WestRock beats quarterly profit estimates on rising prices
May 2 (Reuters) -WestRock WRK.N beat quarterly profit expectations on Thursday, helped byhigher prices, easing input costs and arecovery in demand for its paper packaging products, sending itsshares up 6% premarket.
The company, which is beingacquired by Ireland-based Smurfit Kappa for $11 billion,has redirected its focus toward bolstering its corrugated packaging portfolio and implementedcost-saving measures by shutting a few of its paper mills in the prior year.
Operating costs for materials such as chemicals, wood and recycled fiber have also eased from their highs.
The shift away from plastic packaging and the rise of online shopping have helped WestRock maintain high prices and combat steeper costs and inflation-strained consumer budgets.
On anadjusted basis, Westrock earned 39 cents per share, exceedingmarket expectations of 23cents.
Still, its second-quarter revenue fell 10.4% to $4.73 billion, compared with analysts' estimates of $4.75 billion, according to LSEG data.
Reporting by Annett Mary Manoj in Bengaluru; Editing by Devika Syamnath
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