WestRock Reports Fiscal 2021 First Quarter Results

WestRock Company (NYSE:WRK), a leading provider of differentiated paper and packaging solutions, today announced results for its fiscal first quarter ended December 31, 2020.

Notable items in the first quarter of fiscal 2021 include:
*Net sales of $4.4 billion were essentially flat compared to the pre-pandemic prior year quarter
*Total packaging shipments increased 5%; record North American per day box shipments that increased 8% compared to the prior year quarter
*Successfully started up the Company’s new 330” state-of-the-art paper machine in Florence, South Carolina; the machine’s 710k tons of annual capacity replaces three old machines
*Distributed COVID-19 relief payments to employees totaling $22 million; these payments are not included in the Company’s adjusted earnings per diluted share for the quarter
*Earned $0.57 per diluted share and $0.61 of adjusted earnings per diluted share compared to $0.53 of earnings per diluted share and $0.58 of adjusted earnings per diluted share, respectively, in the prior year quarter
*Generated net cash provided by operating activities of $719 million and Adjusted Free Cash Flow of $562 million compared to $431 million and $79 million, respectively, in the prior year quarter

“During the first fiscal quarter, the WestRock team delivered solid financial results and generated strong cash flow resulting in debt and leverage reduction, with record box shipments and growth in key end markets,” said Steve Voorhees, chief executive officer. “We continue to work around the clock to restore normal operations from the ransomware attack as quickly as possible, and to safely produce the paper and packaging needed by our customers and our communities. As we look to the future, we remain confident in our strategy and our ability to generate strong cash flow and partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions.”
https://ir.westrock.com/press-releases/press-release-details/2021/WestRock-Reports-Fiscal-2021-First-Quarter-Results/default.aspx

Related Posts

Sappi Limited – Q3 FY23 financial results

The group faced persistent challenges in the global economy and encountered ongoing weakness in paper and pulp markets, leading to a reduction in EBITDA to US$106 million for the quarter ended June 2023. Specifically, the paper businesses experienced a significant downstream destocking cycle. Customers reduced their inventories in anticipation of lower prices, thereby affecting demand. In response, we proactively curtailed excess production in Europe and North America, implemented various cost-saving initiatives across our operations, and applied measures to optimise working capital. The profitability of  the South African business was more stable, bolstered by the dissolving pulp business. Despite the challenging economic environment, we generated cash in the quarter and liquidity in the group remained strong.

Euro-Graph Publishes Monthly Statistics of the European Graphic Papers Industry

Total European shipments of graphic papers were down 35.8% in May 2020 vs. May 2019 and were down 17.4% year-to-date. Total European shipments of newsprint were down 27.6% in May 2020 vs. May 2019 and were down 14.5% year-to-date. otal European shipments of sc-magazine were down 31.3% in May 2020 vs. May 2019 and were down 19.0% year-to-date. Total European shipments of coated mechanical reels were down 41.4% in May 2020 vs. May 2019 and were down 23.3% year-to-date. Total European shipments of uncoated mechanical (improved & others) were down 20.8% in May 2020 vs. May 2019 and were down 7.6% year-to-date. Total European shipments of coated woodfree were down 49.3% in May 2020 vs. May 2019 and were down 22.5% year-to-date. Total European shipments of uncoated woodfree were down 35.8% in May 2020 vs. May 2019 and were down 13.6% year-to-date.

Georgia-Pacific Acquires PAX Corrugated Products

Georgia-Pacific continues to expand its corrugated packaging business with the acquisition of Ohio-based PAX Corrugated Products. PAX operates a corrugated sheet plant with more than 100 employees in Lebanon, Ohio. Terms of the deal are not disclosed. “Georgia-Pacific has had a working relationship with PAX Corrugated for many years so we knew their organization would be an excellent fit with the GP Corrugated team,” said Billy Medof, president – GP Corrugated. “The PAX team will continue to deliver quality products and service to their customers as they do today. Their graphics and converting proficiency will accelerate our growth in digitally printed sheets from our Digital Print Solutions business and their display capability will expand our growing display business.”
Back To Top
×Close search
Search