5.33 | $ | 3.02 | |||||||
Diluted earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | $ | 0.67 | $ | 0.57 | $ | 3.55 | $ | 2.02 | |||||||
Class B Common Stock | $ | 1.03 | $ | 0.85 | $ | 5.33 | $ | 3.02 | |||||||
Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | 25.9 | 25.8 | 25.9 | 25.8 | |||||||||||
Class B Common Stock | 22.0 | 22.0 | 22.0 | 22.0 | |||||||||||
Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | 26.1 | 25.8 | 26.0 | 25.8 | |||||||||||
Class B Common Stock | 22.0 | 22.0 | 22.0 | 22.0 |
(in millions) | October 31, 2018 | October 31, 2017 | |||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 94.2 | $ | 142.3 | |||
Trade accounts receivable | 456.7 | 447.0 | |||||
Inventories | 289.5 | 279.5 | |||||
Other current assets | 136.3 | 125.7 | |||||
976.7 | 994.5 | ||||||
LONG-TERM ASSETS | |||||||
Goodwill | 776.0 | 785.4 | |||||
Intangible assets | 80.6 | 98.0 | |||||
Assets held by special purpose entities | 50.9 | 50.9 | |||||
Other long-term assets | 118.7 | 115.1 | |||||
1,026.2 | 1,049.4 | ||||||
PROPERTIES, PLANTS AND EQUIPMENT | 1,191.9 | 1,188.4 | |||||
$ | 3,194.8 | $ | 3,232.3 | ||||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 403.8 | $ | 399.2 | |||
Short-term borrowings | 2.9 | 14.5 | |||||
Current portion of long-term debt | 19.4 | 15.0 | |||||
Other current liabilities | 240.4 | 259.2 | |||||
666.5 | 687.9 | ||||||
LONG-TERM LIABILITIES | |||||||
Long-term debt | 887.8 | 937.8 | |||||
Liabilities held by special purpose entities | 43.3 | 43.3 | |||||
Other long-term liabilities | 407.5 | 484.3 | |||||
1,338.6 | 1,465.4 | ||||||
REDEEMABLE NONCONTROLLING INTERESTS | 35.5 | 31.5 | |||||
EQUITY | |||||||
Total Greif, Inc. equity | 1,107.8 | 1,010.9 | |||||
Noncontrolling interests | 46.4 | 36.6 | |||||
1,154.2 | 1,047.5 | ||||||
$ | 3,194.8 | $ | 3,232.3 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net income | $ | 45.5 | $ | 39.7 | $ | 229.5 | $ | 135.1 | |||||||
Depreciation, depletion and amortization | 30.4 | 31.1 | 126.9 | 120.5 | |||||||||||
Asset impairments | 4.2 | 14.9 | 8.3 | 20.8 | |||||||||||
Pension settlement loss | 0.9 | 1.5 | 1.3 | 27.1 | |||||||||||
Other non-cash adjustments to net income | 31.7 | 19.3 | (45.6 | ) | 9.4 | ||||||||||
Operating working capital changes | 37.8 | 62.3 | (34.5 | ) | (33.8 | ) | |||||||||
Deferred purchase price on sold receivables | 33.3 | 35.9 | 1.0 | 5.1 | |||||||||||
Increase (decrease) in cash from changes in other assets and liabilities | 13.4 | (4.8 | ) | (33.9 | ) | 20.8 | |||||||||
Net cash provided by operating activities | 197.2 | 199.9 | 253.0 | 305.0 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Purchases of properties, plants and equipment | (48.2 | ) | (31.7 | ) | (140.2 | ) | (96.8 | ) | |||||||
Purchases of and investments in timber properties | (2.3 | ) | (2.2 | ) | (8.9 | ) | (9.5 | ) | |||||||
