GEF - Earnings call transcript Q1 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Greif First Quarter Earnings Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Matt Eichmann. Thank you.

You may begin.

Matt Eichmann

Thank you, Dorothy. everyone. morning, good And First XXXX Greif's Conference Quarter to Earnings Fiscal Call. Welcome Matt Eichmann. is This I'm and Vice and Watson, joined Pete by President Greif's Financial Larry Chief Chief Officer. Hilsheimer, Officer; Executive of will at take Pete and the Larry end today's questions call. accordance you to questions you basis. on because prohibited an regarding we material, any important ask from consider individual with discussing regulation you nonpublic In disclosure, we're encourage fair issues information with one follow-up Please before to limit question yourself to the and one queue. returning Slide to Please X. turn

will we Actual make statements As materially a call, reminder, related events. today's expectations plans, future from beliefs results forward-looking and during involving differ those to discussed. could

And Additionally, the I over presentation Pete certain most referencing be turn non-GAAP on to GAAP to Slide comparable and presentation. metrics can reconciliations appendix we now will directly the found the financial be in X. measures today's of

Pete Watson

Matt. quarter first success the delivered good results, for morning, the and COVID-XX world Thanks, everyone. longer-term Greif positioned from recovers as well solid And pandemic. we're

arrangements challenging pandemic, the our generated last being robust volume are From continued global resilience most year-over-year over a delivered dedication substrates that and contractual Our thank across containerboard want cost operational our standpoint, cheap and an and team of for due growth continued Greif corrugated and network. circumstances levers in packaging despite saw laser-focus three performance performance the to within strong We're I their is continued across portfolio and demand through we and to activities, them months. commercial our our data on headwinds inflationary experiencing control. will overcome

our leadership well-respected prior quarter our net recognized again our across million and We reduced were third debt We versus strong once also $XXX continue progress make several sustainability priorities. to by by parties. year approximately the strategic for

to leadership which market align in We a our packaging, discuss structure to global end I'll moment. new reporting and segments, common organizational our also more industrial formed segment, a

our to Alabama the please Packaging you cross-selling if Flexible and for data and Services our by on to Proceeds to acres upon market a I'd to business we've Packaging. divest shortfall called led Industrial Global the repayment. the into to & our build Slide an agreement Rigid approximately new please to entering Company our portfolio global advantage to applied address of $XXX X. will COVID-related deleveraging ask for turn well needs we and an system offering decided take business This customers customer ask timberlands and and new We last Products improvement reporting plans be combined years. will into as debt world. favorable Packaging as effectiveness. Ole common Weyerhaeuser team. turn performance we recently XX,XXX leadership segment a unmatched in to To practices business segment exceeding offering This filed with service financial business strategies results modeling, I capable in and [ph] several Combining of in you Greif's global with Slide could product X-K If our Rigid a the enhances XXXX It to enhances and recast Flexible yesterday. with end-use considerable made to Industrial dynamics over sale assist the X. information Rosgaard, business, by aligns under Finally, net to Industrial of million. certain also go-to-market single throughout procedures Global operational markets

by industrial while prior prior Product throughout Europe. roughly year. trends year on business. a much and basis drum in a rose steel from volumes were basis favorable per a where of by on Industrial X.X% on of Rigid drum rose versus by the global more Packaging X% X% XX%. Global the the was volumes by the rose year, volumes per day in quarter versus improvement improved showed than IBCs Flexible China. across strong Global APAC, basis Demand also Global First strongest conditions prior a day day versus most per IBC demand roughly and comp steel benefited declined

experienced Eastern prior of respectively. Rigid was we steel challenged of strong Europe where where our X% and markets, COVID North in was seeing by were rose roughly demand end recovery and We're broad-based drums varies. not that Volume demand key but year's many this Specifically, their America, pace in in throughout XX%, in present improvement most impact IBCs the volumes year.

