Smurfit Westrock Public Limited Company

Latest Results (17.12.2024):

Net Sales Growth

In the third quarter of 2024, Smurfit Westrock Public Limited Company reported net sales of approximately $7.7 billion, a significant increase from $2.9 billion in the same quarter of 2023. This growth was primarily driven by the acquisition of WestRock, contributing $4.7 billion to the net sales, along with a net positive volume impact of $98 million, mainly from increased corrugated volumes.

Net Loss and Income Margin

Smurfit Westrock experienced a net loss of $150 million in the third quarter of 2024, compared to a net income of $229 million in the third quarter of 2023. The net income margin shifted to negative 2.0% from a positive 7.8% in the previous year, primarily due to increased costs related to the acquisition of WestRock and transaction-related expenses.

Adjusted EBITDA Performance

The company's Adjusted EBITDA for the third quarter of 2024 was $1,265 million, with an Adjusted EBITDA Margin of 16.5%. This represents an increase from the previous year's Adjusted EBITDA of $525 million, although the margin decreased from 18.0% in the third quarter of 2023. The increase in Adjusted EBITDA was largely attributed to the acquisition of WestRock.

Cash Flow and Capital Expenditure

Net cash provided by operating activities decreased to $320 million in the third quarter of 2024 from $378 million in the same period of 2023. The decrease was mainly due to higher tax payments, increased net cash interest paid, and a negative working capital change. Capital expenditure rose to $512 million, resulting in a free cash flow outflow of $192 million, compared to an inflow of $176 million in the previous year.

Segment Performance

In the third quarter of 2024, Smurfit Westrock's North America segment saw a substantial increase in Adjusted EBITDA to $780 million from $66 million in the previous year, driven by the acquisition of WestRock. The Europe, MEA, and APAC segment maintained an Adjusted EBITDA of $411 million, while the LATAM segment's Adjusted EBITDA increased to $116 million from $74 million, also benefiting from the acquisition.