Delaware | 001-00566 | 31-4388903 | |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |
425 Winter Road, Delaware, Ohio | 43015 | ||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
(i) | the Company's consolidated operating profit, before special items, for the third quarter of 2017 and the third quarter of 2016, which is equal to the Company's consolidated operating profit for the applicable period plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, each on a consolidated basis for the applicable period; |
(ii) | the Company's net income, excluding the impact of special items, for the third quarter of 2017 and the third quarter of 2016, which is equal to the Company's consolidated net income for the applicable period plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains 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) | earnings per diluted class A share of the Company, excluding the impact of special items, for the third quarter of 2017 and the third quarter of 2016, which is equal to earnings per diluted class A share of the Company for the applicable period plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains 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; |
(iv) | the Company’s consolidated free cash flow for the third quarter of 2017 and the third quarter of 2016, which is equal to the Company’s consolidated net cash provided by operating activities for the applicable period less cash paid for purchases of properties, plants and equipment for the applicable period; |
(v) | net sales excluding divestitures and foreign currency translation for the Company's Rigid Industrial Packaging & Services business segment for the third quarter of 2017 and the third quarter of 2016, which is equal to that business segment's net sales for the applicable quarter, after adjusting for divestitures occurring since the third quarter of 2016, as applicable to that business segment, and after adjusting the third quarter of 2017 for currency translation; |
(vi) | operating profit before special items for the Company’s Rigid Industrial Packaging & Services business segment for the third quarter of 2017 and the third quarter of 2016 which is equal to that business segment’s operating profit plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, each for the applicable period; and |
(vii) | operating profit or loss, as applicable, before special items for the Company’s Flexible Products & Services business segment for the third quarter of 2017 and the third quarter of 2016, which is equal to that business segment’s operating profit or loss, as applicable, plus restructuring charges, plus non-cash asset impairment charges, less gains on disposal of properties, plants, equipment and businesses, net, each for the applicable period. |
(i) | The Company's 2017 Class A earnings per share before special items, which is equal to earnings per diluted class A share of the Company for the applicable period plus restructuring charges, plus acquisition-related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges, less gains on disposal of properties, plants, equipment and businesses, net, each net of tax, other income tax related events, noncontrolling interest and equity earnings of unconsolidated affiliates and on a consolidated basis for the applicable period; |
(ii) | 2017 projected free cash flow which is equal to the Company's consolidated net cash provided by operating activities for the applicable period and scenario less cash paid for capital expenditures for the applicable |
(iii) | The Company's 2020 consolidated operating profit, before special items, which excludes the impact of potential gains and losses on the disposal of businesses or properties, plants and equipment, net, timberland gains, non-cash asset impairment charges, non-cash pension settlement charges, restructuring-related activities and acquisition costs, each on a consolidated basis for the applicable period; and |
(iv) | 2020 projected free cash flow which is equal to the Company's consolidated net cash provided by operating activities for the applicable period less cash paid for capital expenditures for the applicable period. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description |
99.1 | Press release issued by Greif, Inc. on August 30, 2017 announcing the financial results for its third quarter ended July 31, 2017. |
GREIF, INC. | ||
Date: August 31, 2017 | By | /s/ Lawrence A. Hilsheimer |
Lawrence A. Hilsheimer, Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 | Press release issued by Greif, Inc. on August 30, 2017 announcing the financial results for its third quarter ended July 31, 2017. |
Investor Relations Contact: | Matt Eichmann |
740-549-6067 | |
matt.eichmann@greif.com |
• | Net sales increased by $116.8 million to $961.8 million. |
• | Gross profit increased by $10.6 million to $187.1 million. |
