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December 9, 2021updated 24 Dec 2021 5:49am

Greif registers $390.7m in full-year net income for FY21

The company expects its full-year Class A earnings for each share to be between $5.85 and $6.45.

US-based industrial packaging company Greif has reported a net income of $390.7m, or $6.54 for each diluted Class A share, for the fiscal year 2021 (FY21).

The result is an increase from the company’s net income of $108.8m, or $1.83 to a share, from last year.

Greif’s full-year net income, excluding the impact of adjustments, was $334.5m, or $5.60 to a share.

The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by $121.6m to $764.2m.

Greif president and CEO Pete Watson said: “The global Greif team delivered exceptional results in FY21 and overcame significant external challenges to deliver record net sales and profits for the full fiscal year.

“In addition, we advanced our financial priorities, increasing our dividend and reaching our targeted leverage ratio range, while making notable progress on our environmental, social and governance (ESG) journey.

“Looking ahead, we remain well-positioned to provide differentiated packaging solutions that generate value for our customers and shareholders.”

During the fourth quarter (Q4), Greif registered a net income of $104.5m, or $1.74 for each diluted Class A share.

This was up from the net income of $44.4m, or $0.74 to a share, recorded by the company in Q4 2020.

The company’s income for the quarter, excluding the impact of adjustments, was $115.4m, or $1.93 to a diluted Class A share.

Its adjusted EBITDA also rose by $56.8m to $211.3m in Q4.

Greif’s Global Industrial Packaging segment posted a $299.3m increase in net sales to $951.6m and its operating profit increased by $38.9m to $97.8m.

Across the full year, the company’s Paper Packaging & Services segment saw its net sales increase by $119.4m to $621.7m, while its operating profit increased by $11.2m to $41.9m.

Greif expects its Class A earnings for each share before adjustments for FY22 to be between $5.85 and $6.45.

Last April, the company sold its Consumer Packaging Group business to Graphic Packaging Holding for $85m.

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