🔴 Exclusive webinar: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

Smurfit Westrock reports Q3 loss, revenue miss; shares dip

EditorRachael Rajan
Published 10/30/2024, 06:50 AM
© Reuters.
SW
-

DUBLIN - Smurfit Westrock plc (NYSE:SW, LSE:SWR) reported a net loss in its first quarter as a combined company following the merger of Smurfit Kappa and WestRock (NYSE:WRK), as revenue fell short of expectations. Shares slipped 1% in response to the results.

The paper and packaging company posted a net loss of $150 million, or $0.30 per share, for the third quarter ended September 30, compared to net income of $229 million, or $0.89 per share, in the same period last year. Adjusted earnings of $0.72 per share missed analyst estimates of $0.72.

Revenue rose to $7.67 billion from $2.92 billion a year ago, primarily due to the WestRock acquisition, but fell short of the $8.13 billion consensus forecast.

"I am pleased to report an excellent performance for the third quarter, the first for Smurfit Westrock," said Tony Smurfit, President and CEO. He noted the net loss was primarily due to transaction-related expenses and purchase accounting adjustments totaling approximately $500 million.

Adjusted EBITDA, a key profitability metric, came in at $1.27 billion with a margin of 16.5%. The company said this provides "a strong foundation to build upon."

For the full year 2024, Smurfit Westrock expects combined adjusted EBITDA of approximately $4.7 billion.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.