• | Operating profit increased by $17.9 million to $89.5 million and operating profit before special items1 increased by $10.6 million to $94.5 million, despite $2.0 million of professional fees related to tax planning expected to generate $3.0 million in recurring savings in fiscal 2017 and an incremental $12 million to $20 million annually, thereafter. |
• | Net income of $43.9 million or $0.74 per diluted Class A share compared to net income of $46.1 million or $0.78 per diluted Class A share. The third quarter of 2016 included a one time discrete tax benefit from tax restructuring activities that increased net income per diluted Class A share for the third quarter of 2016 by $0.17 per share. |
• | Net income, excluding the impact of special items, of $49.7 million or $0.85 per diluted Class A share compared to net income, excluding the impact of special items, of $53.6 million or $0.91 per diluted Class A share. The third quarter of 2016 included a one time discrete tax benefit from tax restructuring activities that increased net income, excluding the impact of special items, per diluted Class A share for the third quarter of 2016 by $0.17 per share. |
• | Interest expense decreased by $6.1 million to $13.7 million due primarily to the repayment of Senior Notes with borrowings under the Company's credit agreement and lower year-over-year debt balances. |
• | Cash provided by operating activities decreased by $10.7 million to $89.6 million primarily due to an increase in operating working capital. |
• | Free cash flow2 decreased by $9.5 million due to an increase in operating working capital, partially offset by a $1.2 million decrease in cash paid for properties, plants, and equipment. |
• | Modified the guidance range for fiscal year 2017 Class A earnings per share before special items3 to $2.81 - $2.95 per share, due to ongoing competitive pressures in Asia Pacific, timing of raw material price adjustment mechanisms in customer contracts and our current assessment of a $2.5 million headwind impact related to Hurricane Harvey. |
• | Reaffirm guidance for fiscal year 2017 free cash flow of $180.0 million to $200.0 million. |
1 | A summary of all special items that are excluded from operating profit before special items, from net income before special items, and from earnings per diluted Class A share before special items is set forth in the Selected Financial Highlights table following the Dividend Summary in this release. |
2 | Free cash flow is defined as net cash provided by operating activities less cash paid for purchases of properties, plants and equipment. |
3 | 2017 GAAP Class A Earnings Per Share guidance is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses, timberland or properties, plants and equipment, net, non-cash asset impairment charges due to unanticipated changes in the business, restructuring-related activities, non-cash pension settlements or acquisition costs, and the income tax effects of these items and other income tax-related events. No reconciliation of the guidance for fiscal year 2017 Class A earnings per share before special items, a non-GAAP financial measure which excludes gains and losses on the disposal of businesses, timberland and property, plant and equipment, acquisition costs, non-cash pension settlement charges, restructuring and impairment charges, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts. A reconciliation of 2017 free cash flow guidance to forecasted net cash provided by operating ctivities, the most directly comparable GAAP financial measure, is included in this release. |
1. | Invest in our people and teams to foster a strong culture of employee engagement and accountability. |
2. | Deliver industry leading customer service excellence to achieve superior customer satisfaction and loyalty. |
3. | Strive for and realize performance excellence, leading to enhanced free cash flow and value creation. |
◦ | 2020 consolidated operating profit before special items range of $425 million - $465 million |
◦ | 2020 free cash flow range of $230 million - $270 million |
• | The introduction of Greif’s “Path to Growth” plan, which highlights the process, strategy and acquisition priorities the Company has in place to grow profitability. |
Net Sales Impact - Primary Products | Rigid Industrial Packaging & Services | Paper Packaging & Services | Flexible Products & Services | |||||
% | % | % | ||||||
Currency Translation | (0.4 | )% | — | (1.6 | )% | |||
Volume | 0.4 | % | 8.9 | % | (1.3 | )% | ||
Selling Prices and Product Mix | 15.6 | % | 10.8 | % | 11.2 | % | ||
Total Impact of Primary Products | 15.6 | % | 19.7 | % | 8.3 | % |
Net Sales Impact - Primary Products, Excluding Divestitures: | Rigid Industrial Packaging & Services | Paper Packaging & Services | Flexible Products & Services | |||||
% | % | % | ||||||