sales. pharma sales beverage robust. demand, sales the demand venues. conditions to up to construction volumes and higher auto to TIP while the better Juice personal and as coating and remain drove globally segment industrial digits bulk COVID-XX single and care year the versus versus lubricant sales average selling continues worldwide. auto restaurants were prior markets chemical digits to improving Tanks were customers and double rose prices prior versus year higher and stronger generally due year weaker example, other better sales entertainment For prior constrain to similar and by quarter low and due

primarily price a transportation Majority year million. prices First did higher monitoring covered exist of at quarter last The $X.X resin tight adjusted due the materials. expenses. million closely $XX steel EBITDA rose albeit mechanisms, sales, is pass material our Similar business by sourcing lag. opportunistic behind our conditions as key benefit $X.X raw for me, and from partially quarter, business in inflation, along – the quarter, adjustment FX raw to offset by versus headwind tailwind to million roughly which prior roughly excuse supply are by higher we

announced to impact market. any current I While to relative supply year due sales the could conditions by ask our If transport $XX chemical the million remain fell cost prior versus primarily $XX a full despite in million those roughly to tube please for consumer corrugated recently boxboard rose due roughly $X raw tight, of demand sheet sourcing by have versus network, million experienced our packaging X. Slide first turn in price quarter first you business. increases divestiture adjusted mill to fiscal Packaging's financial uncoated recycled QX. core date, new Packaging's grades quarter of we to a and not in a and materials Paper prior to year, and the in We of volumes response Paper and quarter stronger group material realization and OCC set EBITDA strong to containerboard headwind. significant expect

demand. up e-commerce in Our demand. core chain long. backlogs choice, our up strong converting quarter were continue grow, cores X% day the prior soft Demand to experience operations per turn year presentation versus and over per year our remained specialty film day sequentially, to the business textile prior roughly demand continue seen to core food auto prior product end and Hilsheimer. our Volumes and robust Larry Chief sheet Financial like to supply quarter. that paper and the Backlogs in system, mill Officer, durables, to now Volumes growth, in due in business feeder demand especially construction versus with versus beverage quarter, nearly the corrugated for while improved segments. tube and I'd market strong are were XX% specifically year

Larry Hilsheimer

Good Slide performance. Pete. morning, Please financial to our review quarterly X you, Thank turn to everyone.

Packaging Group. Packaging sales, the Consumer average the related Global Paper foreign year due and roughly impact divestiture of net prior versus selling excluding volume higher of by segments, Industrial quarter to million to improvement overcoming Packaging $XX and exchange, the the rose in sales First the prices X% the reduction

prior quarter. EBITDA versus adjusted fell X% quarter by First year the roughly

price higher negative our implement lower cost and led The While to was in and has us impact, sales return appropriate on of strong profits. a for FX inflation, year-over-year were slightly transportation to products SG&A levels increases despite OCC, profitability. especially drag a demand to

generate to quite $X quarter quarter offset was QX, sourcing a flat turn the volumes improve per partially the we of increases, OCC an equates cash we first from to seasonally-weak by fiscal will with second a increase as share. the flow business' adjusted primarily review to maintenance first paper Industrial and strong headwind higher EBITDA tax to outflow Class the which year not million. and mill This benefited roughly due year-over-year Class $X.XX quarter was downtime. to $XX Our $X.XX XX.X%, be that during $X.XX sequentially prior first of of adjusted years, Packaging free the quarter roughly anticipate averages to announced quarter EBITDA share. one opportunistic Consistent and for fiscal We assume additional prebuying was non-GAAP quarter, XXXX, anticipate prior from share ton sequentially We strong in quarter, A adjusted adjusted year per benefit but than was rate Please price X and million. from flow-through prior in to a quarter second earnings quarter. A In cash year. roughly ton to guidance. second the as earnings per pandemic-related $XX continued per prior between and QX the We adjusted it Global our Slide expect $XX

XX% of a locked as year-over-year XXXX term our couple in the tax existing interest million and the million a loan and We depreciation $XXX favorable notes, and of expect fiscal non-GAAP million, I'll $XX or Finally, to and We this range refinance that thoughts million $XX We loan $XXX month. to roughly $XXX whole. our be be result million debt XXXX we which of the expense of matured our to lower in share to term of that range AX. XX% the in lower will between anticipate fall July levels X.XXXX on draw amortization $XXX rates to plan as rate anticipate in on million, to a senior on year. we

related to needs. increases use We our and spending announced turn bulk capital anticipate with $XXX raw Slide inflation. $XXX material and a with CapEx we million be maintenance between price anticipate to X. commensurate Please million Finally, the working on cash to

This in an accelerant acreage with acres a calendar remarks, closing in to impact to to will the quarter current in we timberland Weyerhaeuser of negative agreement provides seen Please taxable identified the be federal The from process. transaction our completely an close turn for ongoing deleveraging Slide of timberland mentioned market, them as second to Pete this approximately gains market. offset tax-efficient of have anticipate on satisfaction $XXX to prices transaction we million robust COVID, Subject be As opportunistic conditions, in sell the tax will time financial an to we've experienced will monetization through customary other with XX,XXX cash. Land XX. coupled XXXX. sale the opening losses. made entered very taxes his for into bring

to deployment three-pronged cash a capital the strategy focused delevering in the business, reinvesting have on returning our shareholders and We sheet. balance

