Greif has reported a net income of $96.7m during the third quarter of 2023, a decline of around 33.8% from $146.1m in Q3 last year.

For the reported period, which ended on 31 July 2023, net income attributable to the company was $90.3m, while the same was $141.8m a year ago.

The diluted earnings per share attributable to Greif common shareholders of Class A common stock was $1.55 versus $2.36 in Q3 2022, while for the Class B common stock, it was $2.35 in the latest quarter as against $3.58 in Q3 2022.

The company’s net sales totalled $1.33bn, representing a decline 18% of from $1.62bn in previous year’s Q3.

This decrease in net sales has been attributed to the implementation of continued cost management actions.

The quarterly gross profit was down by 11.5% to $307m from $346.9m in the year ago period.

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In Q3 2023, the operating profit also decreased to $155.6m from $205.7m during the same quarter in 2022.

The total earnings before interest, taxes, depreciation and amortisation (EBITDA) in Q3 2023 stood at $210.8m, as against $251.4m in previous year’s Q3.

Adjusted EBITDA saw a decline of $24.5m, from $251m in Q3 2022 to $226.5 in the latest quarter.

Greif CEO and president Ole Rosgaard said: “Our Build to Last strategy is clearly delivering value as we execute on our cost-management playbook and gain new business, with mix and margin benefits, underpinned by a continuous improvement focus throughout the enterprise.

“Collectively, these efforts drove EBITDA performance above our expectations and resulted in an impressive free cash flow conversion of nearly 75% in the quarter, truly a commendable outcome considering an average volume decline of 13% across our global product portfolio.”

In a separate development, Greif has announced acquiring 51% ownership interest in North America’s paper partitions provider ColePak.

This all-cash deal was funded through Greif’s existing credit facility.

According to Greif, the addition of this business will provide “margin-accretive” converting capability to its Paper Packaging & Services business.