WestRock Company Announced Q1FY23 Results

SEATTLE (Scrap Monster): WestRock Company announced results for its fiscal first quarter ended 31^st December, 2022.

The company reported net income of $45 million and adjusted net income of $141 million during the quarter. The net sales remained more or less flat at $4.9 billion, compared with the year ago quarter. The consolidated adjusted EBITDA was $652 million, while the adjusted EBITDA increased by 8.3% year-on-year.

The net cash flow from operating activities totalled $266 million in the first quarter of fiscal 2023. This compares with $253 million in the prior year quarter. The company ended the quarter with total debt of $9.5 billion. It invested $282 million in capital expenditures and returned $70 million in capital to stockholders in dividend payments.

WestRock finalized the acquisition of Grupo Gondi during the quarter, by acquiring the remaining 67.7% interest. Also, it divested two uncoated recycled paperboard mills for $50 million.

Commenting on the report, David B. Sewell, chief executive officer noted that WestRock grew packaging revenue and margins during the quarter, even in the midst of challenging environment. The elevated inflation and softening macroeconomic conditions negatively impacted its Global Paper business, he added.

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