WestRock Reports 4Q 2020 Fiscal Results

WestRock Company announced results for its fiscal fourth quarter and year ended Sept. 30, 2020.

Net sales of $4.5 billion in the fourth quarter of fiscal 2020 increased sequentially by 5.6% and decreased by 3.9% compared to the prior year quarter. Packaging volumes increased sequentially 6.9% and 2.4% compared to the prior year quarter.

WestRock reported a loss of $4.45 per diluted share and adjusted earnings per diluted share of $0.73 compared sequentially to $0.69 of earnings per diluted share and $0.76 of adjusted earnings per diluted share. The company generated net cash provided by operating activities of $732 million and adjusted free cash flow of $631 million.

For the full fiscal year, WestRock generated net cash provided by operating activities of $2.07 billion and adjusted free cash flow of $1.15 billion, its fifth consecutive year generating more than $1 billion of net cash provided by operating activities and adjusted free cash flow. The company invested $978 million in capital expenditures, including $361 million in strategic capital projects; returned $345 million to stockholders through dividends; and reduced total debt by $633 million and adjusted net debt by $813 million. Total debt was $9.43 billion at Sept. 30, 2020.

“The WestRock team rose to the challenges of the operating environment in fiscal 2020 and delivered solid financial results, strong cash flow and substantial debt reduction,” said CEO Steve Voorhees. “While the environment remains uncertain, we are seeing strong trends in key end markets and continue to successfully partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions. We have positive momentum for strong performance in fiscal year 2021.”