Shares of Smurfit WestRock PLC (NYSE: SW) soared over 13% on