DELAWARE, Ohio, Dec. 8, 2021 /PRNewswire/ — Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2021 results.
Fourth Quarter Results Include (all results compared to the fourth quarter 2020 unless otherwise noted)(1):
- Net income of $104.5 million or $1.74 per diluted Class A share compared to net income of $44.4 million or $0.74 per diluted Class A share. Net income, excluding the impact of adjustments(2), of $115.4 million or $1.93 per diluted Class A share compared to net income, excluding the impact of adjustments, of $46.4 million or $0.78 per diluted Class A share. Adjusted EBITDA(3) increased by $56.8 million to $211.3 million.
- Net cash provided by operating activities decreased by $63.1 million to $137.3 million. Adjusted free cash flow(4) decreased by $79.1 million to $94.8 million primarily as a result of inflationary raw material costs.
- Total debt decreased by $261.4 million to $2,225.6 million. Net debt(5) decreased by $280.1 million to $2,101.0 million and decreased by $66.8 million sequentially from the third quarter of 2021. The Company’s leverage ratio(6) decreased to 2.49x compared to 3.66x, within our targeted leverage ratio range of 2.0x – 2.5x.
Fiscal Year Results Include (all results compared to the fiscal year 2020 unless otherwise noted):
- Net income of $390.7 million or $6.54 per diluted Class A share compared to net income of $108.8 million or $1.83 per diluted Class A share. Net income, excluding the impact of adjustments, of $334.5 million or $5.60 per diluted Class A share compared to net income, excluding the impact of adjustments, of $190.9 million or $3.22 per diluted Class A share. Adjusted EBITDA increased by $121.6 million to $764.2 million.
- Net cash provided by operating activities decreased by $58.7 million to $396.0 million. Adjusted free cash flow decreased by $72.1 million to $274.1 million.
- The Company paid $105.8 million in cash dividends to stockholders in fiscal 2021.
Announcement:
- Named to Newsweek’s Most Loved Workplaces list for 2021, ranking number 59 among the top 100 companies recognized for colleague happiness and satisfaction at work.
Pete Watson, Greif’s President and Chief Executive Officer, commented:
“The global Greif team delivered exceptional results in fiscal 2021 and overcame significant external challenges to deliver record net sales and profits for the full fiscal year,” said Pete Watson, Greif’s President and Chief Executive Officer. “In addition, we advanced our financial priorities, increasing our dividend and reaching our targeted leverage ratio range, while making notable progress on our ESG journey. Looking ahead, we remain well-positioned to provide differentiated packaging solutions that generate value for our customers and shareholders.”
(1) 如前所述，在 2021 年第一季度，原硬质工业包装与服务和软质产品与服务部门合并为一个单一的报告部门，现称为全球工业包装部门。2021 年 2 月 24 日，公司向美国证券交易委员会提交了一份 8-K 表当前报告，以修订后的格式提供某些历史 GAAP 和非 GAAP 财务信息，以符合公司新的报告部门结构。
Adjustments that are excluded from net income before adjustments and from earnings per diluted Class A share before adjustments are restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, non-cash pension settlement charges, incremental COVID-19 costs, net, (gain) loss on disposal of properties, plants, equipment and businesses, net and timberland gains, net.
调整后的 EBITDA 定义为净收入加上利息费用净额加上所得税费用加上折旧、耗竭和摊销费用加上重组费用加上整合相关成本加上非现金资产减值费用加上非现金养老金结算费用加上增量的 COVID-19 成本净额加上处置物业、厂房、设备和业务的（损益）损失净额。
调整后的自由现金流定义为经营活动提供的净现金，减去购买物业、厂房和设备支付的现金，加上支付的整合相关成本的现金，加上支付的增量 COVID-19 成本的现金净额，加上支付的整合相关企业资源规划 (ERP) 系统现金。
净债务定义为总债务减去现金和现金等价物。
所示期间的杠杆率定义为净债务除以过去十二个月的 EBITDA，均根据本公司 2019 年 2 月 11 日修订及重述的信贷协议条款计算，并于 2020 年 3 月 26 日作为 8-K/A 表附件 10.1 提交（“2019 年信贷协议”）。
注：本新闻稿中使用的所有非 GAAP 财务指标与最直接可比的 GAAP 财务指标之间的差异对照表已包含在本新闻稿的财务附表中。这些非 GAAP 财务指标旨在补充我们的财务结果，应与我们的财务结果一起阅读。它们不应被视为我们报告的财务结果的替代品或替代物，也不应被视为优于我们报告的财务结果。因此，本财务信息的使用者不应过分依赖这些非 GAAP 财务指标。
