WestRock (WRK) Tops Q1 EPS by 3c, Revenues Beat

WestRock (NYSE: WRK) reported Q1 EPS of $0.57, $0.03 better than the analyst estimate of $0.54. Revenue for the quarter came in at $4.4 billion versus the consensus estimate of $4.41 billion.

Notable items in the first quarter of fiscal 2021 include:

• Net sales of $4.4 billion were essentially flat compared to the pre-pandemic prior year quarter
• Total packaging shipments increased 5%; record North American per day box shipments that increased 8% compared to the prior year quarter
• Successfully started up the Company’s new 330” state-of-the-art paper machine in Florence, South Carolina; the machine’s 710k tons of annual capacity replaces three old machines
• Distributed COVID-19 relief payments to employees totaling $22 million; these payments are not included in the Company's adjusted earnings per diluted share for the quarter
• Earned $0.57 per diluted share and $0.61 of adjusted earnings per diluted share compared to $0.53 of earnings per diluted share and $0.58 of adjusted earnings per diluted share, respectively, in the prior year quarter
• Generated net cash provided by operating activities of $719 million and Adjusted Free Cash Flow of $562 million compared to $431 million and $79 million, respectively, in the prior year quarter

“During the first fiscal quarter, the WestRock team delivered solid financial results and generated strong cash flow resulting in debt and leverage reduction, with record box shipments and growth in key end markets,” said Steve Voorhees, chief executive officer. “We continue to work around the clock to restore normal operations from the ransomware attack as quickly as possible, and to safely produce the paper and packaging needed by our customers and our communities. As we look to the future, we remain confident in our strategy and our ability to generate strong cash flow and partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions.”

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

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