Greif reaffirms 2023 adjusted EBITDA view $790M-$820M

Greif reaffirms that fiscal 2023 results will be within the previously provided guidance range of Adjusted EBITDA of $790 million to $820 million in anticipation of participation in the Baird Global Industrial Conference in Chicago, IL on Wednesday, November 8, 2023.This guidance reaffirmation is attributable to performance in-line with expectations for the fiscal fourth quarter in both Paper Packaging & Services and Global Industrial Packaging. GIP volumes remained soft in all regions and most end markets during the quarter, with no positive volume inflections through October; the GIP business also faced a less favorable price / cost dynamic in Q4 as falling steel costs and the continued volume softness pressured margins. The PPS business experienced continued converting and mill volume weakness, both down mid-single digits year-over-year through the fourth quarter despite improved containerboard volumes in October, in addition to sequentially lower published RISI pricing and rising OCC costs.