Currency Translation | (0.4 | )% | — | (1.7 | )% | |||
Volume | 0.4 | % | 8.9 | % | 1.2 | % | ||
Selling Prices and Product Mix | 15.6 | % | 10.8 | % | 11.5 | % | ||
Total Impact of Primary Products | 15.6 | % | 19.7 | % | 11.0 | % |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions, except for per share amounts) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Selected Financial Highlights | |||||||||||||||
Net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 | |||||||
Gross profit | 187.1 | 176.5 | 532.3 | 501.5 | |||||||||||
Gross profit margin | 19.5 | % | 20.9 | % | 19.9 | % | 20.4 | % | |||||||
Operating profit | 89.5 | 71.6 | 212.0 | 172.0 | |||||||||||
Operating profit before special items | 94.5 | 83.9 | 246.1 | 221.3 | |||||||||||
EBITDA | 116.1 | 101.2 | 293.5 | 261.2 | |||||||||||
EBITDA before special items | 121.1 | 113.5 | 327.6 | 310.5 | |||||||||||
Cash provided by operating activities | 89.6 | 100.3 | 105.1 | 158.0 | |||||||||||
Free cash flow | 64.2 | 73.7 | 40.0 | 86.6 | |||||||||||
Net income attributable to Greif, Inc. | 43.9 | 46.1 | 85.3 | 66.4 | |||||||||||
Diluted Class A earnings per share attributable to Greif, Inc. | $ | 0.74 | $ | 0.78 | $ | 1.45 | $ | 1.13 | |||||||
Diluted Class A earnings per share attributable to Greif, Inc. before special items | $ | 0.85 | $ | 0.91 | $ | 1.97 | $ | 1.79 | |||||||
Special items | |||||||||||||||
Restructuring charges | $ | 3.9 | $ | 10.2 | $ | 8.7 | $ | 17.9 | |||||||
Acquisition-related costs | — | — | — | 0.1 | |||||||||||
Non-cash asset impairment charges | 2.0 | 4.1 | 5.9 | 44.9 | |||||||||||
Non-cash pension settlement charge | 1.0 | — | 25.6 | — | |||||||||||
Gain on disposal of properties, plants and equipment and businesses, net | (1.9 | ) | (2.0 | ) | (6.1 | ) | (13.6 | ) | |||||||
Total special items | $ | 5.0 | $ | 12.3 | $ | 34.1 | $ | 49.3 | |||||||
Total special items, net of tax and noncontrolling interest | 5.8 | 7.5 | 30.1 | 38.7 | |||||||||||
Impact of total special items, net of tax, on diluted Class A earnings per share attributable to Greif, Inc. | $ | 0.11 | $ | 0.13 | $ | 0.52 | $ | 0.66 | |||||||
July 31, 2017 | October 31, 2016 | July 31, 2016 | October 31, 2015 | ||||||||||||
Operating working capital(5) | $ | 395.6 | $ | 304.6 | $ | 366.1 | $ | 345.4 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 | |||||||
Cost of products sold | 774.7 | 668.5 | 2,137.8 | 1,954.5 | |||||||||||
Gross profit | 187.1 | 176.5 | 532.3 | 501.5 | |||||||||||
Selling, general and administrative expenses | 92.6 | 92.6 | 286.2 | 280.3 | |||||||||||
Restructuring charges | 3.9 | 10.2 | 8.7 | 17.9 | |||||||||||
Non-cash asset impairment charges | 2.0 | 4.1 | 5.9 | 44.9 | |||||||||||
Non-cash pension settlement charge | 1.0 | — | 25.6 | — | |||||||||||
Gain on disposal of properties, plants and equipment, net | (1.1 | ) | (0.7 | ) | (3.9 | ) | (9.5 | ) | |||||||
Gain on disposal of businesses, net | (0.8 | ) | (1.3 | ) | (2.2 | ) | (4.1 | ) | |||||||
Operating profit | 89.5 | 71.6 | 212.0 | 172.0 | |||||||||||
Interest expense, net | 13.7 | 19.8 | 46.7 | 58.2 | |||||||||||
Other expense, net | 1.4 | 2.7 | 8.2 | 7.4 | |||||||||||
Income before income tax expense and equity earnings of unconsolidated affiliates, net | 74.4 | 49.1 | 157.1 | 106.4 | |||||||||||
Income tax expense | 27.2 | 3.5 | 62.0 | 38.2 | |||||||||||
Equity earnings of unconsolidated affiliates, net of tax | (0.3 | ) | (0.8 | ) | (0.3 | ) | (0.8 | ) | |||||||
Net income | 47.5 | 46.4 | 95.4 | 69.0 | |||||||||||
Net income attributable to noncontrolling interests | (3.6 | ) | (0.3 | ) | (10.1 | ) | (2.6 | ) | |||||||
Net income attributable to Greif, Inc. | $ | 43.9 | $ | 46.1 | $ | 85.3 | $ | 66.4 | |||||||
Basic earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | $ | 0.74 | $ | 0.78 | $ | 1.45 | $ | 1.13 | |||||||
Class B Common Stock | $ | 1.12 | $ | 1.18 | $ | 2.17 | $ | 1.69 | |||||||
Diluted earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | $ | 0.74 | $ | 0.78 | $ | 1.45 | $ | 1.13 | |||||||
Class B Common Stock | $ | 1.12 | $ | 1.18 | $ | 2.17 | $ | 1.69 | |||||||
Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | 25.8 | 25.8 | 25.8 | 25.7 | |||||||||||
Class B Common Stock | 22.0 | 22.0 | 22.0 | 22.1 | |||||||||||
Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||
Class A Common Stock | 25.8 | 25.8 | 25.8 | 25.7 | |||||||||||
Class B Common Stock | 22.0 | 22.0 | 22.0 | 22.1 |
(in millions) | July 31, 2017 | October 31, 2016 | |||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 94.6 | $ | 103.7 | |||
Trade accounts receivable | 453.6 | 399.2 | |||||
Inventories | 336.8 | 277.4 | |||||
Other current assets | 240.0 | 132.0 | |||||
1,125.0 | 912.3 | ||||||
LONG-TERM ASSETS | |||||||
Goodwill | 772.7 | 786.4 | |||||
Intangible assets | 86.6 | 110.6 | |||||
Assets held by special purpose entities | 50.9 | 50.9 | |||||
Other long-term assets | 133.0 | 120.9 | |||||
