NORCROSS, Ga., Nov. 07, 2016 -- WestRock Company (WestRock) (NYSE:WRK), a leading provider of differentiated paper and packaging solutions, today announced results for its fourth quarter and fiscal year ended September 30, 2016.
Fourth Quarter 2016 Highlights
- Recorded a loss of $0.34 per diluted share from continuing operations resulting from a $0.91 non-cash charge related to the transfer of certain pension plan assets and liabilities to a third party
- Earned $0.71 of adjusted earnings per diluted share from continuing operations
- Generated net cash from operating activities of $382 million and adjusted free cash flow of $226 million
- Achieved $89 million in year-over-year productivity improvements and an annual run rate of $500 million of synergy and performance improvements
Full Year 2016 Highlights
- Earned $0.59 per diluted share from continuing operations and $2.53 of adjusted earnings per diluted share from continuing operations
- Generated net cash from operating activities of $1.7 billion and adjusted free cash flow of $1.03 billion
- Captured $384 million of productivity improvements
- Implemented its balanced capital allocation strategy by investing $797 million in capital expenditures, deploying $588 million to strategic M&A opportunities, paying $381 million in dividends and returning $335 million to stockholders in stock repurchases
Steve Voorhees, chief executive officer of WestRock, said, "I'm proud of our strong results during the quarter and our first fiscal year as WestRock. We drove solid earnings per share and robust cash flows through the execution of our disciplined operational plan. We've made considerable progress toward achieving our $1 billion synergy and performance improvement goal, and reached an annual run rate of $500 million as of the end of September. Our performance this year is a testament to the value that our differentiated strategy is delivering to our customers, stockholders and employees."