WestRock (WRK) Tops Q2 EPS by 6c

WestRock (NYSE: WRK) reported Q2 EPS of $0.54, $0.06 better than the analyst estimate of $0.48. Revenue for the quarter came in at $3.66 billion versus the consensus estimate of $3.58 billion.

• Earned $0.40 per diluted share and $0.54 of adjusted earnings per diluted share
• Generated net cash from operating activities of $300 million and adjusted free cash flow of $109 million
• Achieved $103 million in year-over-year productivity improvements and an annual run rate of $675 million of synergy and performance improvements
• Continued our portfolio transformation with:
  • the completion of the sale of the Home, Health and Beauty business, generating net after-tax proceeds of approximately $1 billion
  • the sale of $97 million of Land and Development assets
  • the announcement of the agreement to acquire Multi Packaging Solutions International Limited for a total enterprise value of approximately $2.3 billion
• Returned $126 million to stockholders through $101 million in dividends and $25 million in share repurchases

“We executed well during the March quarter and delivered year-over-year productivity improvements of $103 million and strong earnings,” said Steve Voorhees, WestRock’s chief executive officer. “While higher input costs may persist, favorable price and demand trends along with WestRock’s unique portfolio of products and capabilities position us well to drive value for our customers and stockholders. We are looking forward to adding Multi Packaging Solutions to our portfolio, which is currently expected to occur by the end of the June quarter.”

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

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