Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 131

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 2
Chunk 131
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, 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 $78.4 million for the second quarter of 2025 compared with $91.6 million for the second quarter of 2024. The $13.2 million decrease was primarily due to a $15.2 million impact from the divestiture of Delta Petroleum Company, Inc. (the “Delta Divestiture”) during the third quarter of 2024.

Gross profit was $27.2 million for the second quarter of 2025 compared with $31.6 million for the second quarter of 2024. The $4.4 million decrease in gross profit was primarily due to the Delta Divestiture. Gross profit margin was 34.7 percent and 34.5 percent for the second quarter of 2025 and 2024, respectively.

Operating profit was $12.8 million for the second quarter of 2025 compared with $16.4 million for the second quarter of 2024. The $3.6 million decrease was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $17.3 million for the second quarter of 2025 compared with $20.8 million for the second quarter of 2024. The $3.5 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.

Income Tax Expense

Income tax expense for the second quarter of 2025 was $29.8 million compared with $17.0 million for the second quarter of 2024. The $12.8 million increase in income tax expense was primarily due to higher pre-tax book earnings, changes in the mix of earnings among tax jurisdictions, and other discrete tax expenses.

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Year-to-Date Results

The following table sets forth the net sales, operating profit and Adjusted EBITDA for each of our business segments for the six months ended April 30, 2025 and 2024:

Six Months EndedApril 30,(in millions)20252024Net sales:Customized Polymer Solutions$624.4 $513.6 Durable Metal Solutions721.1 784.2 Sustainable Fiber Solutions1,160.5 1,108.9 Integrated Solutions