Filing Flows › Greif (GEF) › Q1 FY24
Greif (GEF) Q1 FY24 earnings results (first quarter fiscal 2024)
10-K filed Dec 18, 2023
Greif (GEF) reported revenue of $1.3B for the first quarter fiscal 2024 (Q1 FY24), -13% from a year earlier and -2% from the quarter before. Operating margin was 8.6%, net earnings $67.8M (5.2% of revenue).
Greif, Q1 FY24: revenue $1.3B (-12% year over year), operating margin 8.6%, net earnings $67.8M, operating cash flow $204M. The chart follows the revenue to costs, profit and cash.
| Q1 FY24 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -2% | -13% |
| Gross profit | $276M | -10% | -11% |
| Operating profit | $112M | -28% | -27% |
| Net earnings | $67.8M | -25% | -32% |
| Operating cash flow | $204M | +0.6% | -29% |
| Free cash flow | $126M | — | -43% |
What changed
Revenue was $1.3B in Q1 FY24, down 13% year over year and down 2% from the previous quarter.
Gross margin was 21.1%, up 0.3 points from a year earlier. Operating profit was $0.11B, a 8.6% margin (down 1.7 points year over year). Operating expenses grew 4% against a revenue fall of 13%. The fastest-growing cost line was Other operating costs (+63%). Net earnings were $0.07B, down 32% year over year. The effective tax rate was 11.9%.
Operating cash flow was $0.20B (down 29% year over year), 278% of net income including minority interests. Non-cash charges added back $0.06B of depreciation and amortization. Working capital and other items added $0.07B. After cash paid for purchases of properties, plants and equipment ($0.08B), free cash flow as the company reports it was $0.13B.
Questions
What was Greif's revenue in the first quarter fiscal 2024?
Greif (GEF) reported revenue of $1.3B for the first quarter fiscal 2024 (Q1 FY24), -13% from a year earlier and -2% from the quarter before.
Was Greif profitable in the first quarter fiscal 2024?
Operating profit was $112M (8.6% of revenue) and net earnings $67.8M.
Source: Greif 10-K on SEC EDGAR.