WestRock Reports Fiscal 2021 Fourth Quarter Results: Record Net Sales of $5.1 Billion Up 14%

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ATLANTA-- WestRock Company (NYSE:WRK), a leading provider of differentiated, sustainable paper and packaging solutions, today announced results for its fiscal fourth quarter and year ended September 30, 2021.

Notable items in the fourth quarter include:

  • Record net sales of $5.1 billion increased 14% compared to $4.5 billion in the prior year quarter
  • Net income of $324 million compared to a net loss of $1,156 million in the prior year quarter, which included a $1,314 million goodwill impairment net of tax
  • Adjusted Segment EBITDA of $878 million increased 22% compared to $721 million in the prior year quarter
  • Earned $1.20 per diluted share and $1.23 of Adjusted Earnings Per Diluted Share compared to a loss of $4.45 and adjusted earnings of $0.73, respectively, in the prior year quarter

Full Year 2021 Highlights:

  • Record net sales of $18.7 billion increased 7% compared to $17.6 billion in the prior year
  • Net income of $838 million compared to a net loss of $691 million in the prior year
  • Adjusted Segment EBITDA of $3.0 billion increased 7% compared to $2.8 billion in the prior year
  • Earned $3.13 per diluted share and $3.39 of Adjusted Earnings Per Diluted Share compared to a loss of $2.67 and adjusted earnings of $2.75, respectively, in the prior year
  • Generated net cash provided by operating activities of $2.28 billion and record Adjusted Free Cash Flow of $1.49 billion; ended the year with a net leverage ratio of 2.38x

“The WestRock team delivered strong results in fiscal 2021, with record net sales and strong cash flows for the full fiscal year,” said David B. Sewell, chief executive officer. “We executed on our capital allocation priorities, and I’m pleased to announce that we reached our target net leverage ratio in the quarter. In addition, we recently announced another increase to our dividend, which will result in a 25% increase since February. Looking forward, we believe we remain well positioned to successfully partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions.”

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Source: WestRock