WestRock Company Posted Record Sales in Q1 Fiscal 2022

SEATTLE (Scrap Monster): WestRock Company announced results for its fiscal first quarter ended December 31, 2021.

The company’s net sales have increased by 12.5% year-on-year to total $5 billion. The sales by paper segment and corrugated packaging segment were up by $262 million and $201 million respectively. Meantime, consumer packaging and distribution segment sales surged higher by $76 million and $21 million respectively.

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The net income, at $182 million, was up by almost 20% over the previous year, mainly on account of higher pricing and lower interest expense. The strength in paper segment led to marginal increase by 1.6% in consolidated adjusted EBITDA during the quarter, the company press release noted.

The net cash provided by operating activities in the first quarter of fiscal 2022 was $253 million. This compares with $719 million during the prior year quarter. The working capital usage too was higher. The total debt stood at $8.2 billion as at 31^st December, 2021. WestRock returned $100 million in stock purchases and $66 million in dividend payments to shareholders.

The company delivered record quarterly sales, solid margin performance and double-digit EPS growth in the first quarter of fiscal 2022.