Greif's fiscal third-quarter performance is likely to have benefited from its implementation of cost rationalization measures within its system. In the second quarter of fiscal 2023, implementing cost rationalization measures led to the highest-ever second-quarter free cash flow in the company's history. The to-be-reported quarter's performance is also likely to have gained from the company's focus on operational execution, capital discipline, and a strong and diverse product portfolio. However, Greif had been witnessing a decline in demand, the impacts of elevated costs and persisting supply-chain issues.