11.08.16
WestRock Company announced results for its fourth quarter and fiscal year ended Sept. 30, 2016.
In the fourth quarter of 2016, WestRock recorded net sales of $3.612 billion compared to $3.616 billion in 2015. The $4 million decline in net sales was primarily attributable to the impact of $10 million of volume, price and mix in the Corrugated and Consumer Packaging segments, partially offset by a $7 million increase due to the impact of foreign currency.
The company generated net cash from operating activities of $382 million and adjusted free cash flow of $226 million for the fourth quarter, and generated net cash from operating activities of $1.7 billion and adjusted free cash flow of $1.03 billion for the full year.
“I’m proud of our strong results during the quarter and our first fiscal year as WestRock,” Steve Voorhees, CEO of WestRock, said. “We drove solid earnings per share and robust cash flows through the execution of our disciplined operational plan. We’ve made considerable progress toward achieving our $1 billion synergy and performance improvement goal, and reached an annual run rate of $500 million as of the end of September. Our performance this year is a testament to the value that our differentiated strategy is delivering to our customers, stockholders and employees.”
Corrugated Packaging segment sales were $2.003 billion, with segment income $192.4 million. Corrugated Packaging segment EBITDA margin was 16.9%.
Consumer Packaging segment sales were $1.621 billion. Segment income was $139.1 million. Consumer Packaging segment EBITDA margin was 16.4%. Cash from operations was $382 million in the fourth quarter of fiscal 2016, in line with $387 million in the prior year quarter. Total debt was $5.79 billion at Sept. 30, 2016, including $316 million for the fair-value of debt stepped-up in purchase accounting.
In the fourth quarter of 2016, WestRock recorded net sales of $3.612 billion compared to $3.616 billion in 2015. The $4 million decline in net sales was primarily attributable to the impact of $10 million of volume, price and mix in the Corrugated and Consumer Packaging segments, partially offset by a $7 million increase due to the impact of foreign currency.
The company generated net cash from operating activities of $382 million and adjusted free cash flow of $226 million for the fourth quarter, and generated net cash from operating activities of $1.7 billion and adjusted free cash flow of $1.03 billion for the full year.
“I’m proud of our strong results during the quarter and our first fiscal year as WestRock,” Steve Voorhees, CEO of WestRock, said. “We drove solid earnings per share and robust cash flows through the execution of our disciplined operational plan. We’ve made considerable progress toward achieving our $1 billion synergy and performance improvement goal, and reached an annual run rate of $500 million as of the end of September. Our performance this year is a testament to the value that our differentiated strategy is delivering to our customers, stockholders and employees.”
Corrugated Packaging segment sales were $2.003 billion, with segment income $192.4 million. Corrugated Packaging segment EBITDA margin was 16.9%.
Consumer Packaging segment sales were $1.621 billion. Segment income was $139.1 million. Consumer Packaging segment EBITDA margin was 16.4%. Cash from operations was $382 million in the fourth quarter of fiscal 2016, in line with $387 million in the prior year quarter. Total debt was $5.79 billion at Sept. 30, 2016, including $316 million for the fair-value of debt stepped-up in purchase accounting.