DELAWARE, Ohio, March 17,
2020 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a world
leader in industrial packaging products and services, currently
plans to participate in upcoming virtual investor meetings. Given
anticipated questions related to the impact of COVID-19 on the
company's operations, Greif announced a narrow update today on
recent company performance. The company's consolidated financial
performance for second quarter to date (Feb.
1 through March 17, 2020) is in line with to slightly better
than internally forecasted results.
While the ultimate financial impact of COVID-19 is
uncertain, difficult to project and could negatively impact the
company's consolidated financial performance during the rest of the
fiscal year, to date COVID-19 has not had a material adverse effect
on Greif that would cause a modification of its Fiscal 2020
financial guidance ($3.55 to
$3.91 Class A earnings per share
before adjustments) that was published on February 26, 2020. As noted by management on the
investor call on February 27, 2020,
the guidance range was deliberately wide given continued
macroeconomic uncertainty and the still unquantifiable impact of
the coronavirus on our global operations.
Greif continues to monitor COVID-19 events closely and is taking
appropriate actions at the global, regional and local levels to
support our colleagues and customers during this time of
uncertainty.
Investor materials and presentations can be found at
https://investor.greif.com/home/default.aspx.
About Greif, Inc.
Greif is a global leader in
industrial packaging products and services and is pursuing its
vision: In industrial packaging, be the best performing customer
service company in the world. The Company produces steel, plastic
and fibre drums, intermediate bulk containers, reconditioned
containers, flexible products, containerboard, uncoated recycled
paperboard, coated recycled paperboard, tubes and cores and a
diverse mix of specialty products. The Company also manufactures
packaging accessories and provides filling, packaging and other
services for a wide range of industries. In addition, Greif manages
timber properties in the southeastern United States. The Company is strategically
positioned in over 40 countries to serve global as well as regional
customers. Additional information is on the Company's website
at www.greif.com.
Note on guidance
Fiscal year 2020 Class A earnings per share on a GAAP basis 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
settlement (income) charges; or acquisition and integration costs,
and the income tax effects of these items and other income
tax-related events. No reconciliation of the fiscal year 2020 Class
A earnings per share before adjustments guidance, a non-GAAP
financial measure which excludes gains and losses on the disposal
of businesses, timberland and properties, plants and equipment,
non-cash pension settlement (income) charges, acquisition and
integration costs, 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.
Forward-Looking Statements
Except for historical information, all other information in this
release consists of forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. All
forward-looking statements are based on assumptions, expectations
and other information currently available to management. Such
forward-looking statements are subject to certain risks and
uncertainties that could cause the company's actual results to
differ materially from those forecasted, projected or anticipated,
whether expressed or implied. The most significant of these risks
and uncertainties are described in Part I, Item 1A under "Risk
Factors" of the Company's most recently filed Form 10-K, as amended
by the Company's subsequent filings with the Securities and
Exchange Commission. Such risks include the impact of public
health epidemics affecting countries or regions in which we have
operations or do business, such as COVID-19, which has been
labelled a pandemic by the World Health Organization. COVID-19
could negatively impact our employees, customers, supply chain and
production, as well as global economies and financial
markets. These impacts could adversely affect demand for our
products and our profitability, cash flows and financial results.
At this point, the extent to which COVID-19 may impact our
financial results is uncertain. All forward-looking statements made
in this news release are expressly qualified in their entirety by
reference to such risk factors. Except to the limited extent
required by applicable law, we undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Matt Eichmann
740-549-6067
matt.eichmann@greif.com
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SOURCE Greif, Inc.