WestRock Declared Q1 Fiscal 2024 Results

SEATTLE (Scrap Monster): Atlanta-headquartered WestRock Company announced results for the fiscal first quarter ended December 31, 2023.

The company reported net sales of $4.6 billion during the quarter. The dip in net sales upon comparison with first quarter of fiscal 2023 was mainly on account of 18.3% decline in Global Paper segment sales and 12.8% fall in Consumer Packaging sales.

The net loss for the quarter stood at $22 million resulted from lower selling price/mix, impacts of extended economic downtime and mill closures, lower volumes and higher restructuring and other costs.

ALSO READ:

WestRock to Build New Corrugated Box Plant in Wisconsin

WestRock Company Declared Robust Q3 Fiscal 2023 Results

When compared with the first quarter of fiscal 2023, the consolidated adjusted EBITDA totalled $571 million, registering a decline by 12.5%. Meantime, the adjusted EBITDA by the Consumer Packaging segment increased 60 bps to 15.7%. Also, the company achieved over $200 million in cost savings, said the company press release.

Commenting on the results, David B. Sewell, chief executive officer, WestRock Company noted that the external containerboard shipments registered growth during the quarter, while the operations continued to remain impacted by lower paperboard market demand. The company eyes to significantly exceed its cost savings targets. The ongoing transformation initiatives have strengthened its portfolio and the company looks well positioned to capitalize on the opportunities ahead, he added.