Smurfit Westrock reports Q1 EPS 73c, consensus 67c

Reports Q1 revenue $7.66B, consensus $6.93B. CEO Tony Smurfit commented: “I am pleased to report a strong Q1 performance with net income of $382M, Adjusted EBITDA of $1.252B, in-line with our stated guidance, and an Adjusted EBITDA margin of 16.4%. This performance was driven by good results across all three segments, with notable progress in North America, and is significantly ahead of the combined result for the prior year…Our synergy program is on track to deliver $400M, with approximately $350M in the current year…We continue to actively optimize our asset base…To consolidate our leadership position and better support our customers, we have constructed two state-of-the-art converting plants in Washington and Wisconsin and are completing a new Bag-in-Box facility in South Carolina in our North American region…we expect to incur additional economic downtime in the second quarter costing approximately $100M versus Q1. While the demand outlook is uncertain, we expect second quarter Adjusted EBITDA to be approximately $1.2B and our current estimate for a full year Adjusted EBITDA is between $5.0B and $5.2B”.