1,043.2 | 1,068.8 | ||||||
PROPERTIES, PLANTS AND EQUIPMENT | 1,168.5 | 1,171.9 | |||||
$ | 3,336.7 | $ | 3,153.0 | ||||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 394.8 | $ | 372.0 | |||
Short-term borrowings | 18.3 | 51.6 | |||||
Current portion of long-term debt | 16.3 | — | |||||
Other current liabilities | 289.7 | 235.6 | |||||
719.1 | 659.2 | ||||||
LONG-TERM LIABILITIES | |||||||
Long-term debt | 1,033.7 | 974.6 | |||||
Liabilities held by special purpose entities | 43.3 | 43.3 | |||||
Other long-term liabilities | 468.1 | 486.2 | |||||
1,545.1 | 1,504.1 | ||||||
REDEEMABLE NONCONTROLLING INTERESTS | 29.8 | 31.8 | |||||
EQUITY | |||||||
Total Greif, Inc. equity | 1,032.6 | 947.4 | |||||
Noncontrolling interests | 10.1 | 10.5 | |||||
1,042.7 | 957.9 | ||||||
$ | 3,336.7 | $ | 3,153.0 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net income | $ | 47.5 | $ | 46.4 | $ | 95.4 | $ | 69.0 | |||||||
Depreciation, depletion and amortization | 27.7 | 31.5 | 89.4 | 95.8 | |||||||||||
Asset impairments | 2.0 | 4.1 | 5.9 | 44.9 | |||||||||||
Pension settlement loss | 1.0 | — | 25.6 | — | |||||||||||
Other non-cash adjustments to net income | (1.1 | ) | (1.0 | ) | (9.9 | ) | (12.3 | ) | |||||||
Operating working capital changes | (3.8 | ) | 0.3 | (96.1 | ) | (25.8 | ) | ||||||||
Deferred purchase price on sold receivables | (9.1 | ) | (5.0 | ) | (30.8 | ) | (20.2 | ) | |||||||
Increase (decrease) in cash from changes in other assets and liabilities | 25.4 | 24.0 | 25.6 | 6.6 | |||||||||||
Net cash provided by operating activities | 89.6 | 100.3 | 105.1 | 158.0 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Acquisitions of businesses, net of cash acquired | — | — | — | (0.4 | ) | ||||||||||
Collection of subordinated note receivable | — | — | — | 44.2 | |||||||||||
Purchases of properties, plants and equipment | (25.4 | ) | (26.6 | ) | (65.1 | ) | (71.4 | ) | |||||||
Purchases of and investments in timber properties | (1.9 | ) | (1.2 | ) | (7.3 | ) | (4.7 | ) | |||||||
Purchases of properties, plants and equipment with insurance proceeds | — | (0.8 | ) | — | (4.4 | ) | |||||||||
Proceeds from the sale of properties, plants and equipment, businesses, timberland and other assets | 5.7 | 7.3 | 13.8 | 34.7 | |||||||||||
Proceeds on insurance recoveries | — | — | 0.4 | 6.6 | |||||||||||
Net cash provided by (used in) investing activities | (21.6 | ) | (21.3 | ) | (58.2 | ) | 4.6 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Proceeds from (payments on) debt, net | (38.2 | ) | (37.4 | ) | 27.3 | (82.0 | ) | ||||||||
Dividends paid to Greif, Inc. shareholders | (24.7 | ) | (24.7 | ) | (73.9 | ) | (74.0 | ) | |||||||
Other | (0.6 | ) | (7.9 | ) | (4.1 | ) | (15.2 | ) | |||||||
Net cash used in financing activities | (63.5 | ) | (70.0 | ) | (50.7 | ) | (171.2 | ) | |||||||
Reclassification of cash to assets held for sale | 0.4 | — | (5.5 | ) | — | ||||||||||
Effects of exchange rates on cash | 2.7 | (4.3 | ) | 0.2 | (3.3 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | 7.6 | 4.7 | (9.1 | ) | (11.9 | ) | |||||||||
Cash and cash equivalents, beginning of period | 87.0 | 89.6 | 103.7 | 106.2 | |||||||||||
Cash and cash equivalents, end of period | $ | 94.6 | $ | 94.3 | $ | 94.6 | $ | 94.3 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 674.4 | $ | 596.8 | $ | 1,860.2 | $ | 1,721.3 | |||||||
Paper Packaging & Services | 206.3 | 172.5 | 577.9 | 498.1 | |||||||||||
Flexible Products & Services | 73.9 | 69.9 | 210.2 | 219.0 | |||||||||||
Land Management | 7.2 | 5.8 | 21.8 | 17.6 | |||||||||||
Total net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 | |||||||
Operating profit (loss): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 64.7 | $ | 56.7 | $ | 148.9 | $ | 113.4 | |||||||
Paper Packaging & Services | 19.0 | 19.1 | 49.6 | 64.4 | |||||||||||
Flexible Products & Services | 3.1 | (5.9 | ) | 5.4 | (11.9 | ) | |||||||||
Land Management | 2.7 | 1.7 | 8.1 | 6.1 | |||||||||||
Total operating profit | $ | 89.5 | $ | 71.6 | $ | 212.0 | $ | 172.0 | |||||||
EBITDA(6): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 80.3 | $ | 77.2 | $ | 198.5 | $ | 173.5 | |||||||
Paper Packaging & Services | 26.9 | 27.1 | 73.4 | 88.0 | |||||||||||
Flexible Products & Services | 4.9 | (5.7 | ) | 9.7 | (9.0 | ) | |||||||||
Land Management | 4.0 | 2.6 | 11.9 | 8.7 | |||||||||||
Total EBITDA | $ | 116.1 | $ | 101.2 | $ | 293.5 | $ | 261.2 | |||||||
EBITDA before special items: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 85.8 | $ | 84.0 | $ | 223.5 | $ | 213.4 | |||||||
Paper Packaging & Services | 27.5 | 27.9 | 83.9 | 90.2 | |||||||||||
Flexible Products & Services | 4.4 | (0.8 | ) | 10.6 | (0.8 | ) | |||||||||
Land Management | 3.4 | 2.4 | 9.6 | 7.7 | |||||||||||
Total EBITDA before special items | $ | 121.1 | $ | 113.5 | $ | 327.6 | $ | 310.5 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
