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Benzinga
Benzinga
Business
Shivani Kumaresan

WestRock Q2 Earnings Surpass Street View; Adopts Massive Buyback

  • WestRock Co (NYSE:WRK) reported second-quarter FY22 sales growth of 21.3% year-on-year, to $5.38 billion, beating the consensus of $5.07 billion.
  • Corrugated Packaging segment revenue rose 14.7% Y/Y, Consumer Packaging segment increased 15.7%, and Paper segment jumped 36%.
  • Gross profit gained 33.9% Y/Y to $1 billion with a gross margin of 18.6%.
  • The operating margin was 1.1%, and operating income for the quarter fell 71.3% to $56.6 million.
  • The company held $360.2 million in cash and equivalents as of March 31, 2022. Net cash provided by operating activities amounted to $390 million.
  • Adjusted EBITDA of $853.9 million increased 33.3% Y/Y.
  • Adjusted EPS of $1.17 beat the analyst consensus of $1.01.
  • WestRock's board of directors authorized an additional 25 million shares repurchase program, representing authorization of 10% of its outstanding common stock.
  • Price Action: WRK shares are trading higher by 3.07% at $54.38 on the last check Thursday.
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