Smurfit Westrock has announced the financial results for the first quarter ended 31 March, 2025. Key points include:
- First quarter Net Sales of $7,656m
- First quarter Net Income of $382m, with a Net Income Margin of 5.0%
- First quarter Adjusted EBITDA of $1,252m, with an Adjusted EBITDA Margin of 16.4%
Tony Smurfit, President and CEO, commented, “I am pleased to report a strong first quarter performance. This performance was driven by good results across all three segments, with notable progress in North America, and is significantly ahead of the combined result for the prior year.
“I am especially pleased with how well the combination has come together, with strong operational and cultural integration taking place across all three regions. Coupled with our geographic footprint and our unrivalled portfolio of innovative and sustainable packaging solutions, we have a customer-focused and performance-driven team that is delivering for all stakeholders.
“Our synergy program is on track to deliver $400m, with approximately $350m in the current year. We believe there is substantial opportunity to continue to structurally improve the business through a sharper commercial and operational focus, at least equal to our synergy target.
“We continue to actively optimise our asset base. We have recently announced the closure of over 500,000 tons of paper capacity in North America. We are also closing two converting facilities in our North American region and have initiated consultations to close two of our converting facilities in EMEA & APAC.”
He concluded, “To consolidate our leadership position and better support our customers, we have constructed two state-of-the-art converting plants in Washington and Wisconsin and are completing a new Bag-in-Box facility in South Carolina in our North American region. Comparable investments in EMEA & APAC, in high-performing converting equipment, will reduce our cost base and strengthen our overall footprint in the region while in Latin America, we continue to invest in cost take-out and growth projects, for example, the biomass boiler in Colombia which is nearing completion.”
