WestRock Reports Solid Results in Fiscal 2017 Second Quarter
"We executed well during the March quarter and delivered year-over-year productivity improvements of $103 million and strong earnings." – Steve Voorhees, CEO, WestRock.
April 26, 2017 - WestRock Company (NYSE:WRK), a leading provider of differentiated paper and packaging solutions, today announced results for its fiscal second quarter ended March 31, 2017.
Second Quarter 2017 Highlights and Portfolio Transformation
- 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.”
WestRock partners with customers to provide differentiated paper and packaging solutions that help them win in the marketplace. To learn more, please visit: www.westrock.com
SOURCE: WestRock Company