United States | $ | 463.7 | $ | 400.3 | $ | 1,306.2 | $ | 1,179.0 | |||||||
Europe, Middle East and Africa | 359.4 | 318.9 | 970.8 | 905.9 | |||||||||||
Asia Pacific and other Americas | 138.7 | 125.8 | 393.1 | 371.1 | |||||||||||
Total net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 | |||||||
Gross profit: | |||||||||||||||
United States | $ | 97.4 | $ | 89.1 | $ | 277.1 | $ | 260.1 | |||||||
Europe, Middle East and Africa | 65.9 | 66.0 | 189.5 | 169.4 | |||||||||||
Asia Pacific and other Americas | 23.8 | 21.4 | 65.7 | 72.0 | |||||||||||
Total gross profit | $ | 187.1 | $ | 176.5 | $ | 532.3 | $ | 501.5 |
(in millions) | July 31, 2017 | October 31, 2016 | July 31, 2016 | October 31, 2015 | |||||||||||
Trade accounts receivable | $ | 453.6 | $ | 399.2 | $ | 418.1 | $ | 403.7 | |||||||
Plus: inventories | 336.8 | 277.4 | 288.5 | 297.0 | |||||||||||
Less: accounts payable | 394.8 | 372.0 | 340.5 | 355.3 | |||||||||||
Operating working capital | $ | 395.6 | $ | 304.6 | $ | 366.1 | $ | 345.4 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income | $ | 47.5 | $ | 46.4 | $ | 95.4 | $ | 69.0 | |||||||
Plus: Interest expense, net | 13.7 | 19.8 | 46.7 | 58.2 | |||||||||||
Plus: Income tax expense | 27.2 | 3.5 | 62.0 | 38.2 | |||||||||||
Plus: Depreciation, depletion and amortization expense | 27.7 | 31.5 | 89.4 | 95.8 | |||||||||||
EBITDA | $ | 116.1 | $ | 101.2 | $ | 293.5 | $ | 261.2 | |||||||
Net income | $ | 47.5 | $ | 46.4 | $ | 95.4 | $ | 69.0 | |||||||
Plus: Interest expense, net | 13.7 | 19.8 | 46.7 | 58.2 | |||||||||||
Plus: Income tax expense | 27.2 | 3.5 | 62.0 | 38.2 | |||||||||||
Plus: Other expense, net | 1.4 | 2.7 | 8.2 | 7.4 | |||||||||||
Less: equity earnings of unconsolidated affiliates, net of tax | (0.3 | ) | (0.8 | ) | (0.3 | ) | (0.8 | ) | |||||||
Operating profit | 89.5 | 71.6 | 212.0 | 172.0 | |||||||||||
Less: Other expense, net | 1.4 | 2.7 | 8.2 | 7.4 | |||||||||||
Less: equity earnings of unconsolidated affiliates, net of tax | (0.3 | ) | (0.8 | ) | (0.3 | ) | (0.8 | ) | |||||||
Plus: Depreciation, depletion and amortization expense | 27.7 | 31.5 | 89.4 | 95.8 | |||||||||||
EBITDA | $ | 116.1 | $ | 101.2 | $ | 293.5 | $ | 261.2 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Rigid Industrial Packaging & Services | |||||||||||||||
Operating profit | $ | 64.7 | $ | 56.7 | $ | 148.9 | $ | 113.4 | |||||||
Less: Other expense, net | 1.5 | 1.1 | 7.4 | 4.4 | |||||||||||
Less: equity earnings of unconsolidated affiliates, net of tax | (0.3 | ) | (0.8 | ) | (0.3 | ) | (0.8 | ) | |||||||
Plus: Depreciation and amortization expense | 16.8 | 20.8 | 56.7 | 63.7 | |||||||||||
EBITDA | $ | 80.3 | $ | 77.2 | $ | 198.5 | $ | 173.5 | |||||||
Restructuring charges | 3.7 | 6.9 | 7.6 | 11.2 | |||||||||||
Acquisition-related costs | — | — | — | 0.1 | |||||||||||
Non-cash asset impairment charges | 2.0 | 1.3 | 5.6 | 39.8 | |||||||||||
Non-cash pension settlement charge | 0.6 | — | 15.3 | — | |||||||||||
Gain on disposal of properties, plants, equipment, and businesses, net | (0.8 | ) | (1.4 | ) | (3.5 | ) | (11.2 | ) | |||||||
EBITDA before special items | $ | 85.8 | $ | 84.0 | $ | 223.5 | $ | 213.4 | |||||||
Paper Packaging & Services | |||||||||||||||
Operating profit | $ | 19.0 | $ | 19.1 | $ | 49.6 | $ | 64.4 | |||||||
Less: Other income, net | (0.1 | ) | — | (0.1 | ) | — | |||||||||
Plus: Depreciation and amortization expense | 7.8 | 8.0 | 23.7 | 23.6 | |||||||||||
EBITDA | $ | 26.9 | $ | 27.1 | $ | 73.4 | $ | 88.0 | |||||||
Restructuring charges | — | 1.1 | 0.3 | 1.1 | |||||||||||
Non-cash asset impairment charges | — | — | — | 1.5 | |||||||||||
Non-cash pension settlement charge | 0.4 | — | 10.1 | — | |||||||||||
(Gain) loss on disposal of properties, plants, equipment, net | 0.2 | (0.3 | ) | 0.1 | (0.4 | ) | |||||||||
EBITDA before special items | $ | 27.5 | $ | 27.9 | $ | 83.9 | $ | 90.2 | |||||||
Flexible Products & Services | |||||||||||||||
Operating profit (loss) | $ | 3.1 | $ | (5.9 | ) | $ | 5.4 | $ | (11.9 | ) | |||||
Less: Other expense, net | — | 1.6 | 0.9 | 3.0 | |||||||||||
Plus: Depreciation and amortization expense | 1.8 | 1.8 | 5.2 | 5.9 | |||||||||||
EBITDA | $ | 4.9 | $ | (5.7 | ) | $ | 9.7 | $ | (9.0 | ) | |||||
Restructuring charges | 0.2 | 2.2 | 0.8 | 5.6 | |||||||||||
Non-cash asset impairment charges | — | 2.8 | 0.3 | 3.6 | |||||||||||
Non-cash pension settlement charge | — | — | 0.1 | — | |||||||||||
Gain on disposal of properties, plants, equipment and businesses, net | (0.7 | ) | (0.1 | ) | (0.3 | ) | (1.0 | ) | |||||||
EBITDA before special items | $ | 4.4 | $ | (0.8 | ) | $ | 10.6 | $ | (0.8 | ) | |||||
Land Management | |||||||||||||||
Operating profit | $ | 2.7 | $ | 1.7 | $ | 8.1 | $ | 6.1 | |||||||
Plus: Depreciation, depletion and amortization expense | 1.3 | 0.9 | 3.8 | 2.6 | |||||||||||
EBITDA | $ | 4.0 | $ | 2.6 | $ | 11.9 | $ | 8.7 | |||||||
