Greif, Inc. (NYSE:GEF) Q2 2022 Earnings Conference Call June 9, 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 - Chief Financial Officer

Conference Call Participants

Ghansham Panjabi - Baird

George Staphos - Bank of America

Adam Josephson - Key Banc

Gabe Hajde - Wells Fargo

Justin Bergner - Gabelli Funds

Operator

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Grief Second Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operators Instructions]

Thank you. Matt Leahy, Vice President of Corporate Development and Investor Relations, you may begin.

Matt Leahy

Thanks, and good morning, everyone. Welcome to Greif's second 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.

In accordance with Regulation Fair Disclosure, please ask questions regarding issues you consider important because we're 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. Our teams continue to execute with excellence resulting in outstanding second quarter results. We delivered these financial results despite sustained external challenges related to inflationary pressures, supply chain disruptions, and the pandemic.

We delivered record second quarter adjusted EBITDA of $251 million and adjusted EPS of $2.41, which further strengthened our balance sheet so that we are now near the low end of our target leverage ratio. These accomplishments results from the continued disciplined execution of the global Greif team and the commitments to advancing our Build to Last Strategy.