WestRock Company announced results for its fiscal 4Q, ended September 30, 2020. Net sales of $4.5 billion increased sequentially by 5.6% and decreased by 3.9% compared to the prior year quarter. Net sales decreased $180 million compared to the prior year quarter. Corrugated Packaging segment and Consumer Packaging segment net sales declined $121 million and $42 million, respectively, primarily due to lower selling price/mix on sales and lower volumes, including the impact of COVID-19, and unfavorable foreign currency impacts.
“The WestRock team rose to the challenges of the operating environment in fiscal 2020 and delivered solid financial results, strong cash flow, and substantial debt reduction,” said Steve Voorhees, CEO. “While the environment remains uncertain, we are seeing strong trends in key end markets and continue to successfully partner with our customers to meet their growing needs for sustainable, fiber-based packaging solutions. We have positive momentum for strong performance in fiscal year 2021.”
Total debt was $9.43 billion at September 30, 2020, or $9.22 billion excluding $209 million of unamortized fair market value step-up of debt acquired in mergers and acquisitions, and $8.97 billion further excluding cash and cash equivalents of $251 million. During the 4Q of fiscal 2020, WestRock invested $118 million in capital expenditures and paid $52 million in dividends to stockholders.
WestRock Company is a leading provider of differentiated paper and packaging solutions.
