Greif, Inc. (NYSE:GEF) Q4 2024 Earnings Conference Call December 5, 2024 8:30 AM ET

Company Participants

Bill D’Onofrio - VP, IR and Corporate Development
Ole Rosgaard - CEO
Larry Hilsheimer - CFO
Matt Eichmann - Chief Marketing Officer

Conference Call Participants

Daniel Harriman - Sidoti & Company
Ghansham Panjabi - Baird
Matt Roberts - Raymond James
Gabe Hajde - Wells Fargo
Brian Butler - Stifel

Operator

Good day, and thank you for standing by. Welcome to the Greif Fourth Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions]

After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded.

I would now like to hand the call over to Bill D’Onofrio, Vice President of Corporate Development and Investor Relations. Please go ahead.

Bill D’Onofrio

Thank you, and good day, everyone. Welcome to Greif's fiscal Q4 2024 earnings conference call. During the call today, our Chief Executive Officer, Ole Rosgaard, will provide you an update on the operating model optimization effort we have undergone over the past year, which will be an important lead in to our Investor Day next week. He will also provide his thoughts on fiscal 2024, as well as the current market landscape. Our Chief Financial Officer, Larry Hilsheimer will provide an overview of our fourth quarter financial results, as well as our 2025 guidance.

In accordance with regulation fair disclosure, please ask questions regarding topics you consider important because we are prohibited from discussing material non-public information with you on an individual basis. Please turn to Slide 2. 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 will be referencing certain non GAAP financial measures and the reconciliation to the most directly comparable GAAP metrics that can be found in the appendix of today's presentation.

I'll now turn the presentation over to Ole.

Ole Rosgaard

Thanks, Bill, and good morning everyone and thank you for joining today. Before we start, I just want to address one matter. Yesterday, we released our 2024 4Q and full year earnings. Unfortunately, we subsequently discovered an error and reissued the release. Let me turn this over to Larry to address before we proceed with the remainder of the prepared remarks. Larry?

Larry Hilsheimer

Thank you, Ole. Good morning. Despite our usually dependable quality controls, we had an error in our original earnings release in which we had incorrectly included $16 million of income tax expense related to a gain on the disposal of a business. As a result, our originally reported Q4 net income excluding the impact of adjustments was $49.6 million and our diluted Class A earnings per share was $0.85 per share. As corrected, those figures are $65.5 million and $1.13 per share respectively.