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WestRock Reports Fiscal 2021 First Quarter Results

Net sales of $4.4 billion were essentially flat compared to the pre-pandemic prior year quarter.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

A leading packaging converter, WestRock Company had a fairly stable first quarter of its fiscal 2021 year, with sales fairly flat at $4.4 billion compared to its first quarter of 2020. WestRock added that total packaging shipments increased by 5%. That is interesting as it predates the pandemic, showing the growth of packaging.

 

The company generated net cash provided by operating activities of $719 million and adjusted free cash flow of $562 million compared to $431 million and $79 million, respectively, in the prior year quarter, which is significant.

 

“During the first fiscal quarter, the WestRock team delivered solid financial results and generated strong cash flow resulting in debt and leverage reduction, with record box shipments and growth in key end markets,” said CEO Steve Voorhees, chief executive officer.

 

Specifically, Consumer Packaging segment net sales increased $58 million and Corrugated Packaging segment net sales declined $45 million. Consumer Packaging segment income increased $46 million, while Corrugated Packaging segment income decreased $68 million.

 

WestRock’s total debt was $8.94 billion at Dec. 31, 2020. The company paid down $491 million of debt during the first quarter of fiscal 2021.

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