WestRock Reports First Quarter Fiscal 2024 Results

First Quarter Highlights and other notable items:
*Net sales of $4.6 billion; Corrugated Packaging segment sales increased 3.5% compared to the prior year quarter
*Global Paper containerboard shipments increased 21.9% compared to the prior year quarter
*Net loss of $22 million, Adjusted Net Income of $51 million; net loss included $66 million of restructuring and other costs, net
*Loss of $0.09 per diluted share (“EPS”) and earned $0.20 of Adjusted EPS
*Consolidated Adjusted EBITDA of $571 million
*Consumer Packaging Adjusted EBITDA margin increased 60 bps to 15.7%
*Achieved over $200 million in cost savings; expect to significantly exceed previously announced fiscal 2024 target of $300 to $400 million

“During the quarter, we grew external containerboard shipments, while we felt the impact of lower paperboard market demand,” said David B. Sewell, chief executive officer. “We continue to expect significantly improved demand in the second half of our fiscal year.

“We are continuing to deliver on, and we expect to significantly exceed, our cost savings targets. Our transformation initiatives have strengthened our portfolio, are increasing vertical integration and created significant operational efficiencies. With our broad portfolio of packaging solutions and self-help initiatives, we are well positioned to capitalize on the opportunities ahead.”
details at: https://ir.westrock.com/press-releases/press-release-details/2024/WestRock-Reports-First-Quarter-Fiscal-2024-Results/default.aspx

Related Posts

Industry Continues Support for Paper and Packaging Board Program

Paper and paper-based packaging manufacturers in the United States have renewed their commitment to sharing the industry’s successful sustainability story by continuing support for the Paper and Packaging Board program. In a recent referendum, 53 percent of domestic manufacturers and importers — who represented 53 percent of the volume of paper and paper-based packaging voting in the referendum — voted in favor of continuing the Paper and Packaging Board program. The decision comes in time for America Recycles Day on Nov. 15, another opportunity to highlight paper’s unmatched recycling record.

How Novolex Is Building A Brain Trust To Educate Consumers And Achieve Our Sustainability Goals

Novolex employees thrive when developing innovative new products, identifying more sustainable solutions, and stretching the boundaries of packaging to meet unique customer needs. At Novolex, we pride ourselves on collaborating across the industry, cultivating a broader brain trust with others in the manufacturing and packaging space. Certain issues—like recyclability or reusability—we can’t tackle alone. By joining coalitions focused on consumer education, collaborating with foodservice operators, participating in labeling systems like How2Recycle®, and fostering the construction of recycling infrastructure, we support consumers and elevate the entire industry. Last month, the Plastics Industry Association (PLASTICS) launched the Flexible Film Recycling Alliance (FFRA), an initiative Novolex is proud to participate in. The alliance has plans to educate the public about the sustainability and recyclability of flexible plastic film products.

Consumers ‘rewire’ priorities and take action on environment, waste and health

Tetra Pak unveils how Covid-19 has made consumers rethink the way they live, and fundamentally shift how they act in the latest Tetra Pak Index report. The pandemic has reinforced the value consumers place on human connections, taking into account both time spent with family at home, and with extended circles outside it. Shared food and beverage experiences play a key role in these relations. Fundamentally, the personal, economic and environmental fragility experienced during the global pandemic has created a shift from concern to active caretaking, and a desire to take action to keep ourselves, our food, our communities and the planet secure. Food safety and security4 are top priorities too, with the pandemic shining a spotlight on health and highlighting weak points in our food systems. Worries about the environment are very strong, with pollution and plastic litter in the ocean as the joint top worry (83%) and Global warming closely follows, cited by over three quarters (78%) of consumers across nine countries. This sits ahead of food waste (77%) and food accessibility (71%). Meanwhile, nearly half (49%) of the global population are now recognising the impact that everyday choices have on the environment.
Back To Top
×Close search
Search