WestRock Company announced results for its fiscal 2Q ended March 31, 2020. Net sales of $4.45 billion decreased by 3.7% compared to the prior year quarter.
Corrugated Packaging segment net sales declined $108 million, primarily due to lower corrugated selling price/mix, partially offset by higher volumes. Consumer Packaging segment net sales declined $52 million, primarily due to lower selling price/mix, lower volumes and the unfavorable impact of foreign currency.
Segment income decreased $61 million compared to the prior year quarter. Corrugated Packaging segment income decreased $66 million and Consumer Packaging segment income increased $6 million.
“In the 2Q, WestRock delivered solid results with improved demand in select key markets as the pandemic impacted consumer buying habits, especially in March. We are adapting quickly to the uncertain economic and market demand conditions and taking steps that we expect will provide an additional $1 billion in cash available for debt reduction through fiscal 2021. We are confident in our differentiated strategy and value proposition, and believe these steps will ensure that WestRock remains well positioned for long-term success,” said Steve Voorhees, CEO.
WestRock Company is a leading provider of differentiated paper and packaging solutions.
