WestRock Posted Robust Results for Q3 This Fiscal

SEATTLE (Scrap Monster): WestRock Company announced results for fiscal 2020 third quarter ended June 30, 2020.

The company reported net sales of $4.2 billion, which is an improvement of 9.7% over the prior year quarter. The net earnings per diluted share of $0.69 was lower from $0.98 year-on-year. The adjusted net earnings per share too declined from $1.11 to $0.76. The segment EBITDA margins recorded sequential improvement. The operating activities provided net cash of $740 million during the quarter. The long-term committed credit facilities along with cash and cash equivalents totalled $3.2 billion as at the end of the quarter.

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The corrugated packaging segment income declined $165 million over the year. The segment net sales registered decline by $344 million. On the other hand, consumer packaging segment income surged higher by $4 million. The segment net sales decreased $98 million.

Commenting on the results, Steve Voorhees, chief executive officer noted that the WestRock team has been able to work closely with its customers to meet changing demand across a variety of end markets. The strong cash flow and debt reduction demonstrates the success of its differentiated strategy. The company remains well-positioned to meet the challenges ahead, Voorhees added.