WestRock Company Declared Robust Q3 Fiscal 2023 Results

SEATTLE (Scrap Monster): WestRock Company announced results for its fiscal third quarter ended June 30, 2023.

The company reported net income of $202 million and adjusted net income of $229 million during Q3 fiscal 2023. The consolidated adjusted EBITDA totalled $802 million, down by over 20% from the prior year. The net sales totalled $5.12 billion, down by 7.2% year-on-year, mainly due to notable decline in Global Paper segment sales, said the company press release.

The restructuring and other costs totalled $48 million during the quarter. The net cash provided by operating activities was $694 million in the third quarter of fiscal 2023, compared with $837 million in the prior year quarter. WestRock Company reported total debt of $9.0 billion as at March 31, 2023. The company invested $255 million in capital expenditures. It returned $71 million in capital to stockholders in the form of dividend payments.

David B. Sewell, chief executive officer said that the company delivered impressive results under challenging market conditions. The company expects to exit the year with a cost savings run-rate of over $450 million, he added.