- Earnings call transcript Q4 2022

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Operator

Good day, and thank you for standing by. Welcome to the Greif Fourth Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. to Leahy, conference Relations Vice Development. like speaker to and now Matt today, President would hand over the your Corporate I of Investor go Please sir. ahead,

Matt Leahy

XXXX to and Chief Greif's Leahy, Executive President Hilsheimer, joined of Investor Larry fourth Thanks by everyone. and President call. Greif's Welcome Officer; Development Officer. and morning, quarter is and good Vice fiscal Chief and Relations earnings Corporate Matt Ole conference This Greif's Greif's Financial I'm Rosgaard,

of today's issues We In questions X. queue. the because follow-up will on the end basis. limit please to material regarding turn take Regulation Please an with questions we discussing Please one Disclosure, before you yourself you call. returning Fair information from at Slide accordance important with to to nonpublic individual and are one ask prohibited consider question

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

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

Ole Rosgaard

good the our high morning terms engagement among easily by Matt, extremely you, teams. the history. I'm We results, Greif's in Thank and most successful of results outstanding colleagues driven are proud XXXX, in financial delivered everyone. the in believe these our

team June. results evidence new Build a change. believe A our created and Last in before including that of which to discussing Day Ukraine with team's balance our opens at our my input XXXX responses cash seen We to this the was global commitment year Greif record other it dedication both strategy, year environments historically and ongoing and but ability for opportunity results, can Our I macroeconomic materials performance year headwinds in quarter fourth Greif also generation for when and the heartfelt executive heading service Internally, to presented in pandemic. volatility and and year the like to comp. strong ahead. our value and volume free complex focus express to raw approach. we the our costs, war challenges consistency regulatory EBITDA on legendary change from doors any through COVID-XX detailed delivering year I'd Investor the strong into our to issues ended related We manage our for consistent over a team. resilience, appreciation sheet, varied a opportunities. confident, strong Therefore, anticipate This of leadership has customer those excited the and earnings compared of are 'XX some do well full-year performance whole capture team I'm market are to

has The our strategy. Regarding Last progress excellent to made Build missions on strategic objectives. long-term all our four team of

announcing During Service, communities. equity quarter, of Colleague this quarter, progress our the In fifth inclusion diversity, goal furthering the Newsweek and by Groups and objectives creating our their a year. Legendary improvement past from point our on Workplaces five resulting Score XXXX XX America's number prior Loved In regard in to as survey, we Greif Customer Most we Resource launched and thriving our recognized the publication. Promoter Net formally sixth XXth released

towards are to our designed progress our to protecting Lastly, future. release our of help calendar accelerate XXXX targets, we by end sustainability plan the year, the which

Best Daily in Top recognized on AA XXX Investor's Gold the was ESG number Business leadership MSCI rating sustainability Our rating, Companies. ranking and through EcoVadis XX quarter

our acquisition planned Slide acquisition means and of record to that X. to In our today, addition to I'm Please the Container what turn team achieved further strategy. discuss for in excited results XXXX, also Lee our

jerrycans are part being business at plan. priorities products with of in strategic acquisition our to in the an discussed Investor GIP important our Day, resin-based As growth grow

Our the through investments. offerings, sustainability accretive at the world, element and growth industrial and immediately of markets welcome a most markets in for which cyclical and our on to exposure Lee capital our shareholders. platform and Day. attractiveness addition packaging of Investor goals add is our provides in chemical colleagues opportunities growth closing business customers. elsewhere to M&A new of our utilizing and inorganic both expansion see specialty acquisition one our very margin our served. an the to the end furthers expansion outlined products foothold and We have diversification for expertise for which Greif. and core strong supporting segments, team North and product to a average future drive our Container as return America Lee the to benefits business the provides agrochemical targets growth packaging GIP are attractive end disciplined M&A geographies I'm anticipate margin targets to prior to are company an small and their to support of partnership year-end. excited our outstanding into example Lee's excellent end Financially, value our as and business we close in continued and framework and organic above the Lee markets our in plastics less attractive jerrycan ideal

