- Westrock Co (NYSE:WRK) reported fourth-quarter FY22 sales growth of 6.1% year-on-year to $5.40 billion, missing the consensus of $5.47 billion.
- Corrugated Packaging segment revenue rose 8.3% Y/Y, Consumer Packaging segment increased 12.7%, and Global Paper segment decreased 2.3%.
- Gross profit gained 6.3% Y/Y to $1.1 billion with a gross margin of 19.6%.
- The operating margin was 8.5%, and operating income for the quarter fell 2.2% to $458.4 million.
- The company held $260.2 million in cash and equivalents as of September 30, 2022.
- Adjusted EBITDA of $920 million increased 4.8% Y/Y.
- Adjusted EPS of $1.43 beat the analyst consensus of $1.41.
- Price Action: WRK shares are trading higher by 6.69% at $36.85 on the last check Thursday.
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Cannabis MSOs Are Refinancing At Higher Costs, Check Their Balance Sheets Analyst Advises
Even top multi-state operators (MSOs) are feeling the impact of the demand and supply capital imbalance faced by the cannabis industry, says Cantor Fitzgerald's Pablo Zuanic who noted that refinancings are being undertaken at higher than normal costs.
