08.07.18
WestRock Company announced results for its fiscal third quarter ended June 30, 2018.
The company reported net sales of $4,137.5 million, an increase of $442 million, or 12%, and segment EBITDA of $760.3 million, a rise of $177 million, or 30%, compared to the prior year quarter.
The $442 million increase in net sales compared to the prior year quarter was primarily attributable to $129 million of increased Corrugated Packaging segment sales driven principally by higher selling price/mix and $324 million of increased Consumer Packaging segment sales, primarily due to the contribution from the Multi Packaging Solutions International Limited (MPS) acquisition.
The $135 million increase in segment income was primarily due to $90 million of increased Corrugated Packaging segment income and $36 million of increased Consumer Packaging segment income.
The company earned $1.03 per diluted share, a 20% decrease compared to $1.29 per diluted share in the prior year quarter. The prior year earnings per diluted share included a $191 million, or $0.75 per diluted share, gain on the sale of the company’s former Home Health & Beauty business (HH&B).
“Our WestRock team delivered significant margin and cash flow improvement in the third fiscal quarter, evidence that our strategy, operational performance, and productivity efforts are delivering value for our stockholders,” said Steve Voorhees, CEO. “With our productivity performance in the quarter, we achieved our goal of a run rate of more than $1 billion of synergy and performance improvements. We are on track to achieve our financial goals for the year and are well positioned to build on our success in fiscal 2019.”
Net cash provided by operating activities was $772 million in the third quarter of fiscal 2018 compared to $589 million in the prior year quarter, primarily due to higher cash earnings and a decreased use of working capital. Total debt was $6.5 billion at June 30, 2018.
The company reported net sales of $4,137.5 million, an increase of $442 million, or 12%, and segment EBITDA of $760.3 million, a rise of $177 million, or 30%, compared to the prior year quarter.
The $442 million increase in net sales compared to the prior year quarter was primarily attributable to $129 million of increased Corrugated Packaging segment sales driven principally by higher selling price/mix and $324 million of increased Consumer Packaging segment sales, primarily due to the contribution from the Multi Packaging Solutions International Limited (MPS) acquisition.
The $135 million increase in segment income was primarily due to $90 million of increased Corrugated Packaging segment income and $36 million of increased Consumer Packaging segment income.
The company earned $1.03 per diluted share, a 20% decrease compared to $1.29 per diluted share in the prior year quarter. The prior year earnings per diluted share included a $191 million, or $0.75 per diluted share, gain on the sale of the company’s former Home Health & Beauty business (HH&B).
“Our WestRock team delivered significant margin and cash flow improvement in the third fiscal quarter, evidence that our strategy, operational performance, and productivity efforts are delivering value for our stockholders,” said Steve Voorhees, CEO. “With our productivity performance in the quarter, we achieved our goal of a run rate of more than $1 billion of synergy and performance improvements. We are on track to achieve our financial goals for the year and are well positioned to build on our success in fiscal 2019.”
Net cash provided by operating activities was $772 million in the third quarter of fiscal 2018 compared to $589 million in the prior year quarter, primarily due to higher cash earnings and a decreased use of working capital. Total debt was $6.5 billion at June 30, 2018.