Greif ends Q3 with 'solid improvement,' reduces debt by $29 million

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Greif, Inc. ended its third quarter on July 31 with long-term debt of about $1.2 billion, down slightly from a year ago and down about $29 million from April 30.

The company had about $95 million of cash on the balance sheet at quarter-end.

Greif showed "solid improvement" over last year, with net sales up 2% at $1.13 billion, corporate controller Ken Andre said during the company's earnings call on Thursday.

Gross profit was up 7% at $217 million, net income was up 25% at $47 million and EBITDA was $132 million, an increase of 7%.

Third-quarter capital expenditures were down at about $27 million, compared to $45 million for the same period last year.

Greif's board of directors declared quarterly cash dividends on Aug. 27 of $0.42 per share of class A common stock and $0.63 per share of class B common stock. The dividends are payable on Oct. 1 to stockholders of record at the close of business on Sept. 20.

Greif is a Delaware, Ohio-based industrial packaging company.

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