DELAWARE, Ohio, May 20,
2021 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a
global leader in industrial packaging products and services,
announced today that it has revised its outlook for fiscal
second quarter 2021. Fiscal second quarter 2021 diluted Class A
earnings per share before adjustments is now expected to be in the
range of $1.11 – $1.15 per share, compared to the Company's
previous guidance range of $0.96 –
$1.06 per share.1
The improved guidance range is mainly due to stronger than
anticipated volumes and selling prices in the Global Industrial
Packaging business and a slightly lower than anticipated tax rate,
partially offset by higher than anticipated SG&A expense mainly
due to higher incentive accruals.
The Company will report its fiscal second quarter 2021 financial
results after the market closes on Wednesday, June 9, 2021. A conference call will
be held on Thursday, June 10, 2021 at
8:30 a.m. ET. Conference call details
can be found here.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "may," "will," "expect," "intend," "estimate,"
"anticipate," "aspiration," "objective," "project," "believe,"
"continue," "on track" or "target" or the negative thereof and
similar expressions, among others, identify forward-looking
statements. All forward-looking statements are based on
assumptions, expectations and other information currently available
to management. Such forward-looking statements are subject to
certain risks and uncertainties that could cause the Company's
actual results to differ materially from those forecasted,
projected or anticipated, whether expressed or implied. The
most significant of these risks and uncertainties are described in
Part I of the Company's Annual Report on Form 10-K for the fiscal
year ended October 31, 2020. The Company undertakes no
obligation to update or revise any forward-looking statements.
Although the Company believes that the expectations reflected in
forward-looking statements have a reasonable basis, the Company can
give no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to risks and uncertainties
that could cause the Company's actual results to differ materially
from those forecasted, projected or anticipated, whether expressed
in or implied by the statements. Such risks and uncertainties that
might cause a difference include, but are not limited to, the
following: (i) historically, our business has been sensitive to
changes in general economic or business conditions, (ii) our global
operations subject us to currency exchange and political risks that
could adversely affect our results of operations, (iii) the
COVID-19 pandemic could continue to impact any combination of our
business, financial condition, results of operations and cash
flows, (iv) the current and future challenging global economy and
disruption and volatility of the financial and credit markets may
adversely affect our business, (v) the continuing consolidation of
our customer base and suppliers may intensify pricing pressure,
(vi) we operate in highly competitive industries, (vii) our
business is sensitive to changes in industry demands and customer
preferences, (viii) raw material, energy and transportation price
fluctuations and shortages may adversely impact our manufacturing
operations and costs, (ix) the frequency and volume of our timber
and timberland sales will impact our financial performance, (x) we
may not successfully implement our business strategies, including
achieving our growth objectives, (xi) we may encounter difficulties
or liabilities arising from acquisitions or divestitures, (xii) the
acquisition of Caraustar Industries, Inc. and its subsidiaries
subjects us to various risks and uncertainties, (xiii) we may incur
additional restructuring costs and there is no guarantee that our
efforts to reduce costs will be successful, (xiv) several
operations are conducted by joint ventures that we cannot operate
solely for our benefit, (xv) certain of the agreements that govern
our joint ventures provide our partners with put or call options,
(xvi) our ability to attract, develop and retain talented and
qualified employees, managers and executives is critical to our
success, (xvii) our business may be adversely impacted by work
stoppages and other labor relations matters, (xviii) we may be
subject to losses that might not be covered in whole or in part by
existing insurance reserves or insurance coverage and general
insurance premium and deductible increases, (xix) our business
depends on the uninterrupted operations of our facilities, systems
and business functions, including our information technology and
other business systems, (xx) a security breach of customer,
employee, supplier or company information may have a material
adverse effect on our business, financial condition, results of
operations and cash flows, (xxi) changes in U.S. generally accepted
accounting principles (GAAP) and SEC rules and regulations
concerning the maintenance of effective internal controls could
materially impact our reported financial results, (xxii) we could
be subject to changes in our tax rates, the adoption of new U.S. or
foreign tax legislation or exposure to additional tax liabilities,
(xxiii) full realization of our deferred tax assets may be affected
by a number of factors, (xxiv) our level of indebtedness could
adversely affect our liquidity, limit our flexibility in responding
to business opportunities, and increase our vulnerability to
adverse changes in economic and industry conditions, (xxv) we have
a significant amount of goodwill and long-lived assets which, if
impaired in the future, would adversely impact our results of
operations, (xxvi) our pension and postretirement plans are
underfunded and will require future cash contributions and our
required future cash contributions could be higher than we expect,
each of which could have a material adverse effect on our financial
condition and liquidity, (xxvii) legislation/regulation related to
environmental and health and safety matters and corporate social
responsibility could negatively impact our operations and financial
performance, (xxviii) product liability claims and other legal
proceedings could adversely affect our operations and financial
performance, (xxix) we may incur fines or penalties, damage to our
reputation or other adverse consequences if our employees, agents
or business partners violate, or are alleged to have violated,
anti-bribery, competition or other laws, (xxx) changing climate,
climate change regulations and greenhouse gas effects may adversely
affect our operations and financial performance. The risks
described above are not all-inclusive, and given these and other
possible risks and uncertainties, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. For a detailed discussion of the most significant risks
and uncertainties that could cause our actual results to differ
materially from those forecasted, projected or anticipated, see
"Risk Factors" in Part I, Item 1A of our most recently filed Form
10-K and our other filings with the Securities and Exchange
Commission. All forward-looking statements made in this news
release are expressly qualified in their entirety by reference to
such risk factors. Except to the limited extent required by
applicable law, we undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
About Greif, Inc.
Greif is a global leader in industrial packaging products and
services and is pursuing its vision: In industrial packaging, be
the best performing customer service company in the world. The
Company produces steel, plastic and fibre drums, intermediate bulk
containers, reconditioned containers, flexible products,
containerboard, uncoated recycled paperboard, coated recycled
paperboard, tubes and cores and a diverse mix of specialty
products. The Company also manufactures packaging accessories and
provides filling, packaging and other services for a wide range of
industries. In addition, Greif manages timber properties in the
southeastern United States. The
Company is strategically positioned in over 40 countries to serve
global as well as regional customers. Additional information is on
the Company's website at www.greif.com.
Contacts:
Matt Eichmann
Office: 740–549–6067
Email: matt.eichmann@greif.com
1The expected fiscal second quarter 2021 diluted
Class A earnings per share before adjustments, a non-GAAP financial
measure, excludes adjustments for restructuring charges,
acquisition and integration related costs, non-cash asset
impairment charges, non-cash pension settlement charges (income),
incremental COVID-19 costs, net and loss (gain) on disposal of
properties, plants, equipment and businesses, net. The most
directly comparable GAAP financial measure, the expected fiscal
second quarter 2021 diluted Class A earnings per share on a GAAP
basis, is not provided herein due to the potential for one or more
of the following, the timing and magnitude of each of which the
Company at this point remains unable to reliably forecast on an
individual basis with probability: gains or losses on the disposal
of businesses, timberland or properties, plants and equipment, net;
non-cash asset impairment charges; restructuring charges; non-cash
incremental COVID-19 costs, net; non-cash pension settlement
(income) charges; or acquisition and integration related costs; and
the income tax effects of these items and other income tax-related
events. As a result, no reconciliation of the expected fiscal
second quarter 2021 Class A earnings per share before adjustments
to the most directly comparable GAAP financial measure is included
in this release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/greif-inc-updates-fiscal-second-quarter-2021-guidance-301296508.html
SOURCE Greif, Inc.