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ATLANTA--(BUSINESS WIRE)--WestRock Company (NYSE:WRK), a leading provider of differentiated paper and packaging solutions, today announced results for its fiscal second quarter ended March 31, 2021. Notable items include: WestRock has a broad portfolio of differentiated products that uniquely positions us to serve our customers and the growing demand for sustainable packaging solutions. We have made a remarkable recovery from the incidents in the second quarter, and I want to thank our teammates for their dedication to our company and our customers, said David B. Sewell, chief executive officer. With these events behind us, we are confident in our business and our ability to generate strong cash flow, which is evident by our dividend increase announced today. I look forward to whats ahead for our company. Consolidated Financial Results During the second quarter of fiscal 2021, we lost approximately 167,000 tons of containerboard and paperboard production due to the Events. The impact on net sales and segment income from the lost sales and operational disruption during the quarter was $189 million and $80 million, respectively. We also incurred approximately $20 million of ransomware recovery costs, primarily professional fees, that were added back to Adjusted Earnings Per Diluted Share and Adjusted Segment EBITDA. We expect to recover the ransomware losses from cyber and business interruption insurance in future periods. WestRocks performance for the three months ended March 31, 2021 and March 31, 2020 (in millions): $ 4,437.8 $ 4,447.3 $ (9.5 ) $ 286.5 $ 335.3 $ (48.8 ) (39.5 ) (17.6 ) (21.9 ) 264.7 266.6 (1.9 ) 96.7 107.9 (11.2 ) 608.4 692.2 (83.8 ) 32.1 16.2 15.9 $ 640.5 $ 708.4 $ (67.9 ) Operating Highlights for the Three Months Ended March 31, 2021 compared to March 31, 2020: Net sales decreased $10 million compared to the prior year quarter. Corrugated Packaging segment net sales increased $31 million and Consumer Packaging segment net sales decreased $26 million. The volume impact on net sales of the Events was $189 million. Segment income decreased $49 million compared to the prior year quarter. Corrugated Packaging segment income decreased $39 million and Consumer Packaging segment income decreased $10 million. Additional information about the changes in segment net sales and income is included below. Restructuring and Other Items Restructuring and other items during the second quarter of fiscal 2021 was $5 million, primarily related to severance, lease termination costs and costs associated with previously announced plant consolidations. Net Cash Provided By Operating Activities and Other Financing and Investing Activities Net cash provided by operating activities was $132 million in the second quarter of fiscal 2021 compared to $168 million in the prior year quarter. The decline was primarily due to lower income as a result of the impact of the Events, as well as an increase in accounts receivable associated with delayed billing due to the ransomware incident. We expect the level of accounts receivable to normalize in the third quarter of fiscal 2021. Total debt was $8.94 billion at March 31, 2021, or $8.74 billion excluding $201 million of unamortized fair market value step-up of debt acquired in mergers and acquisitions, and $8.41 billion after further excluding cash and cash equivalents of $334 million. The Company had approximately $3.6 billion of available liquidity under long-term committed credit facilities and cash and cash equivalents at March 31, 2021. During the second quarter of fiscal 2021, WestRock invested $132 million in capital expenditures, paid $53 million in dividends to stockholders and received $59 million of proceeds from the sale of the Summerville, South Carolina sawmill. Segment Results WestRocks segment performance for the three months ended March 31, 2021 and March 31, 2020 (in