our results on to X. return now Let's quarterly Slide

geographies inflation from and remains demand plastics spending domestic manufacturing prior as fell growing across our digits quarter. markets incentives. Volumes saw experienced with production, most war year-over-year. in GIP lockdown industrial chain our in sporadic result were headwinds due weakness impacts to continued experienced month strict in protocols during a and demand has mid-single sequential in activity related of drum saw China challenges seen we impacting modest demand North Similar EMEA each softness supply America and business quarter. which Packaging through Ukraine. step demand the Industrial APAC most down of excluding in a fiscal in recovery a energy a and resulting automotive, platform government's to sequentially Global fourth slowed. customers Global steel quarters, to down also the as Our our end our declining to as

from a digits QX markets. due the the prices business in America, quite from of in GIP severe LatAm the and declined over also robust up Our in rapid In transportation comparison, business our headwinds LatAm. with North in strong strong faced as and not fourth In to demand citrus steel similar quarter, XX% costs. although decline remain November, June steel a trend mid-single 'XX QX to EMEA

as the over while year-over-year adjusted cost in Despite proud the on GIP the half past, EBITDA performance fourth a we lower is steel team near a from But of adjusted $X pressure As headwind months, to 'XX, I'm again Greif's inventories factors, on at and plus of work of of This as our for 'XX. adjusted through adjustment mechanisms the XXXX our QX results The up business explained team combination in first impacts margin contribution expect compare cost along record million quarter index compression price prices. this selling and steel lower past in their lag fiscal in three The full very price for declines approximately steel negatively margin the temporary. profitability. term, rapid quarter, year. put to during these divested drives $XX we higher XXXX the in or our difficult fiscal million, $XX fourth continue our near-term this orders with we the decrease all business in unanticipated contribution million resulted FPS effect in the impacts our EBITDA a currency to continue excluding reset. have

the year system day please resulted tons to industry, prior Now Packaging's in the sheet were the October. line day favorable which and end continued of X. high prior despite increase per this business. well demand quarter, Slide quarter million in operating in box some a quarter favorable core approximately core turn with 'XX. turn textile by the X markets was EBITDA CorrChoice QX the $XX fiscal review volumes end you during was digits XX,XXX now to declining approximately down Fourth and cost Larry XX,XXX paper the our price high softness capping due million financial QX and year cube over to film markets Fourth This I'll an continued X% to on CFO, strong demand for business, as erosion occurred rose XXXX. overall to discuss our demand in the through Slide a raw periods. despite of cost for of quarter which total month-over-month economic PPS down our in core, our strength sales as per volumes year inflation, dynamics off $XX down approximately outlook Despite single in relative strong decreased were same Hilsheimer to performance Paper adjusted in record of to This in compared versus very single-digit the decline due month sequential tubes. led such versus material over fourth quarter. approximately feeder cost construction as downtime volume price

Larry Hilsheimer

for did how and performance relentless want our across was reiterating everyone. financially team's are Ole. I Greif I measure we Good a to morning, the by half every they an year comment opening you, our start every our to proud the serve Thank the Ole's success attribute record by rapidly of of This tailwinds excellence. the in of XXXX. economic as past customers challenges. Clearly, few But dedication outstanding job XXXX, some in of Greif our through had fiscal to with second teams we've colleagues years. managing disappeared

the we participation Conference. reaffirmation results. our QX start I'll onto Now our by our the November, XXXX of early announced part In Baird a guidance Industrials of as at obvious. addressing

Our result a our of year share, end below - EPS which range. low full per of of the results $X.XX on is final $X.XX in QX reaffirmed non-GAAP $X.XX EPS results

affirmation was information best of procedures. available to date Our which finalization prior as with of the our release, year-end was clos issued the

from other the line of of on to our anticipated the adjustments low income end impacts tax above return our was plus the expense an results and came tax it that our earnings share combination drove the per demand higher examination of due our resulting higher than $X million and below mix While jurisdictional expectations range. unfavorable negative deterioration, of expense side of that currency from lower

