REG-Smurfit Westrock plc Smurfit Westrock Reports First Quarter 2025 Results
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Smurfit Westrock Reports First Quarter 2025 Results
Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial
results for the first quarter ended March 31, 2025.
Key points:
* First quarter Net Sales of $7,656 million
* First quarter Net Income of $382 million, with a Net Income Margin of 5.0%
* First quarter Adjusted EBITDA(1) of $1,252 million, with an Adjusted EBITDA
Margin(1) of 16.4%
* Quarterly dividend of $0.4308 per ordinary share
Smurfit Westrock plc’s performance for the three months ended March 31, 2025
and 2024 (in millions, except margins):
March 31,
2025 2024(2)
Net Sales $ 7,656 $ 2,930
Net Income $ 382 $ 191
Net Income Margin 5.0% 6.5%
Adjusted EBITDA(1) $ 1,252 $ 475
Adjusted EBITDA Margin(1) 16.4% 16.2%
Net Cash provided by Operating Activities $ 235 $ 42
Adjusted Free Cash Flow(1) $ (144) $ (130)
Tony Smurfit, President and CEO, commented:
“I am pleased to report a strong first quarter performance with Net Income
of $382 million, Adjusted EBITDA of $1,252 million, in-line with our stated
guidance, and an Adjusted EBITDA margin of 16.4%. This performance was driven
by good results across all three segments, with notable progress in North
America, and is significantly ahead of the combined result for the prior year.
“I am especially pleased with how well the combination has come together,
with strong operational and cultural integration taking place across all three
regions. Coupled with our geographic footprint and our unrivalled portfolio of
innovative and sustainable packaging solutions, we have a customer-focused and
performance-driven team that is delivering for all stakeholders.
“Our synergy program is on track to deliver $400 million, with approximately
$350 million in the current year. We believe there is substantial opportunity
to continue to structurally improve the business through a sharper commercial
and operational focus, at least equal to our synergy target.
“We continue to actively optimize our asset base. We have recently announced
the closure of over 500,000 tons of paper capacity in North America. We are
also closing two converting facilities in our North American region and have
initiated consultations to close two of our converting facilities in EMEA
& APAC.
“To consolidate our leadership position and better support our customers, we
have constructed two state-of-the-art converting plants in Washington and
Wisconsin and are completing a new Bag-in-Box facility in South Carolina in
our North American region. Comparable investments in EMEA & APAC, in
high-performing converting equipment, will reduce our cost base and strengthen
our overall footprint in the region while in Latin America, we continue to
invest in cost take-out and growth projects, for example, the biomass boiler
in Colombia which is nearing completion.
“Consistent with our disciplined operating approach and before we see the
impact in our system of the announced closures, we expect to incur additional
economic downtime in the second quarter costing approximately $100 million
versus the first quarter. While the demand outlook is uncertain, we expect
second quarter Adjusted EBITDA(3) to be approximately $1.2 billion and our
current estimate for a full year Adjusted EBITDA(3) is between $5.0 billion
and $5.2 billion.
“Our progressive improvement together with a strong margin performance is a
clear demonstration of the strength of Smurfit Westrock in a period
characterised by significant volatility. As the global leader, with leading
market positions across many of the 40 countries in which we operate, we
continue to see significant opportunity for growth, development and cost
take‑out. We believe that the actions we have taken, and continue to take,
will translate to superior operating and financial performance for Smurfit
Westrock.”
Dividend
Smurfit Westrock plc announced today that its Board approved a quarterly
dividend of $0.4308 per share on its ordinary shares. The quarterly dividend
of $0.4308 per ordinary share is payable June 18, 2025 to shareholders of
record at the close of business on May 16, 2025.
The default payment currency is U.S. Dollar for shareholders who hold their
ordinary shares through a Depository Trust Company participant. It is also
U.S. Dollar for shareholders holding their ordinary shares in registered form,
unless a currency election has been registered with the Company’s Transfer
Agent, Computershare Trust Company N.A. by 5:00 p.m. (New York) / 10:00 p.m.
