ATLANTA — WestRock has reported first-quarter fiscal 2020 adjusted earnings of 61 cents per share, up from the 58 cents recorded in the year-ago period.
The company’s earnings surpassed Wall Street estimates of 54 cents per share.
Including one-time items, earnings were 57 cents per share compared with 53 cents reported in the prior-year quarter.
“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 Steve Voorhees, chief executive officer.
“As we look to the future, we remain confident in our strategy and our ability to generate strong cash flow and partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions,” he said.
WestRock’s total revenues edged down 0.5 percent year over year to $4.4 million. The decline was mainly due to the absence of land and development net sales in the reported quarter due to the completion of the monetization program in fiscal 2020.
On Jan 25, WestRock said it was a victim of a ransomware incident affecting certain of its operational and information technology systems.
“We continue to work around the clock to restore normal operations from the ransomware attack as quickly as possible, and to safely produce the paper and packaging needed by our customers and our communities,” Voorhees said.
WestRock’s board of directors declared a quarterly dividend of 20 cents per share on its common stock.
The dividend will be paid to stockholders of record as of the close of business on Feb. 11. It will be paid on Feb. 23.