millions): Corrugated Packaging Segment Three Months Ended Mar. 31, 2021 Mar. 31, 2020 Change $ 2,913.4 $ 2,882.5 $ 30.9 $ 205.3 $ 244.5 $ (39.2 ) 183.4 181.9 1.5 46.5 57.7 (11.2 ) 435.2 484.1 (48.9 ) 2.4 18.2 (15.8 ) $ 437.6 $ 502.3 $ (64.7 ) Operating Highlights for the Three Months Ended March 31, 2021 compared to March 31, 2020: Segment net sales increased $31 million, primarily due to higher selling price/mix on sales that was partially offset by unfavorable foreign currency impacts and lower volumes. The estimated impact of the Events on segment net sales was $117 million. The Corrugated Packaging segment delivered a Segment EBITDA margin of 14.9% and a North American Adjusted Segment EBITDA margin of 16.5%. Record second quarter North American per day box shipments increased 5.5% compared to the prior year quarter. Segment income decreased $39 million, primarily due to net cost inflation and the impact of the Events, which were partially offset by the margin impact from higher selling price/mix and other items. Consumer Packaging Segment $ 1,589.9 $ 1,616.3 $ (26.4 ) $ 81.2 $ 90.8 $ (9.6 ) 79.9 83.0 (3.1 ) 50.2 50.2 - 211.3 224.0 (12.7 ) 1.0 (2.0 ) 3.0 $ 212.3 $ 222.0 $ (9.7 ) Operating Highlights for the Three Months Ended March 31, 2021 compared to March 31, 2020: Segment net sales decreased $26 million, primarily due to lower volumes that were partially offset by favorable foreign currency impacts and higher selling price/mix on sales. The estimated impact of the Events on segment net sales was $72 million. The Consumer Packaging segment delivered a Segment EBITDA margin of 13.3% and an Adjusted Segment EBITDA margin of 13.4%. Segment income decreased $10 million, primarily due net cost inflation and the impact of the Events, which were partially offset by the margin impact from higher selling price/mix, productivity improvements and other items. Conference Call WestRock will host a conference call to discuss its results of operations for the fiscal second quarter ended March 31, 2021 and other topics that may be raised during the discussion at 8:30 a.m., Eastern Time, on Wednesday, May 5, 2021. The conference call, which will be webcast live, an accompanying slide presentation, and this release can be accessed at ir.westrock.com. Investors who wish to participate in the webcast via teleconference should dial 833-714-0928 (inside the U.S.) or 778-560-2887 (outside the U.S.) at least 15 minutes prior to the start of the call and enter the passcode 8761675. Replays of the call can be accessed at ir.westrock.com. About WestRock WestRock (NYSE:WRK) partners with our customers to provide differentiated paper and packaging solutions that help them win in the marketplace. WestRocks team members support customers around the world from locations spanning North America, South America, Europe, Asia and Australia. Learn more at www.westrock.com. Cautionary Statements This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our current expectations, beliefs, plans or forecasts and are typically identified by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. The Company cautions readers that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, that with the ransomware incident and winter weather behind us, we are confident in our business and our ability to generate strong cash flow; we expect to recover the ransomware losses from cyber and business interruption insurance in future periods; and we expect the level of accounts receivable to normalize in the third quarter of fiscal 2021. With respect to these statements, the Company has made assumptions regarding, among other things, developments related to the COVID-19 pandemic, including the severity, magnitude and duration of the pandemic, negative global economic conditions arising from the pandemic, impacts of governments' responses to the pandemic on the Companys operations, impacts of the pandemic on commercial