(Dublin) on May 15, 2025.
The default payment currency for shareholders holding their ordinary shares in
the form of Depository Interests is U.S. Dollar. Such shareholders can elect
to receive the dividend in Pounds Sterling or Euro by providing their
instructions to the Company’s Depositary Interest provider, Computershare
Investor Services plc, by 12:00 p.m. (New York) / 5:00 p.m. (Dublin) on May
27, 2025.
1 Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow are
non-GAAP measures. See the “Non-GAAP Financial Measures and
Reconciliations” below for discussion and reconciliation of these measures
to the most comparable GAAP measures.
2 All results reported for the three months ended March 31, 2024 reflect the
historical financial results of legacy Smurfit Kappa Group plc, which is
considered the accounting acquirer in the combination between Smurfit Kappa
Group plc and WestRock Company, which closed on July 5, 2024.
3 Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled
Adjusted EBITDA outlook to the most comparable GAAP outlook because it is not
possible to do so without unreasonable efforts due to the uncertainty and
potential variability of reconciling items, which are dependent on future
events and often outside of management’s control and which could be
significant. Because such items cannot be reasonably predicted with the level
of precision required, we are unable to provide an outlook for the comparable
GAAP measure (net income).
Earnings Call
Management will host an earnings conference call today at 7:30 AM ET / 12:30
PM BST to discuss Smurfit Westrock’s financial results. The conference call
will be accessible through a live webcast. Interested investors and other
individuals can access the webcast, earnings release, and earnings
presentation via the Company’s website at www.smurfitwestrock.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.smurfitwestrock.com&esheet=54246909&newsitemid=20250501353264&lan=en-US&anchor=www.smurfitwestrock.com&index=1&md5=1dfb745717a3fe16d2459e03f9c0b038)
. The webcast will be available at
https://investors.smurfitwestrock.com/overview
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and a replay of the webcast will be available on the website shortly after the
call.
Forward Looking Statements
This press release includes certain “forward-looking statements”
(including within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended)
regarding, among other things, the plans, strategies, outcomes, outlooks, and
prospects, both business and financial, of Smurfit Westrock, the expected
benefits of the completed combination of Smurfit Kappa Group plc and WestRock
Company (the “Combination”), including, but not limited to, synergies as
well as our scale, geographic reach and product portfolio, demand outlook,
impact of announced closures, additional economic downtime and any other
statements regarding the Company's future expectations, beliefs, plans,
objectives, results of operations, financial condition and cash flows, or
future events, outlook or performance. Statements that are not historical
facts, including statements about the beliefs and expectations of the
management of the Company, are forward-looking statements. Words such as
“may”, “will”, “could”, “should”, “would”,
“anticipate”, “intend”, “estimate”, “project”, “plan”,
“believe”, “expect”, “target”, “prospects”, “potential”,
“commit”, “forecasts”, “aims”, “considered”, “likely”,
“estimate” and variations of these words and similar future or conditional
expressions are intended to identify forward-looking statements but are not
the exclusive means of identifying such statements. While the Company believes
these expectations, assumptions, estimates and projections are reasonable,
such forward-looking statements are only predictions and involve known and
unknown risks and uncertainties, many of which are beyond the control of the
Company. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend upon future circumstances
that may or may not occur. Actual results may differ materially from the
current expectations of the Company depending upon a number of factors
affecting its business, including risks associated with the integration and
performance of the Company following the Combination. Important factors that
could cause actual results to differ materially from plans, estimates or
expectations include: our ability to deliver on our closure plan and
associated efforts; our future cash payments associated with these
initiatives; potential future cost savings associated with such initiatives;
the amount of charges and the timing of such charges or actions described
herein; potential future impairment charges; accuracy of assumptions
associated with the charges; economic, competitive and market conditions
generally, including macroeconomic uncertainty, customer inventory
rebalancing, the impact of inflation and increases in energy, raw materials,
shipping, labor and capital equipment costs; geo-economic fragmentation and
protectionism such as tariffs, trade wars or similar governmental actions
affecting the flows of goods, services or currency (including the recent
implementation of tariffs by the US federal government and reciprocal tariffs
and other protectionist or retaliatory measures governments in Europe, Asia,
and other countries have taken or may take in response); the impact of public
health crises, such as pandemics and epidemics and any related company or
governmental policies and actions to protect the health and safety of
individuals or governmental policies or actions to maintain the functioning of
