Smurfit Kappa reports revenue of €2.7bn in Q1 FY24 [Yahoo! Finance]
SMURFIT KAPPA GROUP ADR (SMFKY)
NASDAQ:AMEX Investor Relations:
smurfitkappa.com/vhome/com/investors
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Source: Yahoo! Finance
According to the company's trading update for the reported three-month period, which ended on 31 March 2024, its earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at €487m. It also reported an EBITDA margin of 18.0% in Q1 FY24. According to Kappa, these positive results have been attributed to the continued growth in corrugated box volume, which was in line with expectations. The company saw box demand improve, with volume growth in Europe and the Americas region of approximately 3% and 2%, respectively. Additionally, Kappa's financial position was bolstered by a highly successful bond offering of $2.75bn. Kappa CEO Tony Smurfit said: “The group recently announced the closure of a triple tranche bond offering, comprising $750m notes due 2030, $1bn due 2034 and $1bn due 2054 at coupons of 5.200%, 5.438% and 5.777% respectively.” The company said that its integration planning to finalise the acquisition of Westrock is also progressing well.
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- WestRock beats quarterly profit estimates on rising prices [Reuters]Reuters
- Notice of Results [Yahoo! Finance]Yahoo! Finance
- WestRock, Smurfit Kappa deal cleared by EU antitrust regulator [Seeking Alpha]Seeking Alpha