Proceeds from the sale of properties, plants and equipment, businesses, timberland and other assets | 1.0 | 1.7 | 13.9 | 15.5 | |||||||||||
Proceeds on insurance recoveries | — | — | — | 0.4 | |||||||||||
Net cash used in investing activities | (49.5 | ) | (32.2 | ) | (135.2 | ) | (90.4 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Payments on debt, net | (125.2 | ) | (100.1 | ) | (55.7 | ) | (72.8 | ) | |||||||
Dividends paid to Greif, Inc. shareholders | (26.0 | ) | (24.7 | ) | (100.0 | ) | (98.6 | ) | |||||||
Other | 1.9 | (0.1 | ) | (2.6 | ) | (4.2 | ) | ||||||||
Net cash used in financing activities | (149.3 | ) | (124.9 | ) | (158.3 | ) | (175.6 | ) | |||||||
Reclassification of cash to assets held for sale | — | 5.5 | — | — | |||||||||||
Effects of exchange rates on cash | (5.1 | ) | (0.6 | ) | (7.6 | ) | (0.4 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (6.7 | ) | 47.7 | (48.1 | ) | 38.6 | |||||||||
Cash and cash equivalents, beginning of period | 100.9 | 94.6 | 142.3 | 103.7 | |||||||||||
Cash and cash equivalents, end of period | $ | 94.2 | $ | 142.3 | $ | 94.2 | $ | 142.3 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net sales: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 657.9 | $ | 662.5 | $ | 2,623.6 | $ | 2,522.7 | |||||||
Paper Packaging & Services | 244.8 | 223.0 | 898.5 | 800.9 | |||||||||||
Flexible Products & Services | 77.5 | 76.2 | 324.2 | 286.4 | |||||||||||
Land Management | 7.5 | 6.4 | 27.5 | 28.2 | |||||||||||
Total net sales | $ | 987.7 | $ | 968.1 | $ | 3,873.8 | $ | 3,638.2 | |||||||
Gross profit: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 116.7 | $ | 118.9 | $ | 490.8 | $ | 502.2 | |||||||
Paper Packaging & Services | 69.8 | 49.0 | 222.5 | 150.9 | |||||||||||
Flexible Products & Services | 15.7 | 12.0 | 65.2 | 51.1 | |||||||||||
Land Management | 2.6 | 2.5 | 10.4 | 10.5 | |||||||||||
Total gross profit | $ | 204.8 | $ | 182.4 | $ | 788.9 | $ | 714.7 | |||||||
Operating profit: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 42.8 | $ | 25.9 | $ | 183.2 | $ | 190.1 | |||||||
Paper Packaging & Services | 53.3 | 33.8 | 158.3 | 93.5 | |||||||||||
Flexible Products & Services | 5.4 | 0.3 | 19.4 | 5.8 | |||||||||||
Land Management | 1.8 | 1.9 | 9.6 | 10.1 | |||||||||||
Total operating profit | $ | 103.3 | $ | 61.9 | $ | 370.5 | $ | 299.5 | |||||||
EBITDA(10): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 59.9 | $ | 43.4 | $ | 249.0 | $ | 241.9 | |||||||
Paper Packaging & Services | 61.9 | 41.9 | 191.8 | 115.3 | |||||||||||
Flexible Products & Services | 5.7 | 1.4 | 25.7 | 11.1 | |||||||||||
Land Management | 3.1 | 2.7 | 14.2 | 14.6 | |||||||||||
Total EBITDA | $ | 130.6 | $ | 89.4 | $ | 480.7 | $ | 382.9 | |||||||
EBITDA before special items: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 71.0 | $ | 71.4 | $ | 273.4 | $ | 294.9 | |||||||
Paper Packaging & Services | 62.1 | 42.2 | 192.3 | 126.1 | |||||||||||
