WestRock Reports Fiscal 2021 Third Quarter Results: Record Net Sales and 40% Increase in Net Income

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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 third quarter ended June 30, 2021.

Notable items in the third quarter include:

  • Record net sales of $4.8 billion increased 14% compared to the prior year quarter
  • Net income of $250 million increased 40% compared to $179 million in the prior year quarter
  • Adjusted Segment EBITDA of $811 million increased 15% compared to $708 million in the prior year quarter
  • Earned $0.93 per diluted share and $1.00 of Adjusted Earnings Per Diluted Share, an increase of 35% and 32%, respectively, compared to $0.69 per diluted share and $0.76 of Adjusted Earnings Per Diluted Share in the prior year quarter
  • Record third quarter North American per day box shipments increased 9% compared to the prior year quarter
  • Successfully implementing published price increases across all major paper grades; pricing realization outpaced inflation in the quarter
  • Generated net cash provided by operating activities of $751 million and Adjusted Free Cash Flow of $554 million compared to $740 million and $508 million, respectively, in the prior year quarter
  • Reduced total debt by $270 million and Adjusted Net Debt by $482 million

“We delivered excellent results in the third fiscal quarter, with record revenue and North American box shipments that drove a 35% year-over-year increase in diluted earnings per share” said David B. Sewell, chief executive officer. “We saw strong demand for our products and solutions across our targeted end markets, and pricing gains outpaced inflation in the quarter. It was another quarter of strong cash flows, and we executed our capital allocation priorities, enabling us to approach our targeted net leverage range ahead of expectations. Looking forward, we remain well positioned for success and are committed to accelerating the opportunities we see across our differentiated portfolio, innovating to develop new sustainable, fiber-based packaging solutions and driving productivity to generate improved returns.”

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Source: WestRock

 

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