WestRock Company (NYSE: WRK), a provider of packaging solutions, on Thursday announced results for the fourth quarter and fiscal 2023. Revenues and adjusted earnings declined during the three-month period.
- Fourth-quarter adjusted earnings declined sharply to $0.81 per share from $1.43 per share in the same period of last year
- On a reported basis, the company posted earnings of $0.43 per share, which is sharply lower than last year’s $1.34/share
- Net income attributable to the company came in at 109.8 million in Q4, compared to $344.5 million last year
- At $4.99 billion, September quarter net sales were down 8% from the year-ago quarter
- Consolidated Adjusted EBITDA was $736 million; Corrugated Packaging segment adjusted EBITDA increased 13.0%
- The company announced a proposed business combination with Smurfit Kappa Group plc, to create a global leader in sustainable packaging