Flexible Products & Services | 5.3 | 1.7 | 25.6 | 12.3 | |||||||||||
Land Management | 3.1 | 2.6 | 11.9 | 12.2 | |||||||||||
Total EBITDA before special items | $ | 141.5 | $ | 117.9 | $ | 503.2 | $ | 445.5 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net sales: | |||||||||||||||
United States | $ | 518.3 | $ | 473.1 | $ | 1,920.5 | $ | 1,779.3 | |||||||
Europe, Middle East and Africa | 336.3 | 351.6 | 1,410.9 | 1,322.4 | |||||||||||
Asia Pacific and other Americas | 133.1 | 143.4 | 542.4 | 536.5 | |||||||||||
Total net sales | $ | 987.7 | $ | 968.1 | $ | 3,873.8 | $ | 3,638.2 | |||||||
Gross profit: | |||||||||||||||
United States | $ | 127.6 | $ | 103.7 | $ | 451.5 | $ | 380.8 | |||||||
Europe, Middle East and Africa | 59.1 | 56.3 | 257.8 | 245.8 | |||||||||||
Asia Pacific and other Americas | 18.1 | 22.4 | 79.6 | 88.1 | |||||||||||
Total gross profit | $ | 204.8 | $ | 182.4 | $ | 788.9 | $ | 714.7 |
(in millions) | October 31, 2018 | October 31, 2017 | |||||
Trade accounts receivable | $ | 456.7 | $ | 447.0 | |||
Plus: inventories | 289.5 | 279.5 | |||||
Less: accounts payable | 403.8 | 399.2 | |||||
Operating working capital | $ | 342.4 | $ | 327.3 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net income | $ | 45.5 | $ | 39.7 | $ | 229.5 | $ | 135.1 | |||||||
Plus: Interest expense, net | 12.6 | 13.4 | 51.0 | 60.1 | |||||||||||
Plus: Income tax expense | 42.1 | 5.2 | 73.3 | 67.2 | |||||||||||
Plus: Depreciation, depletion and amortization expense | 30.4 | 31.1 | 126.9 | 120.5 | |||||||||||
EBITDA | $ | 130.6 | $ | 89.4 | $ | 480.7 | $ | 382.9 | |||||||
Net income | $ | 45.5 | $ | 39.7 | $ | 229.5 | $ | 135.1 | |||||||
Plus: Interest expense, net | 12.6 | 13.4 | 51.0 | 60.1 | |||||||||||
Plus: Income tax expense | 42.1 | 5.2 | 73.3 | 67.2 | |||||||||||
Plus: Non-cash pension settlement charge | 0.9 | 1.5 | 1.3 | 27.1 | |||||||||||
Plus: Other expense, net | 3.4 | 3.8 | 18.4 | 12.0 | |||||||||||
Plus: Equity earnings of unconsolidated affiliates, net of tax | (1.2 | ) | (1.7 | ) | (3.0 | ) | (2.0 | ) | |||||||
Operating profit | 103.3 | 61.9 | 370.5 | 299.5 | |||||||||||
Less: Non-cash pension settlement charge | 0.9 | 1.5 | 1.3 | 27.1 | |||||||||||
Less: Other expense, net | 3.4 | 3.8 | 18.4 | 12.0 | |||||||||||
Less: Equity earnings of unconsolidated affiliates, net of tax | (1.2 | ) | (1.7 | ) | (3.0 | ) | (2.0 | ) | |||||||
Plus: Depreciation, depletion and amortization expense | 30.4 | 31.1 | 126.9 | 120.5 | |||||||||||
EBITDA | $ | 130.6 | $ | 89.4 | $ | 480.7 | $ | 382.9 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Rigid Industrial Packaging & Services | |||||||||||||||
Operating profit | $ | 42.8 | $ | 25.9 | $ | 183.2 | $ | 190.1 | |||||||
Less: Non-cash pension settlement charge | 0.9 | 1.4 | 1.3 | 16.7 | |||||||||||
Less: Other expense, net | 2.2 | 3.1 | 17.1 | 10.5 | |||||||||||
