GEF - Greif Inc. Attends Baird Global Industrial Conference; Reaffirms Fiscal Year 2023 Guidance | Benzinga
DELAWARE, Ohio, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE:GEF, GEF.B)), a global leader in industrial packaging products and services, today reaffirms that fiscal 2023 results will be within the previously provided guidance range of Adjusted EBITDA of $790 million to $820 million1 in anticipation of participation in the Baird Global Industrial Conference in Chicago, IL on Wednesday, November 8, 2023. The materials presented at this conference will be accessible online the morning of the conference through the Investors section of the Company's website located at www.greif.com.
This guidance reaffirmation is attributable to performance in-line with expectations for the fiscal fourth quarter in both Paper Packaging & Services (PPS) and Global Industrial Packaging (GIP). 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.
The Company will report its fiscal fourth quarter 2023 financial results after the market closes on Wednesday, December 6, 2023. A conference call will be held on Thursday, December 7, 2023, at 8:30 a.m. ET. Conference call details are available at https://investor.greif.com/.
Concerning Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," "estimate," "anticipate," "aspiration," "objective," "project," "believe," "continue," "on track" or "target" or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management.
Although the Company believes that the expectations reflected in forward-looking statements have a reasonable basis, the Company can give no assurance that these expectations will prove to be correct. Forward-looking statements are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those forecasted, projected or anticipated, whether expressed in or implied by the statements. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that could adversely affect ...