US-based sustainable paper and packaging provider Westrock has reported a 7% increase in its full-year net sales for the fiscal year 2021 (FY21).
The company’s net sales rose to $18.7bn from the $17.6bn reported last year (FY20).
During the year, WestRock earned $3.13 for each of its diluted shares, up from a loss of $2.67 for each share a year earlier.
The company reported $3.39 in adjusted earnings for each diluted share, an increase from $2.75 in FY20.
WestRock’s net income for FY21 was $838m and its adjusted segment earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to $3.0bn.
In the fourth quarter (Q4), the company delivered record net sales of $5.1bn, a 14% rise against $4.5bn in the same period of FY20.
It reported a net income of $324m, compared to a $1.1bn loss in the corresponding period of the previous year.
WestRock saw its adjusted segment EBITDA increase by 22% to $878m compared to $721m in Q4 2020.
The company earned $1.20 for each diluted share, against a loss of $4.45 last year.
WestRock CEO David Sewell said: “The WestRock team delivered strong results in FY21, with record net sales and strong cash flows for the full fiscal year.
“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, fibre-based packaging solutions.”
In June, WestRock introduced a fibre-based produce packaging line, EverGrow Collection.
The recyclable products in the line are produced from renewable paperboard.
In May, the company reported net sales of $4.4bn for the second quarter of FY21, equal to its net sales a year earlier.