national or global economies and markets; reduced supply of raw materials,
energy and transportation, including from supply chain disruptions and labor
shortages; developments related to pricing cycles and volumes; intense
competition; the ability of the Company to successfully recover from a
disaster or other business continuity problem due to a hurricane, flood,
earthquake, terrorist attack, war, pandemic, security breach, cyber-attack,
power loss, telecommunications failure or other natural or man-made events,
including the ability to function remotely during long-term disruptions; the
Company's ability to respond to changing customer preferences and to protect
intellectual property; the amount and timing of the Company's capital
expenditures; risks related to international sales and operations; failures in
the Company's quality control measures and systems resulting in faulty or
contaminated products; cybersecurity risks, including threats to the
confidentiality, integrity and availability of data in the Company's systems;
works stoppages and other labor disputes; the Company’s ability to establish
and maintain effective internal controls over financial reporting in
accordance with the Sarbanes Oxley Act of 2002, as amended, and remediate any
weaknesses in controls and processes; the Company's ability to retain or hire
key personnel; risks related to sustainability matters, including climate
change and scarce resources, as well as the Company's ability to comply with
changing environmental laws and regulations; the Company's ability to
successfully implement strategic transformation initiatives; results and
impacts of acquisitions by the Company; the Company's significant levels of
indebtedness; the impact of the Combination on the Company's credit ratings;
the potential impairment of assets and goodwill; the availability of
sufficient cash to distribute dividends to the Company's shareholders in line
with current expectations; the scope, costs, timing and impact of any
restructuring of operations and corporate and tax structure; evolving legal,
regulatory and tax regimes; changes in economic, financial, political and
regulatory conditions in Ireland, the United Kingdom, the United States and
elsewhere, and other factors that contribute to uncertainty and volatility,
natural and man-made disasters, civil unrest, geopolitical uncertainty, and
conditions that may result from legislative, regulatory, trade and policy
changes associated with the current or subsequent Irish, US or UK
administrations; legal proceedings instituted against the Company; actions by
third parties, including government agencies; the Company's ability to
promptly and effectively integrate Smurfit Kappa's and WestRock's businesses;
the Company's ability to achieve the synergies and value creation contemplated
by the Combination; the Company's ability to meet expectations regarding the
accounting and tax treatments of the Combination, including the risk that the
Internal Revenue Service may assert that the Company should be treated as a US
corporation or be subject to certain unfavorable US federal income tax rules
under Section 7874 of the Internal Revenue Code of 1986, as amended, as a
result of the Combination; other factors such as future market conditions,
currency fluctuations, the behavior of other market participants, the actions
of regulators and other factors such as changes in the political, social and
regulatory framework in which the Company's group operates or in economic or
technological trends or conditions, and other risk factors included in the
Company's filings with the Securities and Exchange Commission, including the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31,
2024. Neither the Company nor any of its associates or directors, officers or
advisers provides any representation, assurance or guarantee that the
occurrence of the events expressed or implied in any such forward-looking
statements will actually occur. You are cautioned not to place undue reliance
on these forward-looking statements. Other than in accordance with its legal
or regulatory obligations (including under the UK Listing Rules, the
Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation and
other applicable regulations), the Company is under no obligation, and the
Company expressly disclaims any intention or obligation, to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
About Smurfit Westrock
Smurfit Westrock is a leading provider of paper-based packaging solutions in
the world, with approximately 100,000 employees across 40 countries.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
Three Months Ended
March 31,
2025 2024
Net sales $ 7,656 $ 2,930
Cost of goods sold (6,079 ) (2,220 )
Gross profit 1,577 710
Selling, general and administrative expenses (988 ) (380 )
Transaction and integration-related expenses associated with the Combination (36 ) (23 )
Operating profit 553 307
Pension and other postretirement non-service income (expense), net 9 (10 )
Interest expense, net (167 ) (25 )
Other expense, net (5 ) (5 )
Income before income taxes 390 267
Income tax expense (8 ) (76 )
Net income 382 191
Net loss attributable to noncontrolling interests 2 -
Net income attributable to common shareholders $ 384 $ 191
Basic earnings per share attributable to common shareholders $ 0.74 $ 0.74
Diluted earnings per share attributable to common shareholders $ 0.73 $ 0.73
Segment Information
We report our financial results of operations in the following three
reportable segments:
1. North America, which includes operations in the U.S., Canada and Mexico.
2. Europe, the Middle East and Africa (“MEA”) and Asia-Pacific (“APAC”).
3. Latin America (“LATAM”), which includes operations in Central America and
Caribbean, Argentina, Brazil, Chile, Colombia, Ecuador and Peru.
Segment profitability is measured based on Adjusted EBITDA, defined as income
before income taxes, unallocated corporate costs, depreciation, depletion and
amortization, interest expense, net, pension and other postretirement
non‑service income (expense), net, share-based compensation expense, other
expense, net, amortization of fair value step up on inventory, transaction and
integration-related expenses associated with the Combination and other
specific items that management believes are not indicative of the ongoing
operating results of the business. The chief operating decision maker
(“CODM”) uses Adjusted EBITDA for each segment predominantly: to forecast
and assess the performance of the segments, individually and comparatively; to
set pricing strategies for the segments; and to make decisions about the
allocation of operating and capital resources to each segment strategically,
in the annual budget and in the quarterly forecasting process. The CODM
considers budget, or forecast, -to-actual variances on a quarterly and annual
basis for segment Adjusted EBITDA to inform these decisions.
Financial information by segment is summarized below (in millions, except margins).
Three Months Ended
March 31,
2025 2024
Net sales (aggregate)
North America $ 4,669 $ 412
Europe, MEA and APAC 2,582 2,194
LATAM 513 341
Total $ 7,764 $ 2,947
Less net sales (intersegment)
North America $ 91 $ -
Europe, MEA and APAC 6 4
LATAM 11 13
Total $ 108 $ 17
Net sales (unaffiliated customers)
North America $ 4,578 $ 412
Europe, MEA and APAC 2,576 2,190
LATAM 502 328
Total $ 7,656 $ 2,930
Segment Adjusted EBITDA
North America $ 785 $ 59
Europe, MEA and APAC 389 385
LATAM 115 54
Total $ 1,289 $ 498
Adjusted EBITDA Margin
Adjusted EBITDA / Net sales (aggregate)
North America 16.8 % 14.3 %
Europe, MEA and APAC 15.1 % 17.6 %
LATAM 22.5 % 16.0 %
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share and per share data)
March 31, December 31,
2025 2024
Assets
Current assets:
Cash and cash equivalents (amounts related to consolidated variable interest entities of $7 million and $2 million at March 31, 2025 and December 31, 2024, respectively) $ 797 $ 855
Accounts receivable, net (amounts related to consolidated variable interest entities of $806 million and $767 million at March 31, 2025 and December 31, 2024, respectively) 4,548 4,117
Inventories 3,670 3,550
Other current assets 1,615 1,533
Total current assets 10,630 10,055
Property, plant and equipment, net 22,792 22,675
Goodwill 6,969 6,822
Intangibles, net 1,141 1,117
Prepaid pension asset 654 635
Other non-current assets (amounts related to consolidated variable interest entities of $390 million and $389 million at March 31, 2025 and December 31, 2024, respectively) 2,463 2,455
Total Assets $ 44,649 $ 43,759
Liabilities and Equity
Current liabilities:
Accounts payable $ 3,171 $ 3,290
Accrued compensation and benefits 799 882
Current portion of debt 1,300 1,053
Other current liabilities 2,175 2,108
Total current liabilities 7,445 7,333
Non-current debt due after one year (amounts related to consolidated variable interest entities of $165 million and $8 million at March 31, 2025 and December 31, 2024, respectively) 12,919 12,542
Deferred tax liabilities 3,608 3,600
Pension liabilities and other postretirement benefits, net of current portion 716 706
Other non-current liabilities (amounts related to consolidated variable interest entities of $335 million and $335 million at March 31, 2025 and December 31, 2024, respectively) 2,072 2,191