the execution Investor of crushed XXXX agility million as as evidence of Investor volumes of each flow to generate at on of a in was X.X%, commitments basis by I flow. operating demand a fourth our quarter. our free quarter to teams the would in turns proud at solid profit I'm for a profit percent XX%, gross growth of and our the pleased to this was posted margins Day another EBITDA resilience and we sales like capital our cited and well having cash of potential made SG&A our XX.X specifically We was of and often model. closed made delivered this over example working profit earnings, the We've in prime at QX, team. -- We above their would sales, on our Day our on recognize achieve as and June strong of SG&A XX%. million that business that was report gross slowed on quarter with midpoints development original record XXXX of cash EBITDA below we $XX lower despite $XX when further this and a %respectfully. out our cash free XXXX on extremely While XX% frustrating nearly related stable over XX.X%, and I'm commitments we

and of Earnings which that share from often other adjustments X to impacts and to from accuracy divestitures, forecasting. non-operating guidance guidance and and guidance. the feel a especially better along begin clarity from business, flow representations accommodate and our transitionally around of cash the by as our intention of representations the EBITDA Slide true the jurisdictional made as primary further below cash adjusted of to tax discuss flow changing and are leverage shareholders. well and changing adjustments adjusted per share ongoing to free firmly and per mix is believe of turn both We've EBITDA impacts capital to We free outlook and via as transactions cash made are to We resulting business acquisitions. income, an continue from to given and presenting de-emphasize measures acquisitions the XXXX line and basis flow earnings economics external metric. now on our structure, changes impacted grow decision results to that internal provide better these will our better free guiding EBITDA transparency Let's

give generating longer that as and are We our and of formally free directional million fiscal of line assumptions, full range. anticipate context million On for million our provided Slide guide no we which $XXX for between $XXX $XXX cash context adjusted our we included CapEx. share earnings will between and to below we quarterly earnings earnings and X, part key we to continue of EPS, flow call. expectations the to impact EBITDA includes With $XXX the adjusted million and XXXX, the are and will per as year, informative in information report before while higher - which of adjusted guidance provide the planned

You will is refining range during anticipate note than 'XX. We our that wider slightly range usual. our fiscal

uncertain than we expectations much what provided. is too there's environment, to However, determined macroeconomic range given tighter variability have highly a and the release

our will turn of we'll Slide We update community Investor sheet the market and investors will further, balance commitment range want to our in the outlined to as the warranted. Please closing, revise be and as investment the at monitoring X. remind dynamic our progress In of capital Day. strength to and I allocation our we XXXX guidance strategy through changes

debt remain plan the even and we important. dividend, Container, target the basis our off of committed XXXX. the of low EBITDA range in to and allocation continue to We As repurchases in invest disciplined end anticipate come XXXX, increase business. focus we ratio acquisition XXXX, range becomes being XX We to capital X.Xx Lee back more to share our our on to our over end of path uncertain year by leverage with currently net our below of and a our our a sit enter points Xx record more in

to robust proud portfolio. of remains of Greif our strategy quality pipeline work acquisition M&A continue pursue our we I advance and the Last Our elevate the breadth the businesses and will to and we've we to done to XXXX on on and our I'll of and that, us am back the Slide Build turn With work XX. Ole, have enter ahead strategy. as things

Ole Rosgaard

up a each would our and thank results Thanks, again many Larry. one for sum our for year XXXX in Greif To making of colleagues possible. being part record to those we a was thoughts, respects and every fiscal like of

into results due constitute guidance in lower macroeconomic cash free As EBITDA numbers XXX while expected flow And in XXXX, exist. uncertainty we of and Greif. have our they the the will reflects than output year environments, the does to highest discussed, look we XXXX second history

we know We have been through this in be how downturns like this. will to successful. win The and environment, teams

your We results Norma, in are to the lines and for year ahead questions. We excited the continue company. please you to our produce investment Greif. in for worthy of open thank interest for your

Operator

[Operator with Baird. question of comes the from Ghansham line you. Our RW Instructions] first Panjabi Thank

Your line now open. is

Ghansham Panjabi

and you. a on Good congrats morning, everyone, amazing Thank year. really

basis, out likely that benefit the think to what was of that 'XX year is year that segment as On back kind and will dynamics came segment. of it sort the play segment be some do that clear year, fiscal we moderation 'XX in fiscal in on into start based year for fiscal the PPS will to As occurred? outsized just how and you margin we sort of expansion see given think GIP, 'XX you from

