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Greif cuts debt by $147 million, ends Q3 with $1.23 billion net debt
By Lisa Kerner
Charlotte, N.C., Aug. 30 - Greif, Inc.'s long-term debt decreased by about $147 million to about $1.2 billion at July 31 from about $1.35 million at Oct. 31, 2011.
The company attributed the decrease to improved cash flows from operations and to the currency translation impact of the stronger dollar versus the euro and other major currencies, according to a company news release.
Net debt was about $1.23 billion for the fiscal third quarter, compared with about $1.37 billion at Oct. 31, 2011.
Greif reported fiscal third-quarter cash provided by operating activities of about $152 million versus $35 million for the same period last year.
Free cash flow was about $113 million for the fiscal third quarter, compared with negative $11.2 million for the third quarter of fiscal 2011.
The Delaware, Ohio-based industrial packaging company reported fiscal third-quarter operating profit of $86 million and net income attributable to Greif of about $41 million, or $0.70 per diluted class A share. EBITDA was $125.8 million.
Working capital was down at $314 million on July 31, compared with $358 million at Oct. 31, 2011.
Net sales were also down for the period at about $1.1 billion, versus about $1.12 billion for the prior-year period.
According to president and chief executive officer David B. Fischer, Greif's fiscal third-quarter operating performance was "impacted by lower-than-expected volumes and the negative effect of foreign currency translation in our rigid industrial packaging and services and flexible products and services segments, while the paper packaging segment achieved solid results."
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