Total liabilities 26,760 26,372
Equity:
Preferred stock; $0.001 par value; 500,000,000 shares authorized; 10,000 shares outstanding - -
Common stock; $0.001 par value; 9,500,000,000 shares authorized; 521,979,145 and 520,444,261 shares outstanding at March 31, 2025 and December 31, 2024, respectively 1 1
Deferred shares; €1 par value; 25,000 shares authorized; 25,000 shares outstanding - -
Treasury stock; at cost; 1,467,950 and 2,037,589 common stock at March 31, 2025 and December 31, 2024, respectively (65 ) (93 )
Capital in excess of par value 15,977 15,948
Accumulated other comprehensive loss (1,079 ) (1,446 )
Retained earnings 3,030 2,950
Total shareholders' equity 17,864 17,360
Noncontrolling interests 25 27
Total equity 17,889 17,387
Total liabilities and equity $ 44,649 $ 43,759
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Three Months Ended
March 31,
2025 2024
Operating activities:
Net income $ 382 $ 191
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization 603 148
Cash surrender value increase in excess of premiums paid (5 ) -
Share-based compensation expense 43 15
Deferred income tax benefit (29 ) (2 )
Pension and other postretirement funding more than cost (23 ) (8 )
Other 1 1
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable (342 ) (196 )
Inventories (62 ) 8
Other assets (47 ) (51 )
Accounts payable (117 ) (102 )
Income taxes (70 ) 60
Accrued liabilities and other (99 ) (22 )
Net cash provided by operating activities 235 42
Investing activities:
Capital expenditures (477 ) (208 )
Cash paid for purchase of businesses, net of cash acquired (4 ) -
Other 5 1
Net cash used for investing activities (476 ) (207 )
Financing activities:
Additions to debt 295 55
Repayments of debt (65 ) (27 )
Debt issuance costs (5 ) -
Changes in commercial paper, net 246 -
Other debt repayments, net (16 ) -
Repayments of finance lease liabilities (16 ) (1 )
Tax paid in connection with shares withheld from employees (64 ) -
Purchases of treasury stock - (27 )
Cash dividends paid to shareholders (225 ) -
Other 1 -
Net cash provided by financing activities 151 -
Effect of exchange rate changes on cash and cash equivalents 32 (24 )
Decrease in cash and cash equivalents (58 ) (189 )
Cash and cash equivalents at beginning of period 855 1,000
Cash and cash equivalents at end of period $ 797 $ 811
Non-GAAP Financial Measures and Reconciliations
Smurfit Westrock plc (“Smurfit Westrock”) reports its financial results in
accordance with accounting principles generally accepted in the United States
("GAAP"). However, management believes certain non-GAAP financial measures
provide Smurfit Westrock’s Board of directors, investors, potential
investors, securities analysts and others with additional meaningful financial
information that should be considered when assessing its ongoing performance.
Smurfit Westrock management also uses these non-GAAP financial measures in
making financial, operating and planning decisions, and in evaluating company
performance. Non-GAAP financial measures are not intended to be considered in
isolation of or as a substitute for, or superior to, financial information
prepared and presented in accordance with GAAP and should be viewed in
addition to, and not as an alternative for, the GAAP results. The non‑GAAP
financial measures we present may differ from similarly captioned measures
presented by other companies. Smurfit Westrock uses the non-GAAP financial
measures “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Adjusted
Free Cash Flow.” We discuss below details of the non-GAAP financial measures
presented by us and provide reconciliations of these non‑GAAP financial
measures to the most directly comparable financial measures calculated in
accordance with GAAP.
Definitions
Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA”
and “Adjusted EBITDA Margin” to evaluate its overall performance. The
composition of Adjusted EBITDA is not addressed or prescribed by GAAP. Smurfit
Westrock defines Adjusted EBITDA as net income before income tax expense,
depreciation, depletion and amortization, interest expense, net, pension and
other postretirement non-service (income) expense, net, share‑based
compensation expense, other expense, net, amortization of fair value step up
on inventory, transaction and integration-related expenses associated with the
Combination and other specific items that management believes are not
indicative of the ongoing operating results of the business.
Management believes Adjusted EBITDA and Adjusted EBITDA Margin measures
provide Smurfit Westrock’s management, Board of directors, investors,
potential investors, securities analysts and others with useful information to
evaluate Smurfit Westrock’s performance relative to other periods because it
adjusts out non‑recurring items that management believes are not indicative
of the ongoing results of the business. Adjusted EBITDA Margin is calculated
as Adjusted EBITDA divided by Net Sales.
Smurfit Westrock uses the non-GAAP financial measure “Adjusted Free Cash
Flow”. Smurfit Westrock defines Adjusted Free Cash Flow as net cash provided
by operating activities as adjusted for capital expenditures and to exclude
certain costs not reflective of underlying ongoing operations. Management
utilizes this measure in connection with managing Smurfit Westrock’s
business and believes that Adjusted Free Cash Flow is useful to investors as a
liquidity measure because it measures the amount of cash generated that is
available, after reinvesting in the business, to maintain a strong balance
sheet, pay dividends, repurchase stock, service debt and make investments for
future growth. It should not be inferred that the entire free cash flow amount
is available for discretionary expenditures. By adjusting for certain items
that are not indicative of Smurfit Westrock’s underlying operational
performance, Smurfit Westrock believes that Adjusted Free Cash Flow also
enables investors to perform meaningful comparisons between past and present
periods.
Reconciliation to Most Comparable GAAP Measure
Set forth below is a reconciliation of the non-GAAP financial measures
Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net Income
Margin, the most directly comparable GAAP measures, for the periods indicated
(in millions, except margins).
Three Months Ended
March 31,
2025 2024
Net income $ 382 $ 191
Income tax expense 8 76
Depreciation, depletion and amortization 603 148
Transaction and integration-related expenses associated with the Combination 36 23
Interest expense, net 167 25
Pension and other postretirement non-service (income) expense, net (9 ) 10
Share-based compensation expense 43 15
Other expense, net 5 5
Other adjustments ((1)) 17 (18 )
Adjusted EBITDA $ 1,252 $ 475
Net Sales $ 7,656 $ 2,930
Net Income Margin 5.0 % 6.5 %
(Net Income / Net Sales)
Adjusted EBITDA Margin 16.4 % 16.2 %
(Adjusted EBITDA / Net Sales)
(1) Other adjustments for the three months ended March 31, 2025, include
restructuring costs of $15 million and losses at closed facilities of $2
million (three months ended March 31, 2024: $- million and $- million,
respectively). Other adjustments for the three months ended March 31, 2024,
include a reimbursement of a fine from the Italian Competition Authority of
$18 million.
Reconciliations to Most Comparable GAAP Measure (continued)
Set forth below is a reconciliation of the non-GAAP financial measure Adjusted
Free Cash Flow to Net cash provided by operating activities, the most directly
comparable GAAP measure, for the periods indicated (in millions).
Three Months Ended
March 31,
2025 2024
Net cash provided by operating activities $ 235 $ 42
Capital expenditures (477 ) (208 )
Free Cash Flow (242 ) (166 )
Adjustments:
Transaction and integration costs 76 34
Restructuring costs 44 3
Tax on above items (22 ) (1 )
Adjusted Free Cash Flow $ (144 ) $ (130 )
Ciarán Potts
Smurfit Westrock
T: +353 1 202 71 27
E: ir@smurfitwestrock.com (mailto:ir@smurfitwestrock.com)
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