Larry Hilsheimer

that Yes. what way mentioned pricing PPS. Ghansham. Thank the our because did, two talked other, offset to And you tend of units goes just play you, fact in the as to we've This 'XX. back it about business lag each that through

us will his commented margin steel, past it that comments, explained in year, first with the squeeze the extremely in GIP demand weak. we've out 'XX, is half our significant decrease that of in going the as pretty market through quarter the and as For pretty plays rapid in significantly. Ole and been deterioration of The in be our cost first has the to combined

rest will We quarter expect very up year. mechanisms -- flow our price think through will things strong will be through sort in as demand half for and opposite reasonably second the second believe quarter continue the with of and year the well we that catch the adjustment should through you'll the second up pick the the our that should with we that PPS, and of of year the things will pick where see up in

Ghansham Panjabi

perfect. versus Larry, 'XX. us range on help wide you Okay, EBITDA, second a for maybe could my 'XX, 'XX very question, for And bridge you obviously just the have with

So, are differential? maybe big there? What pieces the the mid-point moving

Larry Hilsheimer

usually variables Ghansham, downside. down different just you, we year, walk scenario each the just frame uncertainty did -- them and it would we the and where that to we our plans really Yes, we I'll midpoint. the of and took have tell upside multiple the this macroeconomic approached and a manner use But given chart across laid in

OCC capacity any but, some and OCC planning on increase, assumption. at on across so with keeps the paper XX as We can will comes at then in additions, have much be business pace but only for year I'd point in time to have modeling We've out scaled just some say scenario that on, demand bump and everybody, flat, XX alternatives. looked the And markets decrease. some, somewhere And pricing on increases it talking artificial capacity efficiency to different you've the there'll the of have out you demand about of example, trending be done actually the ones, probably and GIP Everybody they demand and year. upward for side range we business. in different our our any in end year think don't we pricing at through grades, got produce so the so because throughout we multiple

we say would not that's terms decrease I million million a analysis, end of on $XX operational I of from if all know of standpoint, midpoint that little of of the high potential but So things the factors. $XX is from you a an That EBITDA EBITDA in I uplift this Container. overall helpful think from decrease all to does operation include across year's bit, a Lee a give potential

we're million play have, cats about just the and we dogs the EBITDA that take included as us some and remember, $XX that's had in also was immaterial quarters. also of over We we gone 'XX, in $XX generate couple of so process which fiscal of They'll was out a us those proceeds million million things things next of disposing. from out FPS to $XX for another divestiture EBITDA that and of

Ghansham Panjabi

Perfect. Okay. to of you. Thank and you happy holidays all

Larry Hilsheimer

Thank Thank Ghansham. you, you.

Operator

please question you. Thank next please. moment our for One

comes Josephson Adam Our from next KeyBanc. with question

is line Your now open.

Adam Josephson

price good Ole, much questions. have Larry, for my sounds than the Larry, and it PPS aided having to for you in like OCC about Hope know, Matt, you're not I morning. very in pricing gave -- a year your OCC. much taking Thanks assumption. talk just you're by expecting considerably, and business, not fallen relative your business, assumptions -- your OCC you're range the GIP better presume you're to going us well. I Obviously, to quite containerboard boxboard

help So your how know perhaps be. along think to obviously. and us I it's what hard assuming or business, conservative without aggressive about mean spread guidance knowing you're can how with -- between year, costs prices is will demand And next this a you you're is whatever to assuming spread

you're you on the terms assuming could there is for spread give demand? more PPS what any prices assuming costs you're what in and in of and So between clarity us

Larry Hilsheimer

a we -- mean it. plans bunch scenario I looked have we did said, different Adam. Not Yes. I really, of like across

that as would everything to for going the come answer in so we're worst-case with look, I deep takes I that it. next scenario to up What what is, our bad on can across across everybody go as million we into And specifics year today, say if go and Ghansham interesting, among analyst I of ago, million consensus group for I still year back EBITDA the $XXX group a 'XX. $XXX for look the delivers our all was it's And EBITDA. of gave

