Smurfit Westrock posts jump in annual earnings
Cardboard packaging giant Smurfit Westrock reported a jump in annual earnings and said it expected to deliver adjusted core profit of about $1.25bn for the first quarter of the new fiscal year.
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The company announced a fourth-quarter net income of $146m and full-year net income of $319m, with a net income margin of 1.9% for the quarter and 1.5% for the year.
Fourth-quarter net sales surged to $7.5bn from $2.862bn a year ago and adjusted earnings before interest, taxes, depreciation and amortisation of $1.16bn. Annual combined adjusted EBITDA was $4.7bn, in line with guidance.
Net income for the three months from October to December rose to $146m from $50m in 2023.
Smurfit Westrock was formed after Smurfit Kappa, the largest paper packaging producer in Europe, completed its $11bn acquisition of US rival Westrock last July.
Chief executive Tony Smurfit said the $400m synergy programme was “on track and will be completed by the end of this year”.
“Moreover, there are significant operational and commercial opportunities, at least equating to that synergy target," he added.
Reporting by Frank Prenesti for Sharecast.com