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WestRock Reports Fiscal 3Q 2020 Results

Reports sales of $4.2 billion, net cash of $740 million.

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By: DAVID SAVASTANO

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

WestRock Company announced results for its fiscal third quarter ended June 30, 2020.

 

Third quarter of fiscal 2020 financial highlights included net sales of $4.2 billion, a decrease of 9.7% compared to the prior year quarter. Segment EBITDA margins improved sequentially across both segments in a rapidly changing economic environment.

 

WestRock generated net cash provided by operating activities of $740 million and has more than $3.2 billion of availability under long-term committed credit facilities and cash and cash equivalents on June 30, 2020.

 

“Our results for the fiscal third quarter, including our strong cash flow and debt reduction, demonstrate why I am so proud of how the WestRock team is working closely with our customers to help them meet changing demand across a variety of end markets,” said CEO Steve Voorhees.

 

Compared to the quarter ending June 30, 2019, net sales decreased $454 million. Corrugated Packaging segment and Consumer Packaging segment net sales declined $344 million and $98 million, respectively, primarily due to lower selling price/mix on sales, lower volumes, including the impact of COVID-19, and unfavorable foreign currency impact.

 

Segment income decreased $162 million compared to the prior year quarter. Corrugated Packaging segment income decreased $165 million and Consumer Packaging segment income increased $4 million.

 

Net cash provided by operating activities was $740 million in the third quarter of fiscal 2020 compared to $735 million in the prior year quarter. Total debt was $10.05 billion on June 30, 2020.

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