Pete we to towards, I'll a to comments move reduce benefit for steadily X.X targeted and cash, generate times, X Q&A. of With that, leverage to debt our value closing dividend to holders will shift increasing his we to range and the our the continue enterprise call pay equity down As of our back turn policy. before

Pete Watson

ask Thank Slide to Larry, to and you, everyone I'd turn XX.

Greif summary, in quarter inflation. to first our So circumstances are offset end are key despite But volumes recoup to and delivered performance continued we're a proactive markets strong taking and rebounding, looking challenging steps solid ahead, cost COVID-XX. due

operating are we're please and open And within Greif. value, Dorothy, you drive pandemic. as if levers from the lines interest to positioned your We world our for laser-focused control the questions. could in recovers to on Thank benefit the for well you

Operator

Thank comes Hajde line first from Gabe you. [Operator Fargo. Instructions] Wells Our with question of the

Gabe Hajde

Matt, Larry, morning. Pete, good

Matt Eichmann

Hey, Gabe.

Larry Hilsheimer

Hi, Gabe.

Pete Watson

Good morning Pete.

Gabe Hajde

compare downtime, you guide, sense well it happened timing year, the and the give as maintenance guess, just on last expense then I a guess from I perspective. but year? both second that, the maybe as tonnage on see a in us later to basis for can Larry, remember kind that quarter I a of I

Larry Hilsheimer

it The amount QX-to-QX Gabe and be downtime cost. production tonnage basis, will similar of year-over-year,

it's the in X,XXX However, on basis about million QX, quarter incremental of cost first to quarter. about $X.X second $X a sequential over QX tons, million to from the

Gabe Hajde

complete part Okay. And I and, I industrial volumes heard hear obviously of a some I reasonably stand? do robust there, they kind some with back aggressive IBC, on then facilities. And update think, you expansion risk didn't just is Can are of that IBC for plan you're co-locating – you they this of where up markets guys little kind a then pretty envision mean, I you continuing bit. perking point? And side? the had at on to those are, kind us And of of where add or capacity your

Pete Watson

thanks Gabe, the question. Yes, for

with good Asia pleased growth done so strength and in So We're far. IBCs and really in we've really X% we had Europe. in the expansions Rigid

IBC couple well. we've businesses, profitability aided As you remember, a reconditioning done tuck-in our has small of which as

in don't have the opportunities evaluating any future. strategic a So it but priority IBC new it's announced we us, for and high expansion, do the to certainly right we're

Gabe Hajde

you. thank Okay,

Operator

Mark Wilde of Your the BMO from next with Capital comes question line Markets.

Jesse Barone

Hi guys. it's Mark. for Jesse Barone Good on morning

Larry Hilsheimer

morning. Good

Pete Watson

Jesse. morning Good

Jesse Barone

Packaging talk the First kind expect Industrial margin Could margin question, what a of just kind kind there? still basis expecting of thinking we mid-teens you from to that kind Global Should of you're about of segment. low about new there?

Pete Watson

a isn't thought synergy match market been out it running is about up. more really business some the it play, running This a for it's beaten Yes, have We time. play. and our

We customers, have overhead to operating a of get together. we lot go-to-market

and in margin expansion. to drive itself, not it, going So of is

However, and expect increase GIP next our margins to points. years unrelated. another two our so objective is in continually excess the to over of do X.X But

Jesse Barone

Thanks Okay. follow-up. barrel kind Can of shutdowns over. of then U.S. quick impact on business? just Great. I'll drums about and Coast the And just a the talk your it Gulf you turn and

Pete Watson

Sure. Yes.

Texas both shut that it encompassed Arkansas. obviously, in and for in both businesses operations. affected days It impact, weather were had plants our drum, steel operations. Rigid the IBCs and five plastic in Rigid We really eight about down So

the North our The Gulf for in is steel business, roughly production that's America that U.S. our in Gulf important production on XX% business, Coast region. our note of

So a do that strength down, and will loss believe From standpoint, for offset buying. five packaging volumes tube included our the were the It paper several February we will affected customers weeks. We business. other expect, around large operations negatively in that that regions world in for North impact America on business. core that five industrial in

that. late So material and We core due will March. volumes it and our in to no tube early our operations impact in to damage had February

Jesse Barone

thank will turn Great, it over you. I

Operator

Ghansham comes the question Panjabi line next Baird. with of from Your Instructions] [Operator

Matt Krueger

Hi, morning. today? actually Ghansham. Matt doing you is Krueger in sitting all How for This good are

Matt Eichmann

Hi, Matt.

