Smurfit Westrock has announced the financial results for the third quarter ended September 30, 2024. Key points included:
- Net Sales of approximately $7.671 bn
- Net Loss of $150m, with a Net Income Margin of negative 2.0%
- Adjusted EBITDA of $1,265m, with an adjusted EBITDA Margin of 16.5%
Tony Smurfit, President and CEO, commented, “I am pleased to report an excellent performance for the third quarter, the first for Smurfit Westrock. The Net Loss for the quarter of $150m was primarily due to transaction related expenses and purchase accounting adjustments totalling approximately $500 million. With Adjusted EBITDA of $1,265m and an Adjusted EBITDA Margin of 16.5%, these results are a strong foundation to build upon. Our established track record of delivering value to our customers through service, quality and innovation is already beginning to yield results. Equally, we believe our focus on plant level autonomy, operational improvement and profitability will deliver in time, benefits at least equal to the stated synergy target of $400m.
“Our third quarter performance, combined with our deeper knowledge of the combination and continuing asset optimisation, clearly points to the opportunities ahead for Smurfit Westrock. We are at the start of our journey to build the ‘go-to’ sustainable packaging partner of choice, a global leader with an unrivalled scale, geographic reach and product portfolio. Having spent the last number of months visiting our plants, it is also clear that our people are excited and motivated to be a part of this journey.”
He concluded, “We expect 2024 Full Year Combined Adjusted EBITDA of approximately $4.7 bn and we are increasingly excited by our immediate and longer-term prospects.”