So thought even worst for case our is 'XX. group whole do than better could the we

going where to happy be. pretty we 'XX think we're is So about

be year have. best we worst always, second it's still if case going to our that's ever, As the even

that So the more -- on uncertainties now many detail side. than there's you but right pricing any macro just give too to

Adam Josephson

give business, $XXX onetime Thanks steel are? Larry. can And what what -- pretty Thank GIP benefit volume it. you 'XX, XH Got your to 'XX. all you and the you fiscal price liberty us at in talk helpful. relative business you're would lines had be to GIP million are price/cost in you -- the on along in a just significant Any assume those And assuming the your assumptions particularly you onetime about very I What steel hit, assumptions much. details are? could

Larry Hilsheimer

Yes. Yes.

on let averaged U.S. X,XXX. me you for a -- XXXX the index for give the CRU So -- business, broad so

Started out up ended year Okay? XX.XX, the year XX.XX. the at at

the For we're for 'XX, X,XXX, against that year of an average X,XXX. showing

in increase dramatic of index the pretty side that. a So

terms volumes. by it size Europe, far which it's of 'XX, largest, we X,XXX. -- in show is the U.S. the was For and a away But Xx of in

assumptions. X%. $X,XXX ton. forecasting a a in Adam, on about is fiber a our volumes plastics, X% average for the of shy middle And did down are spaces. those the in that XXX of volume 'XX So down X%, And -- just just from at of global it's of sort we for even basis, Europe, year, down X.X% the the is our in basis, we IBC ranges shy

up just you shy of North give to -- further X%. America breakdown, Now a were

that now of go assumptions EMEA things and mix America, shutdowns of North in talk X%, tube thing. different all of about expecting got business, decrease in planned mills is core, and because dramatic down we've sheet about but and won't volume-wise, about there's same of I maintenance I on across downtimes X%. all thing, that this kind If kind on So a and kind different our for kinds X%. things But of we're thing

Adam Josephson

$XXX the you in onetime you're onetime the steel fiscal had from on benefit 'XX? falling to that just And million hit expecting relative

Larry Hilsheimer

Yes.

that Adam. calculated haven't number, We

don't So have for it you. I

Adam Josephson

so Thanks Larry. much Okay.

Operator

One moment. you. Thank

with Our of Staphos Bank next question comes from America. George

open. now is line Your

George Staphos

help out how follow-on. thank you Larry, baking thought Lee built Larry, you you EBITDA? going in that should the If say both question have I that in I a progress I of first I you congratulations uplift? do morning, much that heard guess guidance, in. and on us we Ole, had interest the terms in can you of Matt, contributed for I my detail correctly, expense And and it And the could be lot. for Thanks good bit then something a what would through heard be provide. terms 'XX. a to your within Container in

Larry Hilsheimer

Yes. Thanks, George.

I'd somewhere XX. between those haven't So kind on of to depend put impacts, XX of what day have adjustments just opening and going we through valuation worked and -- the It's might inventory the all some on of things.

So I'd say nicely a range then XX put that and for year, expect be to years. in to XX to this future we would that Lee beyond good on in expand the

don't roughly interest the paying XXXX. down in manage up on million of other about million of find believe debt look And of helps gives the fixing On to back, and a had we we XX% that after our XX% expense, acquisitions. now We'll policy XXXX. $XXX to $XXX approaching of Lee in in to would it structure fixed. generally even where you it ended and us the in taking We've plans we to be team be the And we trend rolled that going manner a we we knew beginning roll we're refinancing. acquisition move are that do about treasury start of XX%. acquisition up strategy I up where in to April if flexible capital end March, asked as we XX, in out our we up we at debt. top And moved our up us will I repayment to team to further, space, more did our and our our get this be the opportunities asked year then XX% when ahead about some

it, expense was of about $X of our interest is, million, line at if look So the bottom of year, you $XX billion it X% so last debt.

about is If through same you that say if about I we're of have XX% have debt, that going year. fluctuate the level with Floating rates floating don't you $XX say, rates, to XX% that million. But you of interest at tripled. be of

$XXX $XX $XXX will million another that overall got million, us that expense of million. to and $XX related at to of So you've interest an puts be million

George Staphos

Larry, on us appreciate and and also you We trending? talk obviously, Very, we certainly, be volume, forecast rates you other to tell were are that's where the my that I very -- guess in all mentioned other your sequentially that Thanks. Could across on us And volume over. question they color. at great. declining in volumes exit relative to were GIP. would because down for PPS. helpful. early least the the have new Can you I'll it it year, year, Q&A. volumes helpful, turn just

Ole Rosgaard

take that I'll one.

we softness That November, is demand as the quarter. has enrolling into throughout obviously, So but sequentially saw see continued stabilizing we it.

