ATLANTA - WestRock Company (NYSE:WRK), a leading provider of sustainable paper and packaging solutions, today announced results for its fiscal first quarter ended December 31, 2023.
First Quarter Highlights and other notable items:
- Net sales of $4.6 billion; Corrugated Packaging segment sales increased 3.5% compared to the prior year quarter
- Global Paper containerboard shipments increased 21.9% compared to the prior year quarter
- Net loss of $22 million, Adjusted Net Income of $51 million; net loss included $66 million of restructuring and other costs, net
- Loss of $0.09 per diluted share (“EPS”) and earned $0.20 of Adjusted EPS
- Consolidated Adjusted EBITDA of $571 million
- Consumer Packaging Adjusted EBITDA margin increased 60 bps to 15.7%
- Achieved over $200 million in cost savings; expect to significantly exceed previously announced fiscal 2024 target of $300 to $400 million
“During the quarter, we grew external containerboard shipments, while we felt the impact of lower paperboard market demand,” said David B. Sewell, chief executive officer. “We continue to expect significantly improved demand in the second half of our fiscal year.
“We are continuing to deliver on, and we expect to significantly exceed, our cost savings targets. Our transformation initiatives have strengthened our portfolio, are increasing vertical integration and created significant operational efficiencies. With our broad portfolio of packaging solutions and self-help initiatives, we are well positioned to capitalize on the opportunities ahead.”
Source: WestRock
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