Non-cash pension settlement charge | — | — | 0.1 | — | |||||||||||
Gain on disposal of properties, plants, equipment, net | (0.6 | ) | (0.2 | ) | (2.4 | ) | (1.0 | ) | |||||||
EBITDA before special items | $ | 3.4 | $ | 2.4 | $ | 9.6 | $ | 7.7 | |||||||
Consolidated EBITDA | $ | 116.1 | $ | 101.2 | $ | 293.5 | $ | 261.2 | |||||||
Consolidated EBITDA before special items | $ | 121.1 | $ | 113.5 | $ | 327.6 | $ | 310.5 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net cash provided by operating activities | $ | 89.6 | $ | 100.3 | $ | 105.1 | $ | 158.0 | |||||||
Cash paid for purchases of properties, plants and equipment | (25.4 | ) | (26.6 | ) | (65.1 | ) | (71.4 | ) | |||||||
Free Cash Flow | $ | 64.2 | $ | 73.7 | $ | 40.0 | $ | 86.6 |
Fiscal 2017 Forecast Range | |||||||
(in millions) | Scenario 1 | Scenario 2 | |||||
Net cash provided by operating activities | $ | 280.0 | $ | 315.0 | |||
Less: Cash Paid for capital expenditures | (100.0 | ) | (115.0 | ) | |||
Free Cash Flow | $ | 180.0 | $ | 200.0 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating profit (loss): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 64.7 | $ | 56.7 | $ | 148.9 | $ | 113.4 | |||||||
Paper Packaging & Services | 19.0 | 19.1 | 49.6 | 64.4 | |||||||||||
Flexible Products & Services | 3.1 | (5.9 | ) | 5.4 | (11.9 | ) | |||||||||
Land Management | 2.7 | 1.7 | 8.1 | 6.1 | |||||||||||
Total operating profit | $ | 89.5 | $ | 71.6 | $ | 212.0 | $ | 172.0 | |||||||
Restructuring charges: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 3.7 | $ | 6.9 | $ | 7.6 | $ | 11.2 | |||||||
Paper Packaging & Services | — | 1.1 | 0.3 | 1.1 | |||||||||||
Flexible Products & Services | 0.2 | 2.2 | 0.8 | 5.6 | |||||||||||
Total restructuring charges | $ | 3.9 | $ | 10.2 | $ | 8.7 | $ | 17.9 | |||||||
Acquisition-related costs: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | — | $ | — | $ | — | $ | 0.1 | |||||||
Total acquisition-related costs | $ | — | $ | — | $ | — | $ | 0.1 | |||||||
Non-cash asset impairment charges: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 2.0 | $ | 1.3 | $ | 5.6 | $ | 39.8 | |||||||
Paper Packaging & Services | — | — | — | 1.5 | |||||||||||
Flexible Products & Services | — | 2.8 | 0.3 | 3.6 | |||||||||||
Total non-cash asset impairment charges | $ | 2.0 | $ | 4.1 | $ | 5.9 | $ | 44.9 | |||||||
Non-cash pension settlement charge: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 0.6 | $ | — | $ | 15.3 | $ | — | |||||||
Paper Packaging & Services | 0.4 | — | 10.1 | — | |||||||||||
Flexible Products & Services | — | — | 0.1 | — | |||||||||||
Land Management | — | — | 0.1 | — | |||||||||||
Total non-cash pension settlement charge | $ | 1.0 | $ | — | $ | 25.6 | $ | — | |||||||
Gain (loss) on disposal of properties, plants, equipment and businesses, net: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | (0.8 | ) | $ | (1.4 | ) | $ | (3.5 | ) | $ | (11.2 | ) | |||
Paper Packaging & Services | 0.2 | (0.3 | ) | 0.1 | (0.4 | ) | |||||||||
Flexible Products & Services | (0.7 | ) | (0.1 | ) | (0.3 | ) | (1.0 | ) | |||||||
Land Management | (0.6 | ) | (0.2 | ) | (2.4 | ) | (1.0 | ) | |||||||
Total gain on disposal of properties, plants, equipment and businesses, net | $ | (1.9 | ) | $ | (2.0 | ) | $ | (6.1 | ) | $ | (13.6 | ) | |||
Operating profit (loss) before special items: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 70.2 | $ | 63.5 | $ | 173.9 | $ | 153.3 | |||||||
Paper Packaging & Services | 19.6 | 19.9 | 60.1 | 66.6 | |||||||||||
Flexible Products & Services | 2.6 | (1.0 | ) | 6.3 | (3.7 | ) | |||||||||
Land Management | 2.1 | 1.5 | 5.8 | 5.1 | |||||||||||
Total operating profit before special items | $ | 94.5 | $ | 83.9 | $ | 246.1 | $ | 221.3 |
Income before Income Tax Expense and Equity Earnings of Unconsolidated Affiliates, net | Income Tax Expense (Benefit) | Equity earnings of unconsolidated affiliates | Non-Controlling Interest | Net Income Attributable to Greif, Inc. | Diluted Class A Earnings Per Share | ||||||||||||||||||
Three months ended July 31, 2017 | $ | 74.4 | $ | 27.2 | $ | (0.3 | ) | $ | 3.6 | $ | 43.9 | $ | 0.74 | ||||||||||
Gain on disposal of properties, plants, equipment and businesses, net | (1.9 | ) | (1.3 | ) | — | (0.3 | ) | (0.3 | ) | — | |||||||||||||
Restructuring charges | 3.9 | 0.5 | — | 0.1 | 3.3 | 0.06 | |||||||||||||||||
Non-cash asset impairment charges | 2.0 | — | — | — | 2.0 | 0.04 | |||||||||||||||||
Non-cash pension settlement charge | 1.0 | 0.2 | — | — | 0.8 | 0.01 | |||||||||||||||||
Excluding Special Items | $ | 79.4 | $ | 26.6 | $ | (0.3 | ) | $ | 3.4 | $ | 49.7 | $ | 0.85 | ||||||||||
Three months ended July 31, 2016 | $ | 49.1 | $ | 3.5 | $ | (0.8 | ) | $ | 0.3 | $ | 46.1 | $ | 0.78 | ||||||||||
Gain on disposal of properties, plants, equipment and businesses, net | (2.0 | ) | — | — | (0.2 | ) | (1.8 | ) | (0.03 | ) | |||||||||||||
