ATLANTA (AP) — WestRock Co. on Tuesday reported fiscal fourth-quarter earnings of $323.7 million.
On a per-share basis, the Atlanta-based company said it had net income of $1.20. Earnings, adjusted for one-time gains and costs, came to $1.23 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The paper and packaging company posted revenue of $5.09 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $4.94 billion.
For the year, the company reported profit of $838.3 million, or $3.13 per share. Revenue was reported as $18.75 billion.
“The WestRock team delivered strong results in fiscal 2021, with record net sales and strong cash flows for the full fiscal year,” said David B. Sewell, chief executive officer. “We executed on our capital allocation priorities, and I’m pleased to announce that we reached our target net leverage ratio in the quarter. In addition, we recently announced another increase to our dividend, which will result in a 25% increase since February. Looking forward, we believe we remain well positioned to successfully partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions.”
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