Company: GEF
Filing Date: 2025-02-27
Form Type: 10-Q
Source: 0000043920-25-000009
Chunk: 85

Company: GREIF, INC
Filing Date: 2025-02-27
Form: 10-Q
Item: Part I, Item 8
Chunk 85
---
 quarter of 2025 compared with $8.2 million for the first quarter of 2024. The $4.6 million decrease was primarily due to higher SG&A expenses and higher impairment charges related to plant closures, partially offset by the same factors that impacted gross profit. Adjusted EBITDA was $51.5 million for the first quarter of 2025 compared with $53.0 million for the first quarter of 2024. The $1.5 million decrease in Adjusted EBITDA was primarily due to higher SG&A expenses, partially offset by the same factors that impacted gross profit, excluding impacts from depreciation and amortization.

Integrated Solutions

Our Integrated Solutions segment produces and sells complimentary packaging products, such as paints, linings and closure systems for industrial packaging products and related services. In addition, this reportable segment participates in the purchase and sale of recycled fiber and the production and sale of adhesives, which can be used in our containerboard and paperboard products.

Net sales were $67.1 million for the first quarter of 2025 compared with $78.5 million for the first quarter of 2024. The $11.4 million decrease was primarily due to an $11.3 million impact from the divestiture of Delta Petroleum Company, Inc. (the “Delta Divestiture”) during the third quarter of 2024.

Gross profit was $18.4 million for the first quarter of 2025 compared with $23.3 million for the first quarter of 2024. The $4.9 million decrease in gross profit was primarily due to the Delta Divestiture. Gross profit margin was 27.4 percent and 29.7 percent for the first quarter of 2025 and 2024, respectively. The decrease in gross profit margin was primarily due to the Delta Divestiture.

Operating profit was $4.9 million for the first quarter of 2025 compared with operating profit of $12.1 million for the first quarter of 2024. The $7.2 million decrease was primarily due to the same factors that impacted gross profit and lower gains on disposal of properties, plants and equipment, net. Adjusted EBITDA was $8.9 million for the first quarter of 2025 compared with $13.5 million for the first quarter of 2024. The $4.6 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.

Income Tax Expense