Greif reports record Q3 sales $1.49B, EPS $1.89; CEO to retire Feb 2022; raises guidance

GREIF, INC

Net sales $1,490.8M (record), up 37.6% YoY; net income $113.0M ($1.89/diluted A share) vs $20.7M ($0.35) prior year.
Adjusted EBITDA record $237.8M, up 49.2% YoY; leverage ratio improved to 2.8x from 3.7x.
CEO Pete Watson to retire Feb 1, 2022; COO Ole Rosgaard to succeed; Michael Gasser not standing for re-election; Watson to become Executive Chairman.
Quarterly dividend increased: $0.46/Class A share (+$0.02), $0.69/Class B share (+$0.03); payable Oct 1, 2021.
Fiscal 2021 guidance raised for EPS before adjustments and adjusted free cash flow.

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