WestRock Company Declared Strong Q2 Fiscal 2024 Results

SEATTLE (Scrap Monster): Atlanta-based WestRock Company announced results for its fiscal second quarter ended 31^st March, 2024.

The company reported net sales of $4.73 billion during the quarter. The net income stood at $16 million, while the adjusted net income was $101 million. The company reported earnings per diluted share of $0.06 and an adjusted EPS of $0.39. The consolidated adjusted EBITDA for the quarter stood at $618 million. The Consumer Packaging adjusted EBITDA for the quarter was 18%.

The net sales registered decline from $5,277.6 million during the three-month period ended 31st March, 2023 to $4,726.7 million in the quarterly period ended 31^st March, 2024. The decline in sales was primarily led by dip in sales in Corrugated Packaging, Global Paper and Consumer packaging segments.

The net cash provided by operating activities was $37 million in the second quarter of fiscal 2024, compared with $284 million during the prior year quarter. The total debt as at the end of the quarter stood at $37 million. During the quarter, WestRock made capital expenditure investment of $301 million and shareholders returns of $78 million.

David B. Sewell, chief executive officer noted that the company delivered strong results during the quarter, while delivering significant progress on its cost savings initiatives. It has already exceeded the midpoint of its targeted fiscal 2024 cost savings, he added.

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