WestRock Company (NYSE:WRK), a leading provider of differentiated paper and packaging solutions, today announced results for its fiscal fourth quarter and year ended September 30, 2020.
Notable items in the fourth quarter of fiscal 2020 include:
*Net sales of $4.5 billion increased sequentially by 5.6% and decreased by 3.9% compared to the prior year quarter
*Packaging volumes increased sequentially 6.9% and 2.4% compared to the prior year quarter
*Consumer Packaging reporting unit recorded a non-cash goodwill impairment of $1.3 billion, or $5.06 per diluted share, driven by expected lower volumes and cash flows related to certain external SBS end markets including commercial print, tobacco and plate and cup stock
*Loss of $4.45 per diluted share and adjusted earnings per diluted share of $0.73 compared sequentially to $0.69 of earnings per diluted share and $0.76 of adjusted earnings per diluted share
*Generated net cash provided by operating activities of $732 million and Adjusted Free Cash Flow of $631 million
*Approximately $3.6 billion of available liquidity under long-term committed credit facilities and cash and cash equivalents at September 30, 2020
Full Year 2020 and Other Highlights:
*Generated net cash provided by operating activities of $2.07 billion and Adjusted Free Cash Flow of $1.15 billion, our fifth consecutive year generating more than $1 billion of net cash provided by operating activities and Adjusted Free Cash Flow
*Invested $978 million in capital expenditures, including $361 million in strategic capital projects
*Returned $345 million to stockholders through dividends
*Reduced total debt by $633 million and Adjusted Net Debt by $813 million
“The WestRock team rose to the challenges of the operating environment in fiscal 2020 and delivered solid financial results, strong cash flow, and substantial debt reduction,” said Steve Voorhees, chief executive officer. “While the environment remains uncertain, we are seeing strong trends in key end markets and continue to successfully partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions. We have positive momentum for strong performance in fiscal year 2021.”
details at: https://ir.westrock.com/press-releases/press-release-details/2020/WestRock-Reports-Fiscal-2020-Fourth-Quarter-Results/default.aspx