Greif (GEF -3.8%) reported Q2 net sales growth of 9.1% Y/Y to $968.3M reflecting strong performance in Paper Packaging and Flexible Products segments.
Sales by segments: Rigid industrial packaging & services $662.7M (+6.2% Y/Y), Paper packaging & services $213.9M (+13.4% Y/Y), Flexible products & services $84.1M (+26.3% Y/Y) and Land management $7.6M (-2.6% Y/Y).
Sales by geography: United States $463.5M (+6.67% Y/Y), EMEA $370.7M (+13.9% Y/Y) and Asia Pacific & other Americas $134.1M (+5.3% Y/Y).
Q2 Overall margins: Gross declined by 30 bps to 20.2%, operating declined by 13 bps to 9.06% and Adj. EBITDA was flat at 12%.
Free cash flow was $29.9M down by 27.4% Y/Y.
SG&A expenses were $102.7M up 5.9% Y/Y.
FY18 Outlook, raised guidance: EPS $3.45-3.70 from $3.25-3.55 earlier vs $3.44 consensus; Capex $120-140M from $100-120M; FCF $200-220M; SG&A expenses $395-415M; Interest expense $50-55M; other expenses $15-20M and tax rate 28-32%.
Previously: Greif misses by $0.09, misses on revenue (June 6)
Subscribe for full text news in your inbox