Smurfit Westrock Reports Third Quarter 2024 Financial Results

Key Points:

• Net Sales of approx. $7.7 billion
• Net Loss of $150 million, with a Net Income Margin of negative 2.0%  
• Adjusted EBITDA of $1,265 million, with an Adjusted EBITDA Margin of 16.5%
• Continuing focus on asset optimization
• Previously announced quarterly dividend of $0.3025 per ordinary share

Tony Smurfit, President and CEO, commented:

“I am pleased to report an excellent performance for the third quarter, the first for Smurfit Westrock. The Net Loss for the quarter of $150 million was primarily due to transaction related expenses and purchase accounting adjustments totalling approximately $500 million. With Adjusted EBITDA of $1,265 million and an Adjusted EBITDA Margin of 16.5%, these results are a strong foundation to build upon.

“Our established track record of delivering value to our customers through service, quality and innovation is already beginning to yield results. Equally, we believe our focus on plant level autonomy, operational improvement and  profitability will deliver in time, benefits at least equal to the stated synergy target of $400 million.

“Our third quarter performance, combined with our deeper knowledge of the Combination and continuing asset optimization, clearly points to the opportunities ahead for Smurfit Westrock. We are at the start of our journey to build the ‘go-to’ sustainable packaging partner of choice, a global leader with an unrivalled scale, geographic reach and product portfolio. Having spent the last number of months visiting our plants, it is also clear that our people are excited and motivated to be a part of this journey."

Link to full report

Source: Smurfit Westrock