Restructuring charges | 10.2 | 2.4 | — | 0.8 | 7.0 | 0.12 | |||||||||||||||||
Non-cash asset impairment charges | 4.1 | 0.4 | — | 1.4 | 2.3 | 0.04 | |||||||||||||||||
Excluding Special Items | $ | 61.4 | $ | 6.3 | $ | (0.8 | ) | $ | 2.3 | $ | 53.6 | $ | 0.91 | ||||||||||
Nine months ended July 31, 2017 | $ | 157.1 | $ | 62.0 | $ | (0.3 | ) | $ | 10.1 | $ | 85.3 | $ | 1.45 | ||||||||||
Gain on disposal of properties, plants, equipment and businesses, net | (6.1 | ) | (2.3 | ) | — | — | (3.8 | ) | (0.06 | ) | |||||||||||||
Restructuring charges | 8.7 | (2.3 | ) | — | 0.4 | 10.6 | 0.18 | ||||||||||||||||
Non-cash asset impairment charges | 5.9 | — | — | 0.1 | 5.8 | 0.10 | |||||||||||||||||
Non-cash pension settlement charge | 25.6 | 8.1 | — | — | 17.5 | 0.30 | |||||||||||||||||
Excluding Special Items | $ | 191.2 | $ | 65.5 | $ | 0.3 | $ | 10.6 | $ | 115.4 | $ | 1.97 | |||||||||||
Nine months ended July 31, 2016 | $ | 106.4 | $ | 38.2 | $ | (0.8 | ) | $ | 2.6 | $ | 66.4 | $ | 1.13 | ||||||||||
Gain on disposal of properties, plants, equipment and businesses, net | (13.6 | ) | (2.4 | ) | — | (0.8 | ) | (10.4 | ) | (0.18 | ) | ||||||||||||
Restructuring charges | 17.9 | 3.4 | — | 2.6 | 11.9 | 0.20 | |||||||||||||||||
Non-cash asset impairment charges | 44.9 | 6.1 | — | 1.7 | 37.1 | 0.64 | |||||||||||||||||
Acquisition-related costs | 0.1 | — | — | — | 0.1 | — | |||||||||||||||||
Excluding Special Items | $ | 155.7 | $ | 45.3 | $ | (0.8 | ) | $ | 6.1 | $ | 105.1 | $ | 1.79 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||||||||||
(in millions) | 2017 | Impact of Divestitures | Excluding the Impact of Divestitures | 2017 | Impact of Divestitures | Excluding the Impact of Divestitures | |||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 674.4 | $ | 0.6 | $ | 673.8 | $ | 1,860.2 | $ | 1.8 | $ | 1,858.4 | |||||||||||
Paper Packaging & Services | 206.3 | — | 206.3 | 577.9 | — | 577.9 | |||||||||||||||||
Flexible Products & Services | 73.9 | — | 73.9 | 210.2 | — | 210.2 | |||||||||||||||||
Land Management | 7.2 | — | 7.2 | 21.8 | — | 21.8 | |||||||||||||||||
Consolidated | $ | 961.8 | $ | 0.6 | $ | 961.2 | $ | 2,670.1 | $ | 1.8 | $ | 2,668.3 | |||||||||||
Gross Profit: | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 137.0 | $ | 0.1 | $ | 136.9 | $ | 383.3 | $ | 0.3 | $ | 383.0 | |||||||||||
Paper Packaging & Services | 33.7 | — | 33.7 | 101.9 | — | 101.9 | |||||||||||||||||
Flexible Products & Services | 13.7 | — | 13.7 | 39.1 | — | 39.1 | |||||||||||||||||
Land Management | 2.7 | — | 2.7 | 8.0 | — | 8.0 | |||||||||||||||||
Consolidated | $ | 187.1 | $ | 0.1 | $ | 187.0 | $ | 532.3 | $ | 0.3 | $ | 532.0 | |||||||||||
Operating Profit: | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 64.7 | $ | — | $ | 64.7 | $ | 148.9 | $ | 0.1 | $ | 148.8 | |||||||||||
Paper Packaging & Services | 19.0 | — | 19.0 | 49.6 | — | 49.6 | |||||||||||||||||
Flexible Products & Services | 3.1 | — | 3.1 | 5.4 | — | 5.4 | |||||||||||||||||
Land Management | 2.7 | — | 2.7 | 8.1 | — | 8.1 | |||||||||||||||||
Consolidated | $ | 89.5 | $ | — | $ | 89.5 | $ | 212.0 | $ | 0.1 | $ | 211.9 | |||||||||||
Operating profit before special items(11): | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 70.2 | $ | — | $ | 70.2 | $ | 173.9 | $ | 0.1 | $ | 173.8 | |||||||||||
Paper Packaging & Services | 19.6 | — | 19.6 | 60.1 | — | 60.1 | |||||||||||||||||
Flexible Products & Services | 2.6 | — | 2.6 | 6.3 | — | 6.3 | |||||||||||||||||
Land Management | 2.1 | — | 2.1 | 5.8 | — | 5.8 | |||||||||||||||||
Consolidated | $ | 94.5 | $ | — | $ | 94.5 | $ | 246.1 | $ | 0.1 | $ | 246.0 |
Three months ended July 31, | Nine months ended July 31, | ||||||||||||||||||||||
(in millions) | 2016 | Impact of Divestitures | Excluding the Impact of Divestitures | 2016 | Impact of Divestitures | Excluding the Impact of Divestitures | |||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 596.8 | $ | 6.1 | $ | 590.7 | $ | 1,721.3 | $ | 60.0 | $ | 1,661.3 | |||||||||||
Paper Packaging & Services | 172.5 | — | 172.5 | 498.1 | — | 498.1 | |||||||||||||||||
Flexible Products & Services | 69.9 | 1.5 | 68.4 | 219.0 | 6.5 | 212.5 | |||||||||||||||||
Land Management | 5.8 | — | 5.8 | 17.6 | — | 17.6 | |||||||||||||||||
Consolidated | $ | 845.0 | $ | 7.6 | $ | 837.4 | $ | 2,456.0 | $ | 66.5 | $ | 2,389.5 | |||||||||||
Gross Profit: | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 131.8 | $ | 4.5 | $ | 127.3 | $ | 358.5 | $ | 4.9 | $ | 353.6 | |||||||||||
Paper Packaging & Services | 32.3 | — | 32.3 | 105.5 | — | 105.5 | |||||||||||||||||
Flexible Products & Services | 10.2 | 0.3 | 9.9 | 30.3 | 1.1 | 29.2 | |||||||||||||||||
Land Management | 2.2 | — | 2.2 | 7.2 | — | 7.2 | |||||||||||||||||
Consolidated | $ | 176.5 | $ | 4.8 | $ | 171.7 | $ | 501.5 | $ | 6.0 | $ | 495.5 | |||||||||||
