US-based industrial packaging supplier Greif has reported $1.67bn in net sales for the second quarter (Q2) of the fiscal year 2022 (FY22), up by 24.4% from the corresponding period of the prior year.

During the three months to 30 April, net sales for the company’s Global Industrial Packaging and Paper Packaging & Services segments rose by 21.8% and 28.4% respectively.

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Gross profit for its Global Industrial Packaging business increased by $15.2m to $185.3m, while the business’ operating profit rose by $31.6m to $108m.

Greif’s Paper Packaging & Services business also recorded a $56.9m increase in gross profit and a $52.8m improvement in operating profit to $80.1m.

The company’s group net income dropped to $125.1m in Q2 2022 from $149.8m in the same period of last year.

Its earnings per diluted Class A share (EPS) were $2.09, against $2.51 in the same period of FY21.

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Greif also registered adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $251m, up by $74.4m from $176.6m in the prior-year period.

Greif president and CEO Ole Rosgaard said: “Our second-quarter results are a testament to our team’s continued execution and customer service focus in overcoming significant ongoing headwinds related to inflation, supply chain and the pandemic to produce another quarter of record results.

“This level of execution is exemplary of the Build to Last strategy in action and is a fitting lead-in to our upcoming Investor Day on 23 June in New York City, where we will be discussing that strategy and future growth for our Company in much greater detail.”

For the first half (H1) of FY22, Greif’s net sales increased by 29.9% to $3.23bn, while its net income attributable for the period was $135.4m, down from $173.2m in H1 2021.

The company’s EPS for the six-month period were $2.27, down from $2.91 in the same period of FY21.

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