Less: Equity earnings of unconsolidated affiliates, net of tax | (1.2 | ) | (1.7 | ) | (3.0 | ) | (2.0 | ) | |||||||
Plus: Depreciation and amortization expense | 19.0 | 20.3 | 81.2 | 77.0 | |||||||||||
EBITDA | $ | 59.9 | $ | 43.4 | $ | 249.0 | $ | 241.9 | |||||||
Restructuring charges | 4.2 | 3.6 | 17.3 | 11.2 | |||||||||||
Acquisition-related costs | — | 0.5 | 0.7 | 0.5 | |||||||||||
Non-cash asset impairment charges | 4.2 | 14.9 | 8.3 | 20.5 | |||||||||||
Non-cash pension settlement charge | 0.9 | 1.4 | 1.3 | 16.7 | |||||||||||
(Gain) loss on disposal of properties, plants, equipment, and businesses, net | 1.8 | 7.6 | (3.2 | ) | 4.1 | ||||||||||
EBITDA before special items | $ | 71.0 | $ | 71.4 | $ | 273.4 | $ | 294.9 | |||||||
Paper Packaging & Services | |||||||||||||||
Operating profit | $ | 53.3 | $ | 33.8 | $ | 158.3 | $ | 93.5 | |||||||
Less: Non-cash pension settlement charge | — | 0.1 | — | 10.2 | |||||||||||
Less: Other (income) expense, net | — | — | 0.7 | (0.1 | ) | ||||||||||
Plus: Depreciation and amortization expense | 8.6 | 8.2 | 34.2 | 31.9 | |||||||||||
EBITDA | $ | 61.9 | $ | 41.9 | $ | 191.8 | $ | 115.3 | |||||||
Restructuring charges | 0.1 | — | 0.4 | 0.3 | |||||||||||
Acquisition-related costs | — | 0.2 | — | 0.2 | |||||||||||
Non-cash pension settlement charge | — | 0.1 | — | 10.2 | |||||||||||
Loss on disposal of properties, plants, equipment, net | 0.1 | — | 0.1 | 0.1 | |||||||||||
EBITDA before special items | $ | 62.1 | $ | 42.2 | $ | 192.3 | $ | 126.1 | |||||||
Flexible Products & Services | |||||||||||||||
Operating profit | $ | 5.4 | $ | 0.3 | $ | 19.4 | $ | 5.8 | |||||||
Less: Non-cash pension settlement charge | — | — | — | 0.1 | |||||||||||
Less: Other expense, net | 1.2 | 0.7 | 0.6 | 1.6 | |||||||||||
Plus: Depreciation and amortization expense | 1.5 | 1.8 | 6.9 | 7.0 | |||||||||||
EBITDA | $ | 5.7 | $ | 1.4 | $ | 25.7 | $ | 11.1 | |||||||
Restructuring charges | 0.5 | 0.4 | 0.9 | 1.2 | |||||||||||
Non-cash asset impairment charges | — | — | — | 0.3 | |||||||||||
Non-cash pension settlement charge | — | — | — | 0.1 | |||||||||||
Gain on disposal of properties, plants, equipment and businesses, net | (0.9 | ) | (0.1 | ) | (1.0 | ) | (0.4 | ) | |||||||
EBITDA before special items | $ | 5.3 | $ | 1.7 | $ | 25.6 | $ | 12.3 | |||||||
Land Management | |||||||||||||||
Operating profit | $ | 1.8 | $ | 1.9 | $ | 9.6 | $ | 10.1 | |||||||
Less: Non-cash pension settlement charge | — | — | — | 0.1 | |||||||||||
Plus: Depreciation, depletion and amortization expense | 1.3 | 0.8 | 4.6 | 4.6 | |||||||||||
EBITDA | $ | 3.1 | $ | 2.7 | $ | 14.2 | $ | 14.6 | |||||||
Non-cash pension settlement charge | — | — | — | 0.1 | |||||||||||
Gain on disposal of properties, plants, equipment, net | — | (0.1 | ) | (2.3 | ) | (2.5 | ) | ||||||||
EBITDA before special items | $ | 3.1 | $ | 2.6 | $ | 11.9 | $ | 12.2 | |||||||
Consolidated EBITDA | $ | 130.6 | $ | 89.4 | $ | 480.7 | $ | 382.9 | |||||||