Pete Watson

how you? are Matt

Larry Hilsheimer

Hi, Matt.

Matt Krueger

Great, doing well.

talk cost guess for specifically businesses the Rigid this permeating the changed what inflation and price scenario bit saw question, in given first asking details versus I you of the guess a kind cost has I Greif other throughout business So related kind that's XXXX? any how helpful be about on to you my as from for level recovery well. cycle has of But market, a of the last time XXXX I'm the Industrial inflation changed. would can

Larry Hilsheimer

improvements over last Yes. transformation efforts We've number we've of years. of through number gone the made a our as

our One of biggest very used a PAM really was lag tightly the more We to We've where of aligning to the lot timing them adjustments now limited. the got realities. more. is market lag

in are likely the timing significantly much that we unusual impacting things be the ran of Some into less past to us.

of is majority the So contracts. the on vast PAM our business

have other our we was made rapidly openers introduction address half other The now for material costs and in annual increasing in in and portfolio. the price other of that that us issues big elements. go raw improvement of the than that increases. to business And GIP And over transportation like we permits

business. were So we play we think we're seeing much then, and than our through better we're that positioned

Matt Krueger

sense. Great. And That's very that helpful, makes follow-up just a and as question.

XXXX? to of a sense to in volumes as how by demand are XXXX-XXXX, a the kind of takes about puts a about can of the think that you year-over-year the of the likely remainder fiscal perspective give year-over-year think we some Given of frame kind variability? kind significant segment as from your variability and time for What throughout we should you, volume us that from and progress are

Pete Watson

Yes.

I'll So guide on And through because almost February volumes through again, we're just comment QX. there. we

North I on steel exception really production are of that be America experienced Industrial So Gulf Global in the our that that is I'll assumptions America impacted And the the impacted of reference weather in QX. the Gulf business, Packaging again, Coast. what Coast. our volumes in the to make similar were North about XX% in comments guidance. some we what volumes QX In volume will to The

in to regions volume margins. also world the on I expect that, both and said, offset As we other

really again, demand, and mill Paper a Packaging have from and So strong. remains our standpoint, backlogs we strong the system

digits. challenging, important inside assumptions are remains expect QX supply the impact Packaging expect also will to to were robust, referenced Flexible standpoint, QX. that flat on Packaging, that to core guidance steel. IBCs In volume it's scenario continues in were products, our QX. choice side a tubes volumes the be our with mid-single to February our due our drugs, steel be Again, in [indiscernible] longer similar And In assumption grow plastic and in for February, in We flat, particularly Global that note mills forecasting Industrial cores the of to expect while our the were very in the choice grow a us, and for to IBCs, volumes QX. our industrial project we those chain consistent in be robust by are really in be Rigid which from we to Core primarily Southwest. over QX, we operations And solutions industrial resin-based in Paper QX. as

Matt Krueger

Great, thanks you very helpful. much. Thank very

Pete Watson

Thank you.

Larry Hilsheimer

clarify we next on to want into Gabe's question. just I question, Before the go something

think misstated I I something.

have will of maintenance XX,XXX about a actually tons. tons We QX headwind year-over-year on I gave

of later year, Some actually the as that you had actually was stated. in

Operator

Your with next comes Markets. from KeyBanc Capital line Adam of Josephson question the

Adam Josephson

Hope you Larry are Hi, good Matt morning. well. and

Matt Eichmann

Hi, Adam.

Larry Hilsheimer

Hi, Adam.

