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Paper Recycling February 04, 2019 10:30:51 AM

WestRock Company Announces Solid Results for Fiscal 2019 First Quarter

Paul Ploumis
ScrapMonster Author
WestRock completed acquisition of Kapstone Paper and Packaging Corporation during the quarter.

WestRock Company Announces Solid Results for Fiscal 2019 First Quarter

SEATTLE (Scrap Monster): WestRock Company, the leading American provider of paper and packaging solutions announced results for the first quarterly period ended December 31, 2018 of Fiscal 2019.

The company reported net earnings of $0.54 per diluted share during the quarter, as compared to $4.38 per diluted share in corresponding quarter the previous year. The adjusted earnings totaled $0.83 per diluted share. The net sales increased by $433 million, mainly due to $414 million jump in net sales by corrugated packaging segment. The corrugated packaging segment income reported decline of $23 million. Also, the consumer packaging segment income witnessed dip by $17 million.

The net cash provided by operating activities totaled $303 million during the quarter. The company’s net debt was $10.8 billion as on December 31, 2018.

WestRock completed acquisition of Kapstone Paper and Packaging Corporation during the quarter.

Steve Voorhees, chief executive officer, WestRock noted that the company has been successful in integrating operations of the newly acquired Kapstone assets into it. Despite challenges of Hurricane Michael and high input costs, WestRock has been able to deliver solid financial and operating results for the first fiscal quarter, he said. The ongoing investments to improve cost structure and advance its differentiated strategy are likely to boost results in fiscal 2019 and beyond, he added.

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