11.10.21
WestRock Company announced results for its fiscal fourth quarter and year ended Sept.r 30, 2021.
Notable items in the fourth quarter include record net sales of $5.1 billion, an increase of 14% compared to $4.5 billion in the prior year quarter. Net income was $324 million compared to a net loss of $1,156 million in the prior year quarter, which included a $1,314 million goodwill impairment net of tax.
Adjusted segment EBITDA was $878 million, an increase of 22% compared to $721 million in the prior year quarter.
Full Year 2021 highlights include record net sales of $18.7 billion, up 7% compared to $17.6 billion in the prior year. Net income was $838 million compared to a net loss of $691 million in the prior year. Adjusted segment EBITDA of $3 billion increased 7% compared to $2.8 billion in the prior year.
WestRock generated net cash provided by operating activities of $2.28 billion and record adjusted free cash flow of $1.49 billion, ending the year with a net leverage ratio of 2.38x.
“The WestRock team delivered strong results in fiscal 2021, with record net sales and strong cash flows for the full fiscal year,” said WestRock CEO David B. Sewell. “We executed on our capital allocation priorities, and I’m pleased to announce that we reached our target net leverage ratio in the quarter. In addition, we recently announced another increase to our dividend, which will result in a 25% increase since February. Looking forward, we believe we remain well positioned to successfully partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions.”
Notable items in the fourth quarter include record net sales of $5.1 billion, an increase of 14% compared to $4.5 billion in the prior year quarter. Net income was $324 million compared to a net loss of $1,156 million in the prior year quarter, which included a $1,314 million goodwill impairment net of tax.
Adjusted segment EBITDA was $878 million, an increase of 22% compared to $721 million in the prior year quarter.
Full Year 2021 highlights include record net sales of $18.7 billion, up 7% compared to $17.6 billion in the prior year. Net income was $838 million compared to a net loss of $691 million in the prior year. Adjusted segment EBITDA of $3 billion increased 7% compared to $2.8 billion in the prior year.
WestRock generated net cash provided by operating activities of $2.28 billion and record adjusted free cash flow of $1.49 billion, ending the year with a net leverage ratio of 2.38x.
“The WestRock team delivered strong results in fiscal 2021, with record net sales and strong cash flows for the full fiscal year,” said WestRock CEO David B. Sewell. “We executed on our capital allocation priorities, and I’m pleased to announce that we reached our target net leverage ratio in the quarter. In addition, we recently announced another increase to our dividend, which will result in a 25% increase since February. Looking forward, we believe we remain well positioned to successfully partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions.”