WestRock has confirmed its results for its fiscal fourth quarter and year ended September 30, 2021. Notable items in the fourth quarter include:
- Record net sales of $5.1bn increased 14% compared to $4.5bn in the prior year quarter;
- Net income of $324m compared to a net loss of $1,156m in the prior year quarter, which included a $1,314m goodwill impairment net of tax;
- Adjusted Segment EBITDA of $878m increased 22% compared to $721m in the prior year quarter.
Full Year 2021 highlights:
- Record net sales of $18.7bn increased 7% compared to $17.6bn in the prior year;
- Net income of $838m compared to a net loss of $691m in the prior year.
“The WestRock team delivered strong results in fiscal 2021, with record net sales and strong cash flows for the full fiscal year,” said David B. Sewell, CEO. “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.”