US-based corrugated packaging company WestRock has reported net sales of $5.5bn for the third quarter (Q3) of the fiscal year 2022 (FY22).
The figure represents a 14.6% increase of $703m compared with the corresponding period of the previous year (FY21).
For the three months to 30 June, Westrock’s Global Paper segment saw its sales increase by 23.9%, while its corrugated packaging segment’s sales rose by 10.6% from the same period of the previous year.
Sales of the company’s consumer packaging and distribution segments grew by 12.2% and 11.0%, respectively from Q3 2021.
WestRock’s net income for Q3 2022 was $378m, up by 51.1% from $250.1m in the same period of FY21.
Driven by strong performance across its segments, particularly Global Paper and Consumer Packaging, the company’s consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by $195m to $1bn.
Its diluted earnings per share (EPS) grew from $0.93 in Q3 2021 to $1.47 in Q3 2022, while its adjusted EPS rose from $1.00 to $1.54 year-on-year.
WestRock CEO David B Sewell said: “I’m pleased to report that WestRock generated more than $1bn in consolidated adjusted EBITDA in the quarter, a record for our company, and continued to deliver on our transformation initiatives.
“I want to thank the WestRock team for their focus and efforts to serve our customers and deliver these results.
“We also announced our intent to acquire the remaining interest in Grupo Gondi, our joint venture in Mexico, which will position us to grow in the attractive Latin America market.
“While the economic outlook remains uncertain, WestRock’s broad portfolio and geographic reach uniquely position us to manage through economic cycles and maximise shareholder value.”
WestRock recently entered an agreement to acquire the remaining interest in recycled paper and cardboard packaging manufacturer Grupo Gondi.