We also paper on into QX both destocking side. in primarily is believe and some going there on, QX, but the

Larry Hilsheimer

Indirect.

Ole Rosgaard

coming we'll out And yes. you December and have Indirect, happens XX, really on obviously, then see what after that.

George Staphos

Larry, you said destocking. indirect

clarification a that how flows be business? your So that downstream to -- Would and you meant back

Larry Hilsheimer

impact That's the -- biggest

Ole Rosgaard

Our customers.

George Staphos

it it. over. turn you. I'll Got Thank Yes.

Operator

for question. Thank moment you. next One our

with comes Shrestha question Aadit next Our Stifel. from

is open. line now Your

Aadit Shrestha

Hi, my morning. call good and Thanks my questions. today taking for

And question of And My obviously, big Just couldn't I now. a this make first it He coming guidance? think but do Hoffman. year, FX. in for sort within is in are anything you rates a it. have for headwind built little was your regarding Michael bit that better just the

So how do you see that forward? going

Larry Hilsheimer

would when our things Yes. One is in with giving we every to used natural -- up our We some hedge currency for we happened FPS which budget year, when end that year item we we I we factor us. million, this we overall in impact lost on a futures end we for And when -- and based guidance, process. so quarterly do factor in what to sort did it goes good saw the more that, natural everything roughly have within in the ends hedging. we if hedge, had against And doesn't normally, an expectancies sold But us. it we a up some range of of past. so currency. -- you, for being and go is -- $X the what financial range it more two year, on Clearly, so and business. of material have up the and And than

markets, Going line $XXX the on right what on immaterial. forward, But year, see revenue amounts be do we we our hedge million based we currency. we year decent in currency the is impact next headwind estimate now $XXX next million what to should of have, about bottom side, from

Unidentified Analyst

you. guidance. a And flow as just Great. regarding Okay. cash follow-up, free the Thank

can a think think pretty source you all Or captured you have improvements much be of you I $XX capital do capital million. see this at million sort $XX working to incremental within XQ more And you Is around the had of working 'XX. in sizable cash working drive term, I XXXX? basically? source capital next How to the near benefit a of year?

Larry Hilsheimer

actually believe before, somewhere But we do year. working generate are when job I $XX capital an upside. quarter, executing we've job. we more on supply that opportunity a people on what our coming capital. $XX our the from going And she the last on, And has they there's better we're decelerates, we operations, really and we working fourth in very into diving did think seasoned we able us and think in to actions brought benefit that knowledgeable said, to that a in demand phenomenal to cash. have good mean team a provides believe chain to We capital the execute even our working we'll have said we glide excellent a part million do to spent did year. path year as leader improvement this drive of We Yes, have in million a we opportunities.

Unidentified Analyst

Great. my Thanks for lot a questions. taking

Operator

question. you. moment Thank for our One next

next question from KeyBanc. comes Adam Joseph Our with

open. now is line Your

Adam Josephson

my Ole, follow-up. thanks taking for Larry, very much

about, by down, up call what then quarter, November? down talk volume relative to in the was trends. you Just X% Can exit to follow month about George's you saw question and October what on volume it, rates, in

Larry Hilsheimer

Now some production look on give I Adam. so per can you we'll -- at units it day,

And XXX,XXX. we XXX,XXX. CIT, want XXX,XXX so if August, XXX,XXX, actually was was about September and a I was go November October then we to were month.

Adam Josephson

Okay.

