Greif (GEF) FY2023 results: revenue $4.2 billion, down 34.2% on the year

Greif, Inc. (GEF) reported revenue of $4.2 billion for fiscal 2023, the year ended 31 October 2023, down 34.2% on the year before. Net income was $359 million, down 4.6%, and diluted earnings per share $6.15. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2023.

Revenue

$4.2 billion

-34.2% on the year

FY2016FY2023

Operating margin

10.2%

9.8% a year earlier

FY2016FY2023

Net income

$359 million

-4.6% on the year

FY2016FY2023

Diluted EPS

$6.15

-2.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	4,175	6,350	5,556	-34.2%
Cost of revenue	3,247	5,064	4,463	-35.9%
Gross profit	929	1,285	1,093	-27.8%
Gross margin	22.2%	20.2%	19.7%
Selling, general and administrative	510	581	566	-12.2%
Operating income	427	621	585	-31.3%
Operating margin	10.2%	9.8%	10.5%
Interest expense	15.7	61.2	92.7	-74.3%
Pre-tax income	396	526	479	-24.6%
Income tax	98.1	137	69.6	-28.4%
Effective tax rate	24.7%	26.1%	14.5%
Net income	359	377	391	-4.6%
Net margin	8.6%	5.9%	7.0%
Diluted EPS	$6.15	$6.30	$6.54	-2.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	650	658	396	-1.2%
Capital expenditure	214	176	141	+21.2%
Free cash flow	436	481	255	-9.4%
Free cash flow margin	10.4%	7.6%	4.6%
Cash from investing	-670	-28.2	46.8
Cash from financing	69.7	-531	-423
Depreciation and amortisation	231	217	234	+6.5%
Share-based compensation	21.1	34.4	34.1	-38.7%
Buybacks	63.9	71.1	0.0	-10.1%
Dividends paid	116	111	106	+4.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,948	1,761	1,514	+10.6%
Non-controlling interest	38.4	33.0	61.3	+16.4%
Redeemable equity	125	15.8	24.1	+693.0%
Short-term borrowings	5.4	5.7	n/a	-5.3%
Debt	2,218	1,919	2,226	+15.6%
Operating lease liabilities	240	209	240	+14.7%
Finance lease liabilities	27.9	0.2	n/a	+13,850.0%
Other liabilities	1,357	1,526	1,751	-11.0%
Total liabilities and equity	5,961	5,470	5,816	+9.0%
Fixed assets	1,563	1,455	1,521	+7.4%
Goodwill	1,395	1,464	1,515	-4.8%
Intangible assets	792	576	648	+37.5%
Cash and equivalents	181	147	125	+23.0%
Receivables	659	749	890	-12.0%
Other assets	1,371	1,078	1,117	+27.2%
Total assets	5,961	5,470	5,816	+9.0%

10-K for the year ended 31 October 2023, filed 18 December 2023: the filing.