Adam Josephson

question, One in different the timberland Hi. of Can the given just this geographies, acre million your Weyerhaeuser it, value that can you per from EBITDA you that you're to et sale. transaction, Larry, And on about with getting the acres compare, the I timberland remaining, $XX.XX talk guess, cetera? XXX,XXX what associated is? just call the

Larry Hilsheimer

Yes.

value. that don't team with just they're So valuation terms in less And assets this acreage $X very is know mean, all them, of across you portfolios. until similar but million good I year. questions, timber the of management acreage, Adam. you have outstanding associated comparable The what an outstanding the with EBITDA of go-to-market, is a And than drove obviously, we which

be would so I valued. assume say to And it's they'd similarly fair

Adam Josephson

it. Got

just getting on cetera, guidance, to it, XXXs. interest high to decline number of, – guidance, Am your the slight based call about of Okay, an compared year-over-year $X.XX it the Larry. to et terms just it the I Am in million thinking thinking I'm way? imply about which right expense EBITDA XQ would tax a year. I guidance, rate mid And last

Larry Hilsheimer

expense our significant lenders $X are. remind million thing mentioned, first received you on profited to interest just in I'd dividend roughly of $X we our One the relatively to Yes, from patronage people, million. quarter, actually a

the land there. try to it, have we proceeds some might So the will distortion from then reductions of use the the obviously, you get related to when then you of annualize And benefit sale. the

Adam Josephson

Great. Thanks Larry.

Operator

Your line Fargo. Hajde Gabe next of comes question with Wells the from

Gabe Hajde

experiencing hesitation? I that? just you a issues. any if material you ahead steel give buy But curious a to cost side, you guess? any kind ocean reading mitigation Real guess, – that can relates risk or the from as of, sort the of But like Thanks Or for it obviously, if about shortages from seeing mentioned disruptions of curious taking you're anything us, was and/or date follow-up. or for underlying anything just maybe you gave headwinds or sense volumes. the not quick. Just I'm automotive standpoint, more on a availability to us sense been we're us able assumptions I guys chip give any to kind have that, freight I like the

Pete Watson

Yes.

Greif. the shortages, auto date, in had material impact to have Gabe, not to So we any industry, semiconductor

supply again, in We're We auto that keen supply to are chain. customers serve watching it customers our customers. whose we closely. really And

world. just are conditions to very all material In have around and to no So impact, regard closely. date, we'll it very, to watch steel, or the nothing tight

supply chain. pretty a have We regional

good have and it. redundancy balance across we So

transportation, is So of But we're upon that and it transportation not which region, ocean-going vessels. mitigates dependent tight. one some freight,

steel restarting point, tight and to blast down maintenance that – probably of half first continue the improve We of for through calendar expect furnaces some be to think are the through that the mills that. that it should I some of were the the At year. second

and that demand, factor makers is in the have Another a that amount auto pulls big pretty steel. good of

and with material So lead point, low but times growing. tight impact we are are had no this the inventories, conditions, we've at very operating

quarter. report the more have second to end the we'll you So to in of

Gabe Hajde

Thank you.

Operator

from comes line Staphos of question next Your Bank with George the Securities. of America

John Babcock

then just Babcock expecting on the and pressures wondering questions. was, Thanks cost actually of XQ, effect out, Actually, if can Hi. in in for a my how the taking starting burden that for It's fiscal you discuss big you're and John George. I paper also XQ? one-off other for how was large

Larry Hilsheimer

impact And works some and materials the about and quarter, cost $XX the we first year-over-year OCC to chemical cost assumption year between year out raw the go drag. related In into over based of year-over-year. Yes. our about million is OCC million the on $XX as XQ, headwind the other $XX

John Babcock

Okay, the that. be soft And on industrial was North color I might then, some you thanks provide to if able American business. global wondering for

Pete Watson

Yes, so our America in in the one the North business, was note products. resin-based positive

up were drums digits. mid-single plastic large So

Our was X%. up fiber business

that, demand growth had But we in did the the a plants weak operating we was was due of lower staffing. impact COVID, in and to related see Steel part segment. some So those to rates segments. few also weakest a of our of

And see substrates sequentially, the QX see we QX. be we business we similar in from in main weather to So but steel aside QX. other the to improvement sequentially predominantly, expect that seem sequential from with had challenges improving growing that our to

John Babcock

thank Yes, you.

Operator

next question Josephson line from with Your KeyBanc Market. of Capital the Adam comes

Adam Josephson

Larry, kind you're it. you this just year? or Appreciate roughly precisely everyone. what anticipating of working capital. quantify drag on Can Thanks,

Larry Hilsheimer

be to going this year. use a clearly It's

job year-end levels that management were low, working our of such phenomenal our were year our stretched. last a teams improving improved, did Our capital of our were payables receivables really and inventory so

challenging, and I don't anticipate kind So going making now. right to a is improvement extremely be it year-over-year any of

that, idea super we're well be to In dependent real of the we levels The we of of about be will on year-over-year. the it working capital business, is addition last two what the a up magnitude give had steel, going difficult the it's as use are. because giving a with in to fairly we've right year. ag the cost and then, to sales year see were course, in dramatically if with on accurate of resin Because be that, of matters be, it's that clear obviously, about the to we'd as range talked what elements and going difficult paper good the that quarters price clarity full of uncertainty because guidance you for to now. But thought the going for in

Adam Josephson

No, I appreciate that.

