Greif (GEF) Reports Q1 Revenues Above Estimates

Note: EPS may not be comparable

Greif (NYSE: GEF) reported Q1 EPS of $0.49, versus $0.66 reported last year. Revenue for the quarter came in at $905.7 million versus the consensus estimate of $867.24 million.

First Quarter Highlights include (all results compared to the first quarter of 2017 unless otherwise noted):

• Net sales increased by $84.8 million to $905.7 million.
• Gross profit increased by $8.4 million to $171.7 million.
• Operating profit decreased by $0.1 million to $65.5 million and operating profit before special items1 increased by $1.4 million to $68.1 million.
• Income tax expense decreased from $11.8 million to a benefit of $15.6 million. The results for the three months ended January 31, 2018 included a provisional net tax benefit of $29.1 million related to the recently enacted Tax Cuts and Jobs Act of 2017 ("Tax Reform Act"). Please see the Tax Summary section of this release for further discussion of tax changes.
• Net income of $56.5 million or $0.96 per diluted Class A share compared to net income of $5.4 million or $0.10 per diluted Class A share. Net income, excluding the impact of special items, of $28.8 million or $0.49 per diluted Class A share compared to net income, excluding the impact of special items, of $26.4 million or $0.45 per diluted Class A share.
• Cash used in operating activities increased by $9.6 million to $53.7 million. Free cash flow2 decreased by $16.3 million to a use of $81.7 million.

For earnings history and earnings-related data on Greif (GEF) click here.

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