US-based industrial packaging company Greif has reported $1.62bn in revenue for the third quarter (Q3) of fiscal 2022 (FY22), up from $1.49bn in the same period of fiscal 2021 (FY21).

For the three months to 31 July, net income attributable to the company was $141.8m, compared with net income of $113.0 in Q3 2021.

Its diluted earnings for each Class A share also increased to $2.36 against $1.89 in the prior-year period.

Greif reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $251.0m, up by $13.2m from $237.8m in the same quarter of FY21.

Net sales for the company’s Global Industrial Packaging segment dropped by $1.1m to $906.7m year-on-year.

The segment’s gross profit fell by $21.7m to $177.7m, while its operating profit decreased by $14.8m to $107.2m.

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Driven by higher published containerboard and boxboard prices, net sales for Greif’s Paper Packaging & Services segment rose by $131.4m to $710.2m.

The segment’s gross profit also increased by $49.3m to $167.3m, while its operating profit rose to $96.7m.

Greif president and CEO Ole Rosgaard said: “Our team delivered an outstanding third-quarter financial result, remaining steadfast and execution-focused during a time of macroeconomic uncertainty.

“This commitment has led to a rock-solid balance sheet, record free cash flow generation, and EBITDA growth.

“Our team has done an outstanding job transforming our business, as evidenced by volume growth compared to pre-pandemic 2019 volume levels, despite sequential declines from higher volumes last year.

“In addition to financial success, our teams have continued to deliver Legendary Customer Service, and made notable progress to further foster Thriving Communities at Greif and Protect Our Future through industry-leading sustainability practice.”

In January this year, Greif agreed to sell a 50% stake in its Flexible Packaging joint venture to plastic film manufacturer Gulf Refined Packaging.