WestRock (WRK) witnesses a year-over-year decline in earnings and revenues in the first quarter of fiscal 2023 owing to lower volumes and higher costs.
Shares of cardboard box maker WestRock Company (NYSE: WRK), you see, tumbled 14% through 10:30 a.m. ET Wednesday after the company reported an earnings miss and withdrew its guidance for the rest of the year. Instead of the $0.60-per-share adjusted profit and $5.1 billion in sales that Wall Street expected, this morning, WestRock admitted that its fiscal Q1 2023 earnings were only $0.55 per share and its sales $4.9 billion. As I mentioned, even the $0.55 that WestRock did earn last quarter were of the adjusted (i.e., non-GAAP, pro forma) variety.