OCC. One for Just me. others two on

So in on. One latter, how you're to taking two coming But not disruptions it the not based new might don't in do you quarter. know would months or demand significantly, fact OCC that any, guidance, it up your What the the anything if the I you on just think OCC still And attribute expecting the is, that's much, capacity supply like obviously, the that good happening. seems been in if that be going not rather some given China movement given is have attribute prices U.S. there to? prices low

Larry Hilsheimer

We all, e-commerce because reopen, believe too we that? national significant think because we risk That in in get help. side efficient And will some long-term, it's even of That's and that do increase. residential of we've restaurants we're see players the of them supply as But than what more our a discussions think we that all have just economy their all – some still Like plans had help of we stream. collection Yes. got – of and of back all back something we to range we've And And residentially. will Is recycling that the part and open starting assumption. the regional increases. of you mitigate on there's collection said, to don't further enhance in into for economy systems and is low. just will don't believe players have First way we retail and businesses. risk of consider said, the that? slowly establishments when more built that tied our we that's in to Yes. $XX with the them the come all there

Adam Josephson

one And last one. Got I it. appreciate that. just

think if implied guidance EBITDA. I for So about XQ

out I a the think incentive target set management I million. EBIT be growth $XX million. about in proxy, about down would you EBITDA of Then target, of think $XX a XH

about I'm right EBIT/EBITDA that if would about hit second-half $XX So of to imply that, then number. that million growth

there over it thinking the I paper thinking would second right these all of year year in that is generally embedded packaging I'm So Am price the dramatically way? that what's better in about half be increases. because

Larry Hilsheimer

Yes.

information, Adam, I to our that think up them we and they they target. target. is with I incentive too So wouldn't tie with committee, mean, back much a what comp work come and provide reasonable we

we So don't the year. we'd be And of clear we guidance if said, of rest did, the we a like on have the picture the year. for half second providing

So say all can about it's it. probably I

Adam Josephson

Sure, Larry. no, thanks,

Operator

with line from Your the comes America of of question next Staphos George Bank Securities.

John Babcock

wanted Hi, I just follow-on to ask one question.

opportunities Just overall, efficiencies I with global might what just I not you're was about there associated significant know industrial any be packaging, wondering you expecting and talked synergies that. for there.

Pete Watson

a to number the system. lot particularly of Yes, Greif efficiency so business around continue to of standardize around have from world, there's the opportunities operations we all the an standpoint, when at you look practices,

best the practices sharing they in world. effectiveness, are those operational best also our practice around of regardless So where operations and

global improvement effectiveness. single and I more aligned get think So you both operational Ole one when leadership you Rosgaard, in commercial have under

Larry Hilsheimer

add on that. would I Yes, to

in four our in business. If I'll gross EBITDA, results GIP starting over gives we're repeat our profit the improvement our have years, numbers, do really at mean, that you and actually. you adjusted to first-quarter look not the I last just

XXXX, over $X XX walked $XXX of million; million. and only $XX first-quarter first-quarter away million; We've million XXXX, EBITDA. We plants. of first-quarter XXXX, from first-quarter revenue million; million XXXX, GIP shuttered $XX $XX.X So $XX.X

we to by on look required be to of those, $XX walked what plant closing that at yes, for that's plants. CapEx spend year, those to million CapEx $XX average shattering and We that say, we also, by was you a an million $XXX,XXX, away going from $XXX,XXX

type operating metrics. continued business, together. see as and continue things, of the old through RIPS improvement our that forward we our this are those driven put improvement in we've drive to We'll So

John Babcock

for thanks additional that color. Okay,

Larry Hilsheimer

Sure.

Operator

And as will questions, turn further no there back I call Matt. are the over to

Matt Eichmann

Thanks week. thanks good a to you We the Dorothy. have And joining us audience today. much, remainder for very your for hope

Operator

gentlemen. Thank you, does and today’s call. ladies conference That conclude

disconnect. now may You

Greif (GEF) 27 Feb 212021 Q1 Earnings call transcript