WestRock Q1 Report 2023

WestRock Company, a leading provider of sustainable paper and packaging solutions, today announced results for its fiscal first quarter ended December 31, 2022.

Highlights

• Net sales of $4.9 billion comparable year-over-year
• Net income of $45 million, Adjusted Net Income of $141 million
• Consolidated Adjusted EBITDA of $652 million, Corrugated Packaging and Consumer Packaging segments delivered strong performance and Adjusted EBITDA increased 7.0% and 8.3% year-over-year, respectively
• Results in the current year impacted by $119 million due to economic downtime and weather disruptions; additionally, non-cash pension costs increased $40 million year-over-year and the unfavorable impact of foreign currency was $17 million year-over-year
• Earned $0.18 per diluted share (“EPS”) and $0.55 of Adjusted EPS
• Acquired the remaining 67.7% interest in Gondi, S.A. de C.V. (“Grupo Gondi”) for $970 million, plus the assumption of debt
• Divested two uncoated recycled paperboard mills (“URB”) for $50 million, subject to a working capital adjustment, and recorded an $11 million pre-tax gain on sale