According to Paper + Packaging Board in their Farm to Box to Table initiative, corrugated has numerous benefits when it comes to transporting food from farm to store, including: •Corrugated Helps us be Efficient: Corrugated is sustainable, recyclable, renewable and efficient – helping save space. •Corrugated Keeps our Food Fresh: Growers choose corrugated because it’s renewable and helps food stay fresher, cleaner and better protected. •Corrugated Is Preferred for Food Transportation: Nearly half of all corrugated boxes made in the U.S. each year are used to transport food from farm to store. Click Read More below for more of the story.
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
*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
“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.”
Net sales increased $580 million compared to the prior year quarter. Corrugated Packaging segment net sales increased $438 million and Consumer Packaging segment net sales increased $182 million. Segment income increased $131 million compared to the prior year quarter. Corrugated Packaging segment income increased $94 million and Consumer Packaging segment income increased $37 million.
details at: https://ir.westrock.com/press-releases/press-release-details/2021/WestRock-Reports-Fiscal-2021-Third-Quarter-Results-Record-Net-Sales-and-40-Increase-in-Net-Income/default.aspx