Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 51

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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580.1 million for the second quarter of 2024. The $19.0 million increase was primarily due to $29.0 million from higher published containerboard and boxboard prices, partially offset by $9.1 million attributable to lower volumes.

Gross profit was $132.7 million for the second quarter of 2025 compared with $93.7 million for the second quarter of 2024. The $39.0 million increase in gross profit was primarily due to the same factors that impacted net sales, along with lower raw material costs and lower manufacturing costs. Gross profit margin was 22.1 percent and 16.2 percent for the second quarter of 2025 and 2024, respectively.

Operating profit was $25.9 million for the second quarter of 2025 compared with $18.9 million for the second quarter of 2024. The $7.0 million increase was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and costs incurred for strategic investments, higher restructuring and other charges and impairment charges related to plant closures. Adjusted EBITDA was $79.5 million for the second quarter of 2025 compared with $49.5 million for the second quarter of 2024. The $30.0 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and costs incurred for strategic investments.

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 $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 Div