WestRock (WRK) Tops Q2 EPS by 19c, Revenues Miss

WestRock (NYSE: WRK) reported Q2 EPS of $0.80, $0.19 better than the analyst estimate of $0.61. Revenue for the quarter came in at $4.62 billion versus the consensus estimate of $4.65 billion.

• Earned $0.62 per diluted share and $0.80 of adjusted earnings per diluted share compared to $0.86 of earnings per diluted share and $0.83 of adjusted earnings per diluted share in the prior year quarter.
• The Corrugated Packaging segment delivered a Segment EBITDA margin of 18.5% and a North American Adjusted Segment EBITDA margin of 20.4%, an increase of 10 basis points and 40 basis points, respectively, compared to the prior year quarter.
• Successfully completed the installation of a state-of-the-art curtain coater at the Mahrt mill, improving both the quality of the mill’s products and its productivity.
• Achieved $70 million of run-rate synergies towards the $200 million target for the KapStone acquisition.
• Recorded $30 million of income for the receipt of business interruption insurance proceeds related to the impact of Hurricane Michael on the Panama City mill, or $0.09 per diluted share, that was not included in the company's guidance for the quarter.

“Our WestRock team delivered outstanding results in the second fiscal quarter,” said Steve Voorhees, chief executive officer. “We’re responding to changing market conditions by focusing on organic growth opportunities, maintaining a focus on productivity, operational excellence and debt reduction, while continuing to return cash to stockholders. With the advantages of our diverse portfolio and the multiple levers in our control, I remain confident in our ability to create long-term value for our customers and for our stockholders.”

For earnings history and earnings-related data on WestRock (WRK) click here.

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