WestRock ( NYSE: WRK ) stock slipped in premarket trading on Wednesday after missing expectations for its first quarter report and withdrawing its full-year forecast.
For the first quarter, an adjusted EPS report of $0.55 came up $0.05 short of analyst estimates. Meanwhile, a surprise year over year decline in revenue to $4.9B was $210M below Street expectations. Global paper sales slid $229M year over year, leading declines.
“During the quarter, elevated inflation and softening macroeconomic conditions negatively impacted our Global Paper business,” CEO David Sewell said. “While we expect these market conditions to continue in the near-term, we remain committed to executing on our strategy and delivering on our productivity efforts. WestRock’s broad portfolio of products provides us with flexibility to manage through changing market conditions to maximize our performance.”
Based upon the uncertain macroeconomic conditions, management withdrew full year guidance. Shares of the Atlanta-based packaging company marked a modest decline in premarket trading on light volume.
DIg into the details of the results .
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WestRock posts wide revenue miss, withdraws guide