Greif, Inc. (NYSE:GEF) Q3 2022 Earnings Conference Call September 1, 2022 8:30 AM ET

Company Participants

Matt Leahy - Vice President of Corporate Development and Investor Relations

Ole Rosgaard - President and Chief Executive Officer

Larry Hilsheimer - Executive Vice President and Chief Financial Officer

Conference Call Participants

Adam Josephson - KeyBanc Capital Markets

Mark Wilde - BMO Capital Markets

Michael Hoffman - Stifel, Nicolaus & Company, Inc.

Gabrial Hajde - Wells Fargo Securities, LLC

Justin Bergner - Gabelli Funds, LLC

Operator

Good morning, and welcome to Greif's Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, we will conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Matt Leahy, Vice President of Corporate Development and Investor Relations. Please go ahead.

Matt Leahy

Thanks, and good morning, everyone. Welcome to Greif's third quarter fiscal 2022 earnings conference call. This is Matt Leahy, Greif's Vice President of Corporate Development and Investor Relations and I am joined by Ole Rosgaard, Greif's President and Chief Executive Officer; and Larry Hilsheimer, Greif's Chief Financial Officer.

We will take questions at the end of today's call. And in accordance with Regulation Fair Disclosure, please ask questions regarding issues you consider important because we are prohibited from discussing material non-public information with you on an individual basis. Please limit yourself to one question and one follow-up before returning to the queue.

Please turn to Slide 2. As a reminder, during today's call, we will make forward-looking statements involving plans, expectations, and beliefs related to future events. Actual results could differ materially from those discussed. Additionally, we'll be referencing certain non-GAAP financial measures and reconciliation to the most directly comparable GAAP metrics that can be found in the appendix of today's presentation.

And now, I will turn the presentation over to Ole on Slide 3.

Ole Rosgaard

Thanks, Matt, and good morning, everyone. Following on our formal introduction of the Build to Last strategy at our June Investor Day, we are very pleased to present our third quarter results. We delivered both earnings and EBITDA growth against the historically strong Q3 2021 comp and during the time of economic uncertainty, record inflation, continued supply chain pressures and the ongoing pandemic.

We delivered third quarter adjusted EBITDA of $251 million and adjusted EPS of $2.35, but perhaps most impressively, we delivered a record single quarter adjusted free cash flow of $175.8 million. These results are indicative of the Build to Last strategy, powerful value creation when executed effectively by our exemplary global Greif team.