Greif has announced the company second quarter 2020 financial results. According to the details, the company generated the net income of $11.4 million per diluted class A share as compared to the net income of $13.6 million from the previous quarter. The net cash of the company provided by the operating activities increased by $37.7 million to $99.8 million in the second quarter 2020 financial results.
The adjusted free cash flow of the company increased from $32.9 million to $79.0 million. The total debt of the company decreased by $260.2 million to $2,682.3 million. The net sales of the company decreased by $29 million to $602.6 million. The operating profit of the company increased by $23.5 million to $70.5 million.
Chief Executive Officer and President of Greif, Pete Watson said, “At Greif, we safely package and protect essential goods and materials that serve the greater needs of communities around the world. That is our purpose as a Company and a serious responsibility in which we take pride. While we are operating in a highly unprecedented time, we continue to draw strength from our 16,000 global colleagues, and I commend them for their efforts this past quarter.”
“We are responding to COVID-19 from a position of strength, taking proactive steps to prioritize the safety and well-being of our colleagues, customers and suppliers while adapting to new methods to further serve customer needs. We are also advancing our strategic priorities, and during the quarter took steps to enhance our U.S. IBC reconditioning capability and published our 11th annual sustainability report,” Pete Watson added.
“From a financial perspective, the business generated solid second quarter results. Adjusted EBITDA rose by 12 percent to $181.3 million, while Adjusted Free Cash Flow increased by more than 71 percent to $79.0 million,” Pete Watson concluded.