Operating Profit (loss): | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 56.7 | $ | 3.1 | $ | 53.6 | $ | 113.4 | $ | (18.8 | ) | $ | 132.2 | ||||||||||
Paper Packaging & Services | 19.1 | — | 19.1 | 64.4 | — | 64.4 | |||||||||||||||||
Flexible Products & Services | (5.9 | ) | 0.1 | (6.0 | ) | (11.9 | ) | 0.3 | (12.2 | ) | |||||||||||||
Land Management | 1.7 | — | 1.7 | 6.1 | — | 6.1 | |||||||||||||||||
Consolidated | $ | 71.6 | $ | 3.2 | $ | 68.4 | $ | 172.0 | $ | (18.5 | ) | $ | 190.5 | ||||||||||
Operating profit (loss) before special items(12): | |||||||||||||||||||||||
Rigid Industrial Packaging & Services | $ | 63.5 | $ | 3.3 | $ | 60.2 | $ | 153.3 | $ | (1.5 | ) | $ | 154.8 | ||||||||||
Paper Packaging & Services | 19.9 | — | 19.9 | 66.6 | — | 66.6 | |||||||||||||||||
Flexible Products & Services | (1.0 | ) | 0.1 | (1.1 | ) | (3.7 | ) | 0.3 | (4.0 | ) | |||||||||||||
Land Management | 1.5 | — | 1.5 | 5.1 | — | 5.1 | |||||||||||||||||
Consolidated | $ | 83.9 | $ | 3.4 | $ | 80.5 | $ | 221.3 | $ | (1.2 | ) | $ | 222.5 |
Three months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | Increase in Net Sales ($) | Increase in Net Sales (%) | ||||||||||
Net Sales | $ | 961.8 | $ | 845.0 | $ | 116.8 | 13.8 | % | ||||||
Impact of Divestitures | 0.6 | 7.6 | ||||||||||||
Net Sales Excluding the Impact of Divestitures | $ | 961.2 | $ | 837.4 | ||||||||||
Currency Translation | (3.6 | ) | N/A | |||||||||||
Net Sales Excluding the Impact of Divestitures and Currency Translation | $ | 964.8 | $ | 837.4 | $ | 127.4 | 15.2 | % |
Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | Increase in Net Sales ($) | Increase in Net Sales (%) | ||||||||||
Net Sales | $ | 2,670.1 | $ | 2,456.0 | $ | 214.1 | 8.7 | % | ||||||
Impact of Divestitures | 1.8 | 66.5 | ||||||||||||
Net Sales Excluding the Impact of Divestitures | $ | 2,668.3 | $ | 2,389.5 | ||||||||||
Currency Translation | (35.2 | ) | N/A | |||||||||||
Net Sales Excluding the Impact of Divestitures and Currency Translation | $ | 2,703.5 | $ | 2,389.5 | $ | 314.0 | 13.1 | % |
Three months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | Increase in Net Sales ($) | Increase in Net Sales (%) | ||||||||||
Net Sales | $ | 674.4 | $ | 596.8 | $ | 77.6 | 13.0 | % | ||||||
Impact of Divestitures | 0.6 | 6.1 | ||||||||||||
Net Sales Excluding the Impact of Divestitures | $ | 673.8 | $ | 590.7 | ||||||||||
Currency Translation | (2.1 | ) | N/A | |||||||||||
Net Sales Excluding the Impact of Divestitures and Currency Translation | $ | 675.9 | $ | 590.7 | $ | 85.2 | 14.4 | % |
Nine months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | Increase in Net Sales ($) | Increase in Net Sales (%) | ||||||||||
Net Sales | $ | 1,860.2 | $ | 1,721.3 | $ | 138.9 | 8.1 | % | ||||||
Impact of Divestitures | 1.8 | 60.0 | ||||||||||||
Net Sales Excluding the Impact of Divestitures | $ | 1,858.4 | $ | 1,661.3 | ||||||||||
Currency Translation | (26.4 | ) | N/A | |||||||||||
Net Sales Excluding the Impact of Divestitures and Currency Translation | $ | 1,884.8 | $ | 1,661.3 | $ | 223.5 | 13.5 | % |
Three months ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | Increase in Primary Products Net Sales ($) | Increase in Primary Products Net Sales (%) | ||||||||||
Rigid Industrial Packaging & Services | ||||||||||||||
Primary Products Net Sales | $ | 602.6 | $ | 521.4 | ||||||||||
Impact of Divestitures | (0.5 | ) | (0.4 | ) | ||||||||||
Primary Products Net Sales Excluding the Impact of Divestitures | $ | 602.1 | $ | 521.0 | $ | 81.1 | 15.6 | % | ||||||
Paper Packaging & Services | ||||||||||||||
Primary Products Net Sales | $ | 205.8 | $ | 171.9 | ||||||||||
Impact of Divestitures | — | — | ||||||||||||
Primary Products Net Sales Excluding the Impact of Divestitures | $ | 205.8 | $ | 171.9 | $ | 33.9 | 19.7 | % | ||||||
Flexible Products & Services | ||||||||||||||
Primary Products Net Sales | $ | 67.0 | $ | 61.8 | ||||||||||
Impact of Divestitures | — | (1.5 | ) | |||||||||||
Primary Products Net Sales Excluding the Impact of Divestitures | $ | 67.0 | $ | 60.3 | $ | 6.7 | 11.0 | % |
&%P+S$N,"\ /#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#
M96AI2'IR95-Z3E1C>FMC.60B/SX-"CQX.GAM<&UE=&$@>&UL;G,Z>#TB861O
M8F4Z;G,Z;65T82\B('@Z>&UP=&L](D%D;V)E(%A-4"!#;W)E(#4N-BUC,3,X
M(# I.0$T;4!.0##_Y\
MQ_\ 5_D>!?\.LOV=/\ HC?@+_P6)3)O^"5O[.5Q"T;_ 9\ LD@*L#IB<@]
M:^@**.9A_9>#_P"?4?\ P%?Y'+^-O@OX3^)'PNF\$Z]X?TS5?"-Q;Q6DFDW$
M(:U>*(H8T*=-JE$P/]D5Y5_PZR_9T_Z(WX"_\%B5[[12NS6M@\/5=ZM.,GMJ
MD]/F<'H'[,OP_P#"_P %;KX
&%P+S$N,"\ /#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#
M96AI2'IR95-Z3E1C>FMC.60B/SX-"CQX.GAM<&UE=&$@>&UL;G,Z>#TB861O
M8F4Z;G,Z;65T82\B('@Z>&UP=&L](D%D;V)E(%A-4"!#;W)E(#4N-BUC,3,X
M(# I.0$T;4!.0##_Y\
MQ_\ 5_D>!?\.LOV=/\ HC?@+_P6)3)O^"5O[.5Q"T;_ 9\ LD@*L#IB<@]
M:^@**.9A_9>#_P"?4?\ P%?Y'+^-O@OX3^)'PNF\$Z]X?TS5?"-Q;Q6DFDW$
M(:U>*(H8T*=-JE$P/]D5Y5_PZR_9T_Z(WX"_\%B5[[12NS6M@\/5=ZM.,GMJ
MD]/F<'H'[,OP_P#"_P %;KX