Greystone Logistics Loses iGPS, Cutting $30 Million in Annual Revenue

Earnings
โดย GuruFocus·US·Read original
Summary · why it matters

Greystone Logistics Inc lost its largest customer, iGPS, which ended an 11-year relationship in October and accounted for roughly 1.2 million pallets per year and about $30 million in annual revenue. Revenue for the fiscal year ending May 31 declined by approximately $30 million year-over-year, and the company laid off about 140 employees in December to cut costs. CEO Warren Kruger said Greystone will not be fully back on board until calendar year 2027, and the company has limited capital expenditures to maintenance only while subleasing idle equipment in Palmyra, Missouri. Greystone entered interest-only payment status for 2026 with IBC Bank, and its $50 million Walmart relationship over the last 5-6 years is currently behind schedule. New business efforts include a keg pallet for Yuengling expected to sell in the fall, a double-decker pallet for the concrete industry, plastic reprocessing that generates processing fees of $4,000 to $5,000 per day per machine, and fire-retardant pallets that passed initial fire tests and are being pursued for a potential Costco supply deal requiring a UL rating.

Impact on stocks 2

Consumer Staples▼ · 2 stocks
Walmart Inc.
WMT
▼ NegativeDemandrelevance

Greystone's $50 million Walmart relationship over the last 5-6 years is currently behind schedule.

Off-coverage companies 3

Greystone Logistics, Inc.Private▼ Negative
Demandrelevance

Greystone lost its largest customer iGPS, cutting about $30 million in annual revenue and prompting layoffs of about 140 employees.

iGPS LogisticsPrivate▼ Negative
Demandrelevance

iGPS ended its 11-year relationship with Greystone, cutting roughly 1.2 million pallets per year and about $30 million in annual revenue.

D.G. Yuengling & Son, Inc.Private± Mixed
relevance

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