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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Greif Inc | NYSE:GEF.B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.49 | 0 | 01:00:00 |
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March 2, 2020
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(February 26, 2020)
|
|
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Delaware
|
|
001-00566
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31-4388903
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(State or other jurisdiction of incorporation)
|
|
(Commission File Number)
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(IRS Employer Identification No.)
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425 Winter Road
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Delaware
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Ohio
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43015
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(Address of principal executive offices)
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|
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(Zip Code)
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Class A Common Stock
|
GEF
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New York Stock Exchange
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Class B Common Stock
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GEF-B
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New York Stock Exchange
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Item 2.02.
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Results of Operations and Financial Condition.
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(i)
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the Company's net income, excluding the impact of adjustments, for the first quarter of 2020 and the first quarter of 2019, which is equal to the Company's consolidated net income for the applicable period plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement (income) charges, plus the net tax benefit resulting from the Tax Cut and Jobs Act of 2017 (the "Tax Reform Act"), less (gain) loss on disposal of properties, plants, equipment and businesses, net, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period;
|
(ii)
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the Company's earnings per diluted Class A share, excluding the impact of adjustments, for the first quarter of 2020 and the first quarter of 2019, which is equal to earnings per diluted Class A share of the Company for the applicable period plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement (income) charges, plus the net tax benefit resulting from the Tax Reform Act, less (gain) loss on disposal of properties, plants, equipment and businesses, net, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period;
|
(iii)
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the Company's consolidated adjusted EBITDA for the first quarter of 2020 and the first quarter of 2019, which is equal to the Company's consolidated net income for the applicable period plus interest expense, net, plus income tax expense, plus depreciation, depletion and amortization expense, plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement (income) charges, less (gain) loss on disposal of properties, plants, equipment and businesses, net, each on a consolidated basis for the applicable period;
|
(iv)
|
the Company's consolidated adjusted free cash flow for the first quarter of 2020 and the first quarter of 2019, which is equal to the Company's consolidated net cash provided by (used in) operating activities for the applicable period less cash paid for purchases of properties plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for acquisition and integration related ERP systems.
|
(v)
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the Company's income tax rate, excluding the impact of adjustments, for the first quarter of 2020, which is equal to the Company's consolidated tax expense for such period plus the tax expense (benefit) of restructuring charges, plus the tax expense (benefit) of acquisition and integration related costs, plus the tax expense (benefit) of non-cash asset impairment charges, plus the tax expense (benefit) of non-cash pension settlement (income) charges, less the tax expense (benefit) of gains on disposal of properties, plants, equipment and businesses, net, divided by the Company's consolidated income before income tax expense and equity earnings of unconsolidated affiliates, net for such period plus restructuring charges, plus acquisition and integration related costs, less (gain) loss on disposal of properties, plants, equipment and businesses, net, each on a consolidated basis for such period;
|
(vi)
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net sales excluding foreign currency translation for the Company's Rigid Industrial Packaging & Services business segment for the first quarter of 2020 and the first quarter of 2019, which is equal to that business segment's net sales for the applicable quarter, after adjusting such sales for the first quarter of 2020 for foreign currency translation;
|
(vii)
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adjusted EBITDA for the Company’s Rigid Industrial Packaging & Services business segment for the first quarter of 2020 and the first quarter of 2019, which is equal to that business segment’s operating profit less other (income) expense, net, less equity earnings of unconsolidated affiliates, net of tax, plus depreciation and amortization expense, plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, less (gain) loss on disposal of properties, plants, equipment and businesses, net, each for the applicable period;
|
(viii)
|
adjusted EBITDA for the Company’s Paper Packaging & Services business segment for the first quarter of 2020 and the first quarter of 2019, which is equal to that business segment’s operating profit less other (income) expense, net, less non-cash pension settlement (income) charges, plus depreciation and amortization expense,
|
(ix)
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net sales excluding foreign currency translation for the Company's Flexible Products & Services business segment for the first quarter of 2020 and the first quarter of 2019, which is equal to that business segment's net sales for the applicable quarter, after adjusting such sales for the first quarter of 2020 for foreign currency translation;
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(x)
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adjusted EBITDA for the Company’s Flexible Products & Services business segment for the first quarter of 2020 and the first quarter of 2019, which is equal to that business segment’s operating profit less other (income) expense, net, plus depreciation and amortization expense, plus restructuring charges, each for the applicable period; and
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(xi)
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adjusted EBITDA for the Company’s Land Management business segment for the first quarter of 2020 and the first quarter of 2019, which is equal to that business segment’s operating profit plus depreciation, depletion and amortization expense, less (gain) loss on disposal of properties, plants, equipment and businesses, net, each for the applicable period.
