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WestRock Co. has released its fourth-quarter and fiscal year 2022 results, and the Atlanta-based paper and packaging producer says both periods produced record numbers.
The company’s fourth-quarter net sales were $5.4 billion, a 6.1 percent increase from the previous year’s quarter, and its full-year net sales of $21.3 billion increased 13.4 percent compared with fiscal year 2021 net sales of $18.7 billion.
RELATED: WestRock sells remaining interest in RTS Packaging joint venture to Sonoco
“WestRock delivered record net sales of $21.3 billion in fiscal 2022 and continued our track record of strong operating cash flow by generating more than $2 billion in the same period,” CEO David B. Sewell says.
“Our team remains relentlessly focused on partnering with our customers to help them meet their needs for sustainable paper and packaging solutions as we deliver on our overall transformation initiatives,” he continues.
Fourth-quarter highlights include a $21 million increase in net income to $345 million, and a record consolidated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $920 million, a year-over-year increase of 4.8 percent.
WestRock also saw a record consolidated adjusted EBITDA for the full year at $3.459 billion, an increase of 15.3 percent compared with last year.
The company says its packaging sales increased 10 percent year over year, driven by its successful implementation of price increases, and notes the strength in its corrugated packaged food and beverage sector offset by softer volumes in industrial and foodservice. Its consumer packaging sector saw strength in beverage, retail food and health care partially offset by the softness in foodservice, home, beauty and personal care.
RELATED: WestRock to permanently close corrugated medium operations at Minnesota mill
“We remain confident that our business model, scale and ongoing transformation initiatives will continue to drive long-term shareholder value.”
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