Why Greif Inc. (GEF) stock performed well on Tuesday?

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Greif Inc. (GEF) shares surged 5.81% in after-hours on Tuesday, August 31, 2021, and closed at $67.00. also, in the regular trading session of Tuesday, GEF’s stock gained 1.21%. GEF shares have risen 71.83% over the last 12 months, and they have moved up 4.01% in the past week. Over the past three months, the stock has gained 4.28%, while over the past six months, it has shed 20.77%.

Let’s have a look at its recent news and developments.

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GEF upcoming financial results announcement

Greif, Inc (GEF) is scheduled to release third-quarter fiscal 2021 (ended as of Jul 31, 2021) financial numbers, after the closing bell on September 1, 2021.

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What analyst’s expectations are?

  • According to Zacks, the company’s earnings is expected at $1.60 per share, which represents year-over-year growth of 88.2%.
  • Zacks is expecting that total revenue would be approximately
    $1.43 billion for Q3 2021 which is 32.2% more from the year-ago quarter.

GEF dividend declaration

On August 31, 2021, the Board of Directors of Greif, Inc. (GEF) declared increased quarterly cash dividends of $0.46 per share on its Class A Common Stock and $0.69 per share on its Class B Common Stock. This dividend declaration represents a 4.5% per share increase from the fiscal second quarter 2021 and versus fiscal third quarter 2020.

GEF increased prices

On August 11, 2021, Greif, Inc (GEF) implemented a $70 per ton price increase for all grades of uncoated recycled paperboard (URB) and an 8.5 per cent increase on all tube and core and protective packaging products.

GEF refinancing

On July 15, 2021, Greif, Inc (GEF), repaid its existing 7.375% Euro 200 million senior notes by drawing on the $225 million term loan A-3 negotiated in November 2020. The term loan matures in July 2026 and has an interest rate of approximately 2.0%.

GEF corporate update

On June 22, 2021, Greif, Inc announced that Pete Watson will retire as Greif’s President and Chief Executive Officer effective February 1, 2022. The Board of Directors has elected Ole Rosgaard to succeed Mr Watson as President and Chief Executive Officer effective February 1, 2022. Mr Rosgaard will serve as Chief Operating Officer of the Company until that time.

GEF Q2 2021 financial results announcement

On June 9, 2021, Greif, Inc announced its second-quarter 2021 financial results.

Q2 2021 financial highlights

  • GEF reported net sales of $1.34 billion for Q2 2021 compared to $1.158 billion in Q2 2020.
  • It earned a net income of $149.8 million or $2.51 per diluted Class A share in Q2 2021 compared to a net income of $11.4 million or $0.19 per diluted Class A share in Q2 2020.
  • Net cash provided by operating activities was$152.3 million in Q2 2021.

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The recent dividend declaration and upcoming financial results were the reasons behind its positive performance on Tuesday. There is a high chance that GEF will continue to perform well in the coming days.


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