Greif, Inc. (NYSE:GEF) stock rose 0.28% (As on September 1, 11:19:51 AM UTC-4, Source: Google Finance) after the company posted higher than expected results for the third quarter of FY 22. Net income was of $141.8 million for the quarter increased compared to net income of $113.0 million in the previous year. Adjusted EBITDA was of $251.0 million, an increase of $13.2 million compared to Adjusted EBITDA of $237.8 million.  Net cash provided by operating activities increased by $114.4 million to $209.3 million. Record adjusted free cash flow increased by $111.7 million to a source of $175.8 million. Total debt decreased by $208.9 million to $2,058.7 million. Net debt decreased by $236.6 million to $1,931.2 million. The Company’s leverage ratio decreased to 1.99x from 2.12x sequentially and from 2.80x in the prior year quarter.

GEF in the third quarter of FY 22 has reported the adjusted earnings per share of $2.35, beating the analysts’ estimates for the adjusted earnings per share of $2. The company had reported the adjusted revenue of $1.62 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $1.6 billion.

Moreover, Global Industrial Packaging’s net sales decreased by $1.1 million to $906.7 million primarily due to approximately $82.0 million of prior year net sales attributable to the Flexibles Products & Services business that was sold on April 1, 2022, negative foreign currency translation impacts of $69.7 million and lower volumes, offset by higher average selling prices. Gross profit decreased by $21.7 million to $177.7 million. Operating profit decreased by $14.8 million to $107.2 million. Paper Packaging & Services’ net sales increased by $131.4 million to $710.2 million primarily due to higher published containerboard and boxboard prices, partially offset by lower volumes. Gross profit increased by $49.3 million to $167.3 million. The increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material, transportation, labor and utility costs. Operating profit increased by $49.2 million to $96.7 million. Adjusted EBITDA increased by $41.9 million to $131.8 million.

Additionally, the company declared quarterly cash dividends of $0.50 per share of Class A Common Stock and $0.75 per share of Class B Common Stock. Dividends are payable on October 1, 2022, to stockholders of record at the close of business on September 16, 2022.