WestRock Company (“WestRock”) (NYSE:WRK), a leading provider of differentiated paper and packaging solutions, today announced results for its fiscal third quarter ended June 30, 2017.
Third Quarter 2017 Highlights
- Earned $1.29 per diluted share and $0.74 of adjusted earnings per diluted share
- Generated net cash from operating activities of $589 million and adjusted free cash flow of $473 million
- Achieved $94 million in year-over-year productivity improvements and an annual run rate of $760 million of synergy and performance improvements
Continued our portfolio transformation with:
- Sale of the Home, Health and Beauty (“HH&B”) business – recorded a pre-tax gain of $191 million
- Acquisition of Multi Packaging Solutions International Limited (“MPS”); advances strategy to provide differentiated, high value-added solutions to our customers and expands participation into attractive end markets; creates opportunity for meaningful synergies and performance improvements of $85 million by end of FY19
- Acquisition of certain operations of U.S. Corrugated Holdings, Inc. (“U.S. Corrugated”), which included five facilities, providing an opportunity to integrate an additional 105,000 annual tons of containerboard into our Corrugated Packaging segment and another 50,000 tons through a long-term supply agreement
“Our WestRock team delivered strong earnings and cash flow, and grew our differentiated packaging business by completing the acquisitions of MPS and U.S. Corrugated, which have expanded our presence in attractive markets and increased our vertical integration,” said Steve Voorhees, chief executive officer. “We increased our daily box volumes over the prior year by 5.7%. While we continue to face a challenging cost environment, we are focusing on areas within our control – serving our customers well and driving synergy and productivity improvements across our company.”
read more/source: http://ir.westrock.com/press-releases/press-release-details/2017/WestRock-Reports-Fiscal-2017-Third-Quarter-Results/default.aspx