WestRock Company announced results for its fiscal 4Q and fiscal year ended September 30, 2018. The $176 million increase in net sales compared to the prior year quarter was primarily attributable to $152 million of increased Corrugated Packaging segment sales, mainly due to higher selling price/mix.
The $159 million increase in segment income compared to the prior year quarter was primarily attributable to $149 million of increased Corrugated Packaging segment income and $8 million of increased Consumer Packaging segment income. The impact of hurricanes in the 4Q of fiscal 2018 reduced segment income by an estimated $10 million primarily in the Corrugated Packaging segment and reduced segment income in the 4Q of fiscal 2017 by an estimated $15 million in the Corrugated Packaging segment and $12 million in the Consumer Packaging segment.
Consumer Packaging’s segment income in the 4Q of fiscal 2017 was reduced by $12 million as a result of an acquisition inventory step-up charge related to the acquisition of Multi Packaging Solutions (“MPS”). Segment EBITDA increased 26% compared to the prior year quarter and Adjusted Segment EBITDA increased 23%.
“The WestRock team delivered strong financial and operating results for both the 4Q and the fiscal year,” said Steve Voorhees, CEO. "Our North American Corrugated Packaging business had an especially outstanding year, and we continue to advance our differentiated strategy focused on achieving operational excellence and delivering value for our customers. Now, with the addition of KapStone, we have expanded our portfolio of paper and packaging solutions for our customers, and look forward to building on our success in fiscal 2019."
WestRock Company is a leading provider of differentiated paper and packaging solutions.
