WestRock Company (NYSE:WRK), a leading provider of sustainable paper and packaging solutions, today announced results for its fiscal fourth quarter and year ended September 30, 2022.
Fourth Quarter Highlights and other notable items:
*Record fourth quarter net sales of $5.4 billion increased 6.1% year-over-year
*Net income of $345 million increased $21 million year-over-year, or 6.4%. Adjusted Net Income of $366 million increased $34 million year-over-year, growing 10.4%
*Record fourth quarter Consolidated Adjusted EBITDA of $920 million increased 4.8% year-over-year
*Earned $1.34 per diluted share (“EPS”) and $1.43 of Adjusted EPS compared year-over-year to $1.20 and $1.23, respectively, increasing 11.7% and 16.3%, respectively
*Announced dividend increase of 10%, to an annualized rate of $1.10 per share
Full Year 2022 Highlights:
*Record full year net sales of $21.3 billion increased 13.4% compared to $18.7 billion in the prior year
*Net income of $945 million increased $106 million year-over-year, or 12.7%. Adjusted Net Income of $1.245 billion increased $338 million year-over-year, growing 37.2%
*Record Consolidated Adjusted EBITDA of $3.459 billion increased 15.3% compared to $2.999 billion in the prior year
*Earned $3.61 per diluted share and $4.76 of Adjusted EPS compared to $3.13 and $3.39 in the prior year, respectively, increasing 15.3% and 40.4%, respectively
*Generated net cash provided by operating activities of $2.0 billion and Adjusted Free Cash Flow of $1.2 billion
*Returned $860 million in capital to stockholders, specifically $600 million in stock repurchases and $260 million in dividend payments
“WestRock delivered record net sales of $21.3 billion in fiscal 2022 and continued our track record of strong operating cash flow by generating more than $2 billion in the same period,” said David B. Sewell, chief executive officer. “I want to thank the WestRock team for their efforts this past year to deliver these outstanding results.
“Our team remains relentlessly focused on partnering with our customers to help them meet their needs for sustainable paper and packaging solutions as we deliver on our overall transformation initiatives,” continued Sewell. “Looking ahead to fiscal 2023, we will continue to strengthen our business as we drive innovation across our portfolio. While market conditions remain uncertain as our customers work through the current high inventory levels, WestRock’s ability to serve a variety of end markets with our diverse portfolio provides resiliency that will serve us well. We remain confident thatour business model, scale and ongoing transformation initiatives will continue to drive long-term shareholder value.”
details at: https://ir.westrock.com/press-releases/press-release-details/2022/WestRock-Reports-Fiscal-2022-Fourth-Quarter-Results/default.aspx