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DELAWARE, Ohio - Greif Inc (NYSE:GEF) reported better-than-expected first quarter earnings on Wednesday, while revenue fell short of analyst estimates. The industrial packaging company also reaffirmed its full-year guidance. GEF shares were up 3% in after hours trading.
Greif posted adjusted earnings per share of $1.22 for the first quarter, surpassing the analyst consensus of $1.12. Revenue came in at $1.39 billion, below the $1.42 billion analysts were expecting.
The company’s CEO Ole Rosgaard commented on the results: "Greif delivered another strong quarter, balancing near-term financial execution with long-term strategic progress under our Build to Last strategy. We accelerated structural cost reductions and are on track to meet our 2025 targets."
For fiscal year 2025, Greif reiterated its guidance, projecting adjusted EBITDA of $725 million and adjusted free cash flow of $280 million.
The earnings beat was driven by strong performance across segments. The Sustainable Fiber Solutions segment saw net sales increase by $19 million to $599.1 million, primarily due to higher containerboard and boxboard prices.
However, the Durable Metal Solutions segment experienced a decline, with net sales decreasing by $34.8 million to $378.9 million, mainly due to lower volumes and average selling prices.
Greif also reported progress on its cost optimization program, achieving $10 million in run-rate savings by the end of the quarter. The company expects to reach $15-25 million in savings on a run-rate basis by the end of fiscal 2025.
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