|
(i)
|
the Company's fiscal year 2020 Class A earnings per share before adjustments guidance, which is equal to earnings per diluted Class A share of the Company for such period plus restructuring charges, plus acquisition and related costs, plus non-cash asset impairment charges, plus non-cash pension settlement (income) charges, less (gain) loss on disposal of properties, plants, equipment and businesses, net, each net of tax, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for such period; and
|
(ii)
|
the Company's fiscal year 2020 tax rate guidance, excluding the impact of adjustments, which is equal to the Company's consolidated tax expense for such period plus the tax expense (benefit) of restructuring charges, plus the tax expense (benefit) of acquisition and related costs, plus the tax expense (benefit) of non-cash asset impairment charges, plus the tax expense (benefit) of non-cash pension settlement (income) charges, less the tax expense (benefit) of gains on disposal of properties, plants, equipment and businesses, net, divided by the Company's consolidated income before income tax expense and equity earnings of unconsolidated affiliates, net for such period plus restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement (income) charges, less (gain) loss on disposal of properties, plants, equipment and businesses, net, each on a consolidated basis for such period; and
|
(iii)
|
the Company's fiscal year 2020 projected adjusted free cash flow guidance, which is equal to the Company's consolidated net cash provided by (used in) operating activities for such period, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for acquisition and integration related ERP systems. A reconciliation of this forward-looking non-GAAP financial measure was included in the Earnings Release.
|
***
|
FOR
|
WITHHELD
|
Vicki L. Avril
|
17,725,135
|
355,744
|
Bruce A. Edwards
|
17,916,713
|
164,166
|
Mark A. Emkes
|
17,714,417
|
366,462
|
John F. Finn
|
17,566,080
|
514,799
|
Michael J. Gasser
|
16,745,226
|
1,335,653
|
Daniel J. Gunsett
|
16,367,876
|
1,713,003
|
Judith D. Hook
|
17,450,080
|
630,799
|
John W. McNamara
|
17,961,989
|
118,890
|
Peter G. Watson
|
18,049,872
|
31,007
|
***
|
FOR
|
AGAINST
|
ABSTAIN
|
TOTAL SHARES VOTED
|
17,906,083
|
89,349
|
85,447
|
***
|
FOR
|
AGAINST
|
ABSTAIN
|
TOTAL SHARES VOTED
|
17,629,302
|
366,628
|
84,949
|
***
|
FOR
|
AGAINST
|
ABSTAIN
|
TOTAL SHARES VOTED
|
16,389,458
|
1,679,571
|
11,850
|
***
|
FOR
|
AGAINST
|
ABSTAIN
|
TOTAL SHARES VOTED
|
16,008,941
|
1,984,848
|
87,090
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Exhibit No.
|
Description
|
Press release issued by Greif Inc. on February 26, 2020 announcing the financial results for its first quarter ended January 31, 2020.
|
|
File transcript of conference call with interested investors and financial analysts held by management of Greif Inc. on February 27, 2020.
|
|
Press release issued by Greif, Inc. on February 27, 2020.
|
|
GREIF, INC.
|
|
Date: March 2, 2020
|
By
|
/s/ Lawrence A. Hilsheimer
|
|
|
Lawrence A. Hilsheimer,
Executive Vice President and Chief Financial Officer
|
1 Year Greif Chart |
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