ATLANTA - WestRock Company (NYSE:WRK), a leading provider of sustainable paper and packaging solutions, today announced results for its fiscal third quarter ended June 30, 2023.
Third Quarter Highlights and other notable items:
- Net sales of $5.121 billion
- Net income of $202 million, Adjusted Net Income of $229 million
- Earned $0.79 per diluted share (“EPS”) and $0.89 of Adjusted EPS
- Consolidated Adjusted EBITDA of $802 million; Corrugated Packaging segment Adjusted EBITDA increased 11.6% year-over-year
- Results negatively impacted by $89 million due to economic downtime and a $39 million increase in non-cash pension costs year-over-year; WestRock’s U.S. qualified and non-qualified pension plans remain overfunded
- Exceeding cost savings expectations in fiscal 2023 compared to fiscal 2022, on track to exit fiscal 2023 with greater than $450 million in run-rate savings
“We delivered impressive results under challenging market conditions,” said David B. Sewell, chief executive officer. “Our accelerated transformation strategy is exceeding expectations. We expect to exit the year with a cost savings run-rate of over $450 million. We remain focused on partnering with our customers, streamlining our portfolio, investing in our assets and further reducing costs. I’m excited about our execution as we continue to transform WestRock into a more efficient and more profitable company.”
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