WestRock Reports Fiscal 2022 Second Quarter Results
News General news
- Record quarterly net sales of $5.4 billion increased 21.3% year-over-year
- Net income of $40 million declined $73 million year-over-year, or 64.5%. Adjusted Net Income of $309 million increased $164 million year-over-year, growing 112.9%
- Net income in the second quarter of fiscal 2022 was impacted by $363 million of pre-tax restructuring and other costs ($321 million of which was non-cash), or $1.04 per diluted share, primarily associated with the previously announced closure of the Panama City, Florida paper mill
- Record second quarter Consolidated Adjusted EBITDA of $854 million increased 33.3% year-over-year
- Earned $0.15 per diluted share (“EPS”) and Adjusted EPS of $1.17, compared year-over-year to $0.42 and $0.54, respectively
- WestRock’s board of directors authorized an additional 25 million share repurchase program
WestRock Company (NYSE:WRK), a leading provider of sustainable paper and packaging solutions, announced results for its fiscal second quarter ended March 31, 2022.
“We delivered an outstanding second quarter, reporting record revenue and impressive adjusted earnings growth despite facing continued challenges from inflation, higher supply chain costs and labor shortages,” said David B. Sewell, chief executive officer. “This strong performance speaks to the resiliency of our broad portfolio, and the resolve of our 50,000 talented employees. We remain focused on execution, and today have increased the midpoint of our full year guidance.”
“Next week we look forward to hosting our 2022 Investor Day to provide further details about our strategy and long-term ambitions. While we are in the early innings of our transformation, we have made significant progress and have substantially more to come. Our future is bright and I’m confident we will capitalize on the tremendous opportunities ahead.”