activity, the Companys customers and consumer preferences and demand, supply chain disruptions, and disruptions in the credit or financial markets; the Companys ability to effectively integrate the operations of KapStone Paper and Packaging Corporation (KapStone); the Companys ability to effectively respond to the recent ransomware incident; the results and impacts of acquisitions; economic, competitive and market conditions generally, including the impact of COVID-19; volumes and price levels of purchases by customers; competitive conditions in the Companys businesses and possible adverse actions of our customers, competitors and suppliers; labor costs; the amount and timing of capital expenditures, including installation costs, project development and implementation costs, and costs related to resolving disputes with third parties with which we work to manage and implement our capital projects; severance and other shutdown costs; restructuring costs; utilization of real property that is subject to the restructurings due to realizable values from the sale of such property; credit availability; and raw material and energy costs. The Companys businesses are subject to a number of risks that would affect any such forward-looking statements, including, among others, the level of demand for our products; our ability to respond effectively to the impact of COVID-19; our ability to successfully identify and make performance and productivity improvements; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; the Companys ongoing assessment of the recent ransomware incident, adverse legal, reputational and financial effects on the Company resulting from the incident or additional cyber incidents and the effectiveness of the Companys business continuity plans during the ransomware incident; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; the occurrence of severe weather or a natural disaster or other unanticipated problems, such as labor difficulties, equipment failure or unscheduled maintenance and repair, which could result in operational disruptions, including those related to COVID-19; our desire or ability to continue to repurchase company stock; the scope, timing and outcome of any litigation, claims or other proceedings or dispute resolutions and the impact of any such litigation; our ability to realize anticipated synergies from the KapStone acquisition; and adverse changes in general market and industry conditions. Such risks and other factors that may impact management's assumptions are more particularly described in our filings with the Securities and Exchange Commission, including in Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. The information contained herein speaks as of the date hereof and the Company does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. Three Months Ended Six Months Ended March 31, March 31, 2021 2020 2021 2020 $ 4,437.8 $ 4,447.3 $ 8,839.3 $ 8,871.0 3,688.2 3,642.5 7,336.8 7,257.2 749.6 804.8 1,502.5 1,613.8 458.4 418.6 876.2 844.3 88.6 100.1 180.5 201.9 0.3 (5.6 ) 2.8 (6.9 ) - 0.9 - 0.9 5.2 16.4 12.9 46.5 197.1 274.4 430.1 527.1 (83.5 ) (97.3 ) (177.3 ) (190.8 ) - (0.5 ) (1.1 ) (0.5 ) 35.0 26.1 69.9 52.8 (13.4 ) (0.9 ) 7.4 (4.6 ) 9.7 4.9 18.7 8.7 144.9 206.7 347.7 392.7 (30.5 ) (57.8 ) (80.8 ) (104.3 ) 114.4 148.9 266.9 288.4 (1.9 ) (0.8 ) (2.4 ) (1.8 ) $ 112.5 $ 148.1 $ 264.5 $ 286.6 $ 112.5 $ 148.1 $ 264.5 $ 286.6 (0.1 ) (0.1 ) (0.1 ) (0.1 ) $ 112.4 $ 148.0 $ 264.4 $ 286.5 267.0 260.2 265.9 260.1 $ 0.42 $ 0.57 $ 0.99 $ 1.10 Three Months Ended Six Months Ended March 31, March 31, 2021 2020 2021 2020 $ 2,913.4 $ 2,882.5 $ 5,777.9 $ 5,792.0 1,589.9 1,616.3 3,185.0 3,153.2 - - - 18.9 (65.5 ) (51.5 ) (123.6 ) (93.1 ) $ 4,437.8 $ 4,447.3 $ 8,839.3 $ 8,871.0 $ 205.3 $ 244.5 $ 420.3 $ 527.9 81.2 90.8 173.7 137.0 - - - 1.4 286.5 335.3 594.0 666.3 - 5.0 0.9 5.5 - (0.9 ) - (0.9 ) (5.2 ) (16.4 ) (12.9 ) (46.5 ) (39.5 ) (17.6 ) (63.3 ) (35.8 ) (83.5 ) (97.3 ) (177.3 ) (190.8 ) - (0.5 ) (1.1 ) (0.5 ) (13.4 ) (0.9 ) 7.4 (4.6 ) $ 144.9 $ 206.7 $ 347.7 $ 392.7 2021 2020 2021 2020 $ 114.4 $ 148.9 $ 266.9 $ 288.4 361.4 374.5 725.9 755.7 - - - 16.1 (35.0 ) 8.3 (54.6 ) 11.4 31.1 15.8 51.1 29.6 64.6 - 89.5 - (28.1 ) (17.4 ) (56.1 ) (41.1 ) - 0.9 - 0.9 (16.5 ) - (16.5 ) - - - (14.7 ) - 22.5 - 22.5 2.2 0.2 (5.3 ) 2.8 (6.2 ) (21.6 ) 1.9 (53.1 ) (11.3 ) (407.2 ) (214.3 ) (257.0 ) (60.4 ) (35.6 ) 20.7 (79.9 ) (63.2 ) (107.3 ) (61.8 ) (126.6 ) (132.9 ) 116.9 (59.2 ) 111.5 (106.7 ) 2.1 20.5 52.7 17.7 70.3 (65.9 ) 187.2 (101.4 ) 132.2 167.6 851.6 598.8 (132.3 ) (241.4 ) (303.0 ) (616.2 ) - (0.4 ) (0.1 ) (0.7 ) 58.5 - 58.5 - 5.0 - 28.3 - 1.1 13.4 3.1 21.3 1.7 - 1.7 1.4 11.2 - 16.3 4.9 (54.8 ) (228.4 ) (195.2 ) (589.3 ) 215.0 375.0 395.0 375.0 (265.0 ) (45.0 ) (275.0 ) (65.0 ) 244.4 478.7 255.2 580.1 (152.5 ) (204.2 ) (857.0 ) (208.2 ) - (45.7 ) - (34.8 ) (14.6 ) 122.2 7.0 85.9 12.6 (2.1 ) 0.2 13.4 (53.2 ) (120.7 ) (105.8 ) (240.7 ) (0.3 ) (0.4 ) (0.7 ) (0.7 ) 13.1 10.6 (3.5 ) 2.1 (0.5 ) 568.4 (584.6 ) 507.1 3.3 (23.8 ) 11.1 (28.0 ) 80.2 483.8 82.9 488.6 253.8 156.4 251.1 151.6 $ 334.0 $ 640.2 $ 334.0 $ 640.2 $ 63.4 $ 30.0 $ 82.2 $ 75.1 $ 132.7 $ 151.3 $ 174.7 $ 204.4 WestRock Company March 31, September 30, 2021 2020 $ 334.0 $ 251.1 2,416.2 2,142.7 2,090.9 2,023.4 529.8 520.5 13.7 7.0 5,384.6 4,944.7 10,572.5 10,778.9 5,959.1 5,962.2 3,499.9 3,667.2 1,264.0 1,267.5 436.8 368.7 1,855.0 1,790.5 $ 28,971.9 $ 28,779.7 $ 549.5 $ 222.9 1,796.8 1,674.2 515.1 386.7 691.3 645.1 3,552.7 2,928.9 8,393.1 9,207.7 298.5 305.2 147.0 145.4 1,132.0 1,136.5 2,872.6 2,916.9 1,503.8 1,490.3 2.2 1.3 11,051.9 10,630.6 18.1 16.9 11,070.0 10,647.5 $ 28,971.9 $ 28,779.7 Non-GAAP Financial Measures and Reconciliations 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 investors and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in evaluating WestRocks performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, WestRocks GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. 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. Adjusted Segment EBITDA and Adjustments to Segment EBITDA WestRock uses the non-GAAP financial measure Adjusted Segment EBITDA, along with other factors, to evaluate our segment performance. Management believes adjusting Segment EBITDA for certain items provides WestRocks board of directors, investors, potential investors, securities analysts and others with useful information to evaluate WestRocks performance across periods or relative to our peers, and that adjusting Segment EBITDA to Adjusted Segment EBITDA more closely aligns those results to the adjustments in Adjusted Net Income that relate to Segment EBITDA. The consolidated financial results and segment tables include a reconciliation of Adjusted Segment EBITDA to Segment EBITDA by adding certain Adjustments to Segment EBITDA. These Adjustments are reflected in the Adjusted Net Income reconciliation tables below. Adjusted Segment Sales and Adjusted Segment EBITDA Margins With respect to Adjusted Segment Sales, management believes that adjusting Segment Sales for trade sales is consistent with how peers present their sales for purposes of computing margins and helps analysts compare companies in the same peer group. WestRock uses the non-GAAP financial measure Adjusted Segment EBITDA Margins, along with other factors, to evaluate our segment performance against our peers. Management believes this measure is also useful to investors to evaluate WestRocks performance relative to its peers. Segment EBITDA Margin is calculated for each segment by dividing that segments Segment EBITDA by Segment sales. Adjusted Segment EBITDA Margin is calculated for each segment by dividing that segments Adjusted Segment EBITDA by Adjusted Segment Sales. Adjusted Net Income, Adjusted Earnings Per Diluted Share WestRock uses the non-GAAP financial measures Adjusted Net