Consolidated EBITDA before special items | $ | 141.5 | $ | 117.9 | $ | 503.2 | $ | 445.5 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net cash provided by operating activities | $ | 197.2 | $ | 199.9 | $ | 253.0 | $ | 305.0 | |||||||
Cash paid for purchases of properties, plants and equipment | (48.2 | ) | (31.7 | ) | (140.2 | ) | (96.8 | ) | |||||||
Free Cash Flow | $ | 149.0 | $ | 168.2 | $ | 112.8 | $ | 208.2 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net cash provided by operating activities | $ | 197.2 | $ | 199.9 | $ | 253.0 | $ | 305.0 | |||||||
Additional U.S. pension contribution | — | — | 65.0 | — | |||||||||||
Adjusted net cash provided by operating activities(13) | $ | 197.2 | $ | 199.9 | $ | 318.0 | $ | 305.0 | |||||||
Cash paid for purchases of properties, plants and equipment | (48.2 | ) | (31.7 | ) | (140.2 | ) | (96.8 | ) | |||||||
Free cash flow excluding the additional U.S. pension contribution | $ | 149.0 | $ | 168.2 | $ | 177.8 | $ | 208.2 |
Three months ended October 31, | Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Operating profit: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 42.8 | $ | 25.9 | $ | 183.2 | $ | 190.1 | |||||||
Paper Packaging & Services | 53.3 | 33.8 | 158.3 | 93.5 | |||||||||||
Flexible Products & Services | 5.4 | 0.3 | 19.4 | 5.8 | |||||||||||
Land Management | 1.8 | 1.9 | 9.6 | 10.1 | |||||||||||
Total operating profit | $ | 103.3 | $ | 61.9 | $ | 370.5 | $ | 299.5 | |||||||
Restructuring charges: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 4.2 | $ | 3.6 | $ | 17.3 | $ | 11.2 | |||||||
Paper Packaging & Services | 0.1 | — | 0.4 | 0.3 | |||||||||||
Flexible Products & Services | 0.5 | 0.4 | 0.9 | 1.2 | |||||||||||
Total restructuring charges | $ | 4.8 | $ | 4.0 | $ | 18.6 | $ | 12.7 | |||||||
Acquisition-related costs: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | — | $ | 0.5 | $ | 0.7 | $ | 0.5 | |||||||
Paper Packaging & Services | — | 0.2 | — | 0.2 | |||||||||||
Total acquisition-related costs | $ | — | $ | 0.7 | $ | 0.7 | $ | 0.7 | |||||||
Non-cash asset impairment charges: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 4.2 | $ | 14.9 | $ | 8.3 | $ | 20.5 | |||||||
Flexible Products & Services | — | — | — | 0.3 | |||||||||||
Total non-cash asset impairment charges | $ | 4.2 | $ | 14.9 | $ | 8.3 | $ | 20.8 | |||||||
(Gain) loss on disposal of properties, plants, equipment and businesses, net: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 1.8 | $ | 7.6 | $ | (3.2 | ) | $ | 4.1 | ||||||
Paper Packaging & Services | 0.1 | — | 0.1 | 0.1 | |||||||||||
Flexible Products & Services | (0.9 | ) | (0.1 | ) | (1.0 | ) | (0.4 | ) | |||||||
Land Management | — | (0.1 | ) | (2.3 | ) | (2.5 | ) | ||||||||
Total (gain) loss on disposal of properties, plants, equipment and businesses, net | $ | 1.0 | $ | 7.4 | $ | (6.4 | ) | $ | 1.3 | ||||||
