Brief: Smurfit Westrock: German business still underperforming rest of Europe

Smurfit WestRock

30/10/2024 13:15

Oct 30 (Reuters) - Smurfit Westrock PLC  SWR.L :
    * SMURFIT WESTROCK: RECENT REDUCTION OF >800 EMPLOYEES -
RESULTS
PRESENTATION
    * SMURFIT WESTROCK: PLANNED CAPITAL EXPENDITURE OF $2.2
BN-$2.4BN
IN 2025, FOCUSED ON GROWTH, INTEGRATION, SUSTAINABILITY -
PRESENTATION
    * SMURFIT WESTROCK CEO: WE HOPE FY GUIDANCE HAS SOME DEGREE
OF
CONSERVATISM, INCLUDES Q4 DOWNTIME HIT OF $60 MILLION
    * SMURFIT WESTROCK CEO: GERMAN MARKET HAS PROMISED TO
IMPROVE ALL
THROUGH THE YEAR BUT HASN'T, WE'VE FALLEN DOWN A LITTLE BIT
THERE
    * SMURFIT WESTROCK CEO: MOST OTHER EUROPEAN MARKETS HAVE
PERFORMED
OKAY VERSUS OUR EXPECTATIONS
    * SMURFIT WESTROCK CEO: DID NOT SEE PICK UP IN EUROPE THAT
WE
EXPECTED EARLIER THIS YEAR, BUT IT'S NOT AWFUL
    * SMURFIT WESTROCK CFO: UK VOLUMES +1% YEAR-YEAR IN Q3,
SPAIN UP
6%, ITALY & PORTUGAL +3%. FRANCE +2%, GERMANY FLAT
    * SMURFIT WESTROCK CFO: U.S. DYNAMICS FAIRLY SIMILAR TO
EUROPE IN
PRICING AND VOLUMES
    * SMURFIT WESTROCK CFO: PEOPLE STILL PRIORITISING A LITTLE
BIT
TRAVEL OVER DURABLE GOODS, BUT STAPLE GOODS CONTINUE TO PERFORM
WELL
    * SMURFIT WESTROCK CFO: Q4 PERFORMANCE SO FAR LOOKING
SIMILAR TO
Q3
    * SMURFIT WESTROCK CFO: THERE IS MORE TO BE DONE ON
HEADCOUNT
REDUCTIONS AS PART OF MERGER, NOT JUST IN NORTH AMERICA

Further company coverage:  SWR.L 

 (Reporting By Padraic Halpin)
 ((Padraic.Halpin@thomsonreuters.com;))