Income and Adjusted Earnings Per Diluted Share. Management believes these measures provide WestRocks board of directors, investors, potential investors, securities analysts and others with useful information to evaluate WestRocks performance because they exclude restructuring and other costs and other specific items that management believes are not indicative of the ongoing operating results of the business. WestRock and its board of directors use this information to evaluate WestRocks performance relative to other periods. WestRock believes that the most directly comparable GAAP measures to Adjusted Net Income and Adjusted Earnings Per Diluted Share are Net income attributable to common stockholders, represented in the table below as the GAAP Results for Consolidated net income (i.e. Net of Tax) less net income attributable to Noncontrolling interests, and Earnings per diluted share, respectively. This release includes a reconciliation of Earnings per diluted share to Adjusted Earnings Per Diluted Share. Set forth below is a reconciliation of Adjusted net income to Net income attributable to common stockholders for the periods indicated (in millions): $ 144.9 $ (30.5 ) $ 114.4 n/a n/a n/a 22.5 (6.7 ) 15.8 2.0 0.8 17.0 19.8 (4.9 ) 14.9 - - 11.7 11.7 - 11.7 n/a n/a n/a 5.2 (1.4 ) 3.8 0.4 0.2 - 0.8 (0.2 ) 0.6 n/a n/a n/a 0.5 (0.2 ) 0.3 n/a n/a n/a (16.5 ) 8.3 (8.2 ) n/a n/a n/a (8.1 ) 2.0 (6.1 ) $ 2.4 $ 1.0 $ 28.7 $ 180.8 $ (33.6 ) $ 147.2 (1.9 ) $ 145.3 (1) The GAAP results for Pre-Tax, Tax and Net of Tax are equivalent to the line items "Income before income taxes", "Income tax expense" and "Consolidated net income", respectively, as reported on the statements of income. $ 206.7 $ (57.8 ) $ 148.9 19.6 - - 21.8 (5.4 ) 16.4 n/a n/a n/a 16.4 (3.9 ) 12.5 6.8 1.5 - 9.1 (2.5 ) 6.6 n/a n/a n/a 5.5 (1.3 ) 4.2 n/a n/a n/a 0.9 (0.2 ) 0.7 n/a n/a n/a 0.5 (0.1 ) 0.4 (7.2 ) (4.3 ) n/a (11.5 ) 2.8 (8.7 ) n/a n/a n/a (5.0 ) 1.2 (3.8 ) (0.4 ) - - (1.3 ) 0.3 (1.0 ) $ (0.6 ) $ - $ - (0.6 ) 0.2 (0.4 ) - 0.8 - 0.8 (0.2 ) 0.6 $ 18.2 $ (2.0 ) $ - $ 243.3 $ (66.9 ) $ 176.4 (0.8 ) $ 175.6 Adjusted Earnings Per Diluted Share Set forth below is a reconciliation of Adjusted Earnings Per Diluted Share to Earnings per diluted share. $ 0.42 $ 0.57 0.06 - 0.06 - 0.04 - 0.01 0.04 - 0.03 - 0.02 (0.03 ) - (0.02 ) - - 0.06 - (0.03 ) - (0.02 ) $ 0.54 $ 0.67 Set forth below are reconciliations of Adjusted Segment Sales, Adjusted Segment EBITDA and Adjusted Segment EBITDA Margins to the most directly comparable GAAP measures, Segment Sales and Segment Income, for the quarters ended March 31, 2021 and March 31, 2020 (in millions, except percentages): Corrugated Packaging Consumer Packaging Corporate / Elim. Consolidated $ 2,913.4 $ 1,589.9 $ (65.5 ) $ 4,437.8 (71.1 ) - - (71.1 ) $ 2,842.3 $ 1,589.9 $ (65.5 ) $ 4,366.7 $ 205.3 $ 81.2 $ - $ 286.5 - - (39.5 ) (39.5 ) 229.9 130.1 1.4 361.4 435.2 211.3 (38.1 ) 608.4 2.4 1.0 28.7 32.1 $ 437.6 $ 212.3 $ (9.4 ) $ 640.5 14.9 % 13.3 % 15.4 % 13.4 % $ 2,540.9 $ 96.5 $ 276.0 $ 2,913.4 (71.1 ) - - (71.1 ) $ 2,469.8 $ 96.5 $ 276.0 $ 2,842.3 $ 192.2 $ 5.3 $ 7.8 $ 205.3 212.7 11.2 6.0 229.9 404.9 16.5 13.8 435.2 2.3 - 0.1 2.4 $ 407.2 $ 16.5 $ 13.9 $ 437.6 15.9 % 17.1 % 14.9 % 16.5 % 17.1 % 15.4 % Corrugated Packaging Consumer Packaging Corporate / Elim. Consolidated $ 2,882.5 $ 1,616.3 $ (51.5 ) $ 4,447.3 (96.2 ) - - (96.2 ) $ 2,786.3 $ 1,616.3 $ (51.5 ) $ 4,351.1 $ 244.5 $ 90.8 $ - $ 335.3 - - (17.6 ) (17.6 ) 239.6 133.2 1.7 374.5 484.1 224.0 (15.9 ) 692.2 18.2 (2.0 ) - 16.2 $ 502.3 $ 222.0 $ (15.9 ) $ 708.4 16.8 % 13.9 % 18.0 % 13.7 % $ 2,542.9 $ 100.7 $ 238.9 $ 2,882.5 (96.2 ) - - (96.2 ) $ 2,446.7 $ 100.7 $ 238.9 $ 2,786.3 $ 228.4 $ 13.4 $ 2.7 $ 244.5 221.1 12.2 6.3 239.6 449.5 25.6 9.0 484.1 15.9 2.3 - 18.2 $ 465.4 $ 27.9 $ 9.0 $ 502.3 17.7 % 25.4 % 16.8 % 19.0 % 27.7 % 18.0 %

Answer: WestRock Reports Fiscal 2021 Second Quarter Results and Increase in Quarterly Dividend