Operating profit before special items: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 53.0 | $ | 52.5 | $ | 206.3 | $ | 226.4 | |||||||
Paper Packaging & Services | 53.5 | 34.0 | 158.8 | 94.1 | |||||||||||
Flexible Products & Services | 5.0 | 0.6 | 19.3 | 6.9 | |||||||||||
Land Management | 1.8 | 1.8 | 7.3 | 7.6 | |||||||||||
Total operating profit before special items | $ | 113.3 | $ | 88.9 | $ | 391.7 | $ | 335.0 |
Income before Income Tax Expense and Equity Earnings of Unconsolidated Affiliates, net | Income Tax (Benefit) Expense | Equity Earnings of Unconsolidated Affiliates | Non-Controlling Interest | Net Income Attributable to Greif, Inc. | Diluted Class A Earnings Per Share | Tax Rate | |||||||||||||||||||
Three months ended October 31, 2018 | $ | 86.4 | $ | 42.1 | $ | (1.2 | ) | $ | 5.4 | $ | 40.1 | $ | 0.67 | 48.6 | % | ||||||||||
Loss on disposal of properties, plants, equipment and businesses, net | 1.0 | — | — | (0.5 | ) | 1.5 | 0.02 | ||||||||||||||||||
Restructuring charges | 4.8 | 0.3 | — | 0.4 | 4.1 | 0.08 | |||||||||||||||||||
Non-cash asset impairment charges | 4.2 | 0.8 | — | — | 3.4 | 0.05 | |||||||||||||||||||
Acquisition-related costs | — | (0.2 | ) | — | — | 0.2 | — | ||||||||||||||||||
Non-cash pension settlement charge | 0.9 | 0.1 | — | — | 0.8 | 0.02 | |||||||||||||||||||
Provisional tax net expense resulting from the Tax Reform Act | — | (14.2 | ) | — | — | 14.2 | 0.24 | ||||||||||||||||||
Excluding Special Items | $ | 97.3 | $ | 28.9 | $ | (1.2 | ) | $ | 5.3 | $ | 64.3 | $ | 1.08 | 29.8 | % | ||||||||||
Three months ended October 31, 2017 | $ | 43.2 | $ | 5.2 | $ | (1.7 | ) | $ | 6.4 | $ | 33.3 | $ | 0.57 | 12.2 | % | ||||||||||
Loss on disposal of properties, plants, equipment and businesses, net | 7.4 | 1.5 | — | (0.1 | ) | 6.0 | 0.10 | ||||||||||||||||||
Restructuring charges | 4.0 | 0.1 | — | 0.2 | 3.7 | 0.06 | |||||||||||||||||||
Non-cash asset impairment charges | 14.9 | 0.1 | — | — | 14.8 | 0.25 | |||||||||||||||||||
Acquisition-related costs | 0.7 | 0.2 | — | — | 0.5 | 0.01 | |||||||||||||||||||
Non-cash pension settlement charge | 1.5 | 2.0 | — | — | (0.5 | ) | (0.01 | ) | |||||||||||||||||
Excluding Special Items | $ | 71.7 | $ | 9.1 | $ | (1.7 | ) | $ | 6.5 | $ | 57.8 | $ | 0.98 | 12.8 | % | ||||||||||
Twelve months ended October 31, 2018 | $ | 299.8 | $ | 73.3 | $ | (3.0 | ) | $ | 20.1 | $ | 209.4 | $ | 3.55 | 24.4 | % | ||||||||||
Gain on disposal of properties, plants, equipment and businesses, net | (6.4 | ) | (0.9 | ) | — | (0.5 | ) | (5.0 | ) | (0.09 | ) | ||||||||||||||
Restructuring charges | 18.6 | 3.1 | — | 0.6 | 14.9 | 0.26 | |||||||||||||||||||
Non-cash asset impairment charges | 8.3 | 1.5 | — | — | 6.8 | 0.11 | |||||||||||||||||||
Acquisition-related costs | 0.7 | — | — | — | 0.7 | 0.01 | |||||||||||||||||||
Non-cash pension settlement charge | 1.3 | 0.2 | — | — | 1.1 | 0.02 | |||||||||||||||||||