Larry Hilsheimer

others one the biggest the across are lines. similar is steel So but trend the platform,

Adam Josephson

of was the And sense In exit -- just in trying get what if November want -- a other I rate down just PPS, words, was. to

Larry Hilsheimer

on across sure our -- all for trend businesses. seeing of You're go lines down

see operation. And the our much so - -- business. but in in more in November mean that I did deterioration PPS so less some we in

in had half downtime containerboard. that XX,XXX about Adam, November, we So a it tons put downtime of perspective, in

Adam Josephson

a you downtime had reminder? Larry, much just And previously, taken how as

Larry Hilsheimer

XX,XXX.

Ole Rosgaard

QX. In

Larry Hilsheimer

QX. In

So fiscal QX of November year. -- last mean our I

was So big yes, month. downtime November a

Adam Josephson

Got it.

Okay. is was kind are what now and of they And -- in you're November? saying that in were that similar to trends what

Larry Hilsheimer

it's we months. -- not don't as -- don't significant in coming We see it the Yes.

Adam Josephson

Got it.

Okay.

any that Lee is a Can it platform industrial et less a different you there going detail you? plastic on us is base that it's overlap, these more It's much sold? are and containers where little about the for customer of mentioned versus Just to Is how you customer small an to consumer? Again, Just cyclical. deal. talk just business Container, business entirely give as jerrycans cetera? make

Ole Rosgaard

they're Adam, sophisticated. pretty in customers primarily, markets, within a considerable there's you agrochemical of is market produce similar business customer the the that amount or the but overlap, where jerrycan

That's to cat the the consumer jerrycan and And that small into market. a our commodity do that's you on So of pits sort which and growing in side, it's part a then and biggest have pharma like element we that those as into expand a goes have, element. markets. of also very thing. of things well, Then strategy the not you sad market like,

market. So ag is a growing

we shortage Pharma us We years. coming as forward we a is that. well. You in food see that the like go like for as well, market growing as will and

cyclical. even us being all, help will in all you So this acquisition see less

Larry Hilsheimer

of Yes, business. in business than ag share our the relative significantly current higher Lee is in

Matt Leahy

business, of the which to that, it of highlighted. those that pure leans segments could about you outside [indiscernible] serves additives, and like oil market. Adam, Ole Larry petrochem, and industrial, lubricants more that But fuel XX% call

Adam Josephson

one, Larry, if you. Thank just And last to GIP. don't you one mind. Back

think hold onetime it, steel So years. -- 'XX, to this year, Last at And the benefit. to of up $XXX think then what don't sense you around during it's than I assume us the you segment's around what to, pandemic. in same and EBITDA nonetheless, you number used the a similar that been you it give $XXX it million that obviously that be onetime you EBITDA any didn't running able were a that, you segment of past Can went profitability fiscal million, assume but also pre-pandemic for you And benefits think million in million $XXX had it $XXX have given it's level. is? 'XX, had but higher year, for of I call normalized either was year.

any you thoughts So would could give there, I appreciate.

Larry Hilsheimer

there I fiscal is which, growth pandemic, was 'XX million The think was Yes. mean pandemic still ongoing for is sure. EBITDA million. million. really $XXX would thought the $XXX tell I you it I 'XX, through we going happened -- And north a yes, of during basis. million that. in it's mean, clear $XXX just, way clearly than on it's But to $XXX our to

across this built stood We guidance cost our in year up it of to 'XX I'll have now. Day, it's stage and combination we were steel customers of tell are volumes our our you, in the told everybody's deterioration. the like decrease spectrums, the everybody thought in feels tell because I volume dramatic an significant right I on hit of you, a talking off. mean fiscal and I all Investor recession. into would industrial our that

out know year, is, for space. might of recession lot seeing in And think that news have of in start great and a that we've economists consumers out so when half them government. to was a -- modeled to see the a the the next latter be industrial running I us seeing there's handed said, of out, money the all they I it the good by now, right still But going you're we're But we're year. that the like

Adam Josephson

luck. Best Perfect. Thanks of Larry. lot a

Operator

conference Matt I'm the I'd over back questions any you. currently to showing to this Thank no hand at closing for Leahy further like comments. time.

Matt Leahy

have everyone, today, happy you, a joining Thank holiday. for and

Operator

you your for Ladies thank gentlemen, and participation today.

You may disconnect. a wonderful now Everyone, day. have

Greif (GEF) 8 Dec 222022 Q4 Earnings call transcript