![Westrock Co [WRK] reports quarterly net loss of $15.5 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FWRK.png&w=1200&q=75)
WestRock Co [WRK] has reported a net loss of $15.5 million for quarter ended Sep 30, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $4.7 billion
Based in Atlanta, Georgia, WestRock Co operates in the MANUFACTURING sector.
The consolidated income statement for the quarter ended March 31, 2024, compared to the same period last year, shows a decrease in net sales from $5.28 billion to $4.73 billion. Cost of goods sold also declined from $4.36 billion to $3.95 billion, resulting in a gross profit of $780.1 million as compared to $920 million in the previous year.
Operating profit improved significantly, going from a loss of $1.99 billion in the previous year to a profit of $120.4 million in the current year. This improvement can be attributed to a reduction in restructuring and other costs during the period.
Net income attributable to common stockholders also showed a positive trend, shifting from a loss of $2.01 billion to a profit of $15.5 million. The basic and diluted earnings per share for common stockholders increased from a loss of $7.85 to $0.06. This positive earnings per share growth can be attributed to the improved operational performance and cost management during the quarter.
Overall, the company showcased a notable recovery in its financial performance in the recent quarter, reflecting a positive outlook for future profitability and growth.
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