Provisional tax net benefit resulting from the Tax Reform Act | — | 19.2 | — | — | (19.2 | ) | (0.33 | ) | |||||||||||||||||
Excluding Special Items | $ | 322.3 | $ | 96.4 | $ | (3.0 | ) | $ | 20.2 | $ | 208.7 | $ | 3.53 | 29.9 | % | ||||||||||
Twelve months ended October 31, 2017 | $ | 200.3 | $ | 67.2 | $ | (2.0 | ) | $ | 16.5 | $ | 118.6 | $ | 2.02 | 33.6 | % | ||||||||||
Loss on disposal of properties, plants, equipment and businesses, net | 1.3 | (0.7 | ) | — | (0.2 | ) | 2.2 | 0.04 | |||||||||||||||||
Restructuring charges | 12.7 | (2.2 | ) | — | 0.6 | 14.3 | 0.24 | ||||||||||||||||||
Non-cash asset impairment charges | 20.8 | 0.1 | — | 0.1 | 20.6 | 0.35 | |||||||||||||||||||
Acquisition-related costs | 0.7 | 0.2 | — | — | 0.5 | 0.01 | |||||||||||||||||||
Non-cash pension settlement charge | 27.1 | 10.2 | — | — | 16.9 | 0.29 | |||||||||||||||||||
Excluding Special Items | $ | 262.9 | $ | 74.8 | $ | (2.0 | ) | $ | 17.0 | $ | 173.1 | $ | 2.95 | 28.4 | % |
Three months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | Increase (Decrease) in Net Sales ($) | Increase (Decrease) in Net Sales (%) | ||||||||||
Consolidated | ||||||||||||||
Net Sales | $ | 987.7 | $ | 968.1 | $ | 19.6 | 2.0 | % | ||||||
Currency Translation | (37.6 | ) | N/A | |||||||||||
Net Sales Excluding the Impact of Currency Translation | $ | 1,025.3 | $ | 968.1 | $ | 57.2 | 5.9 | % | ||||||
Rigid Industrial Packaging & Services | ||||||||||||||
Net Sales | $ | 657.9 | $ | 662.5 | $ | (4.6 | ) | (0.7 | )% | |||||
Currency Translation | (34.1 | ) | N/A | |||||||||||
Net Sales Excluding the Impact of Currency Translation | $ | 692.0 | $ | 662.5 | $ | 29.5 | 4.5 | % | ||||||
Flexible Products & Services | ||||||||||||||
Net Sales | $ | 77.5 | $ | 76.2 | $ | 1.3 | 1.7 | % | ||||||
Currency Translation | (3.5 | ) | N/A | |||||||||||
Net Sales Excluding the Impact of Currency Translation | $ | 81.0 | $ | 76.2 | $ | 4.8 | 6.3 | % |
Twelve months ended October 31, | ||||||||||||||
(in millions) | 2018 | 2017 | Increase in Net Sales ($) | Increase in Net Sales (%) | ||||||||||
Consolidated | ||||||||||||||
Net Sales | $ | 3,873.8 | $ | 3,638.2 | $ | 235.6 | 6.5 | % | ||||||
Currency Translation | 31.2 | N/A | ||||||||||||
Net Sales Excluding the Impact of Currency Translation | $ | 3,842.6 | $ | 3,638.2 | $ | 204.4 | 5.6 | % | ||||||
Rigid Industrial Packaging & Services | ||||||||||||||
Net Sales | $ | 2,623.6 | $ | 2,522.7 | $ | 100.9 | 4.0 | % | ||||||
Currency Translation | 18.9 | N/A | ||||||||||||
Net Sales Excluding the Impact of Currency Translation | $ | 2,604.7 | $ | 2,522.7 | $ | 82.0 | 3.3 | % | ||||||
Flexible Products & Services | ||||||||||||||
Net Sales | $ | 324.2 | $ | 286.4 | $ | 37.8 | 13.2 | % | ||||||
Currency Translation | 12.3 | N/A | ||||||||||||
Net Sales Excluding the Impact of Currency Translation | $ | 311.9 | $ | 286.4 | $ | 25.5 | 8.9 | % |
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