WestRock ( NYSE: WRK ) stock slid as adjusted EBITDA fell short of expectations amid elevated inventory levels.
For its fiscal fourth quarter, a report of $1.43 in adjusted earnings per share beat estimates by one cent. However, record quarterly sales of $5.4B actually still fell narrowly short of expectations. Additionally, consolidated adjusted EBITDA of $920M was well short of the $988.6M expectation.
“While market conditions remain uncertain as our customers work through the current high inventory levels, WestRock’s ability to serve a variety of end markets with our diverse portfolio provides resiliency that will serve us well. We remain confident that our business model, scale and ongoing transformation initiatives will continue to drive long-term shareholder value.”
Shares of the packaging company fell 2.14% in premarket trading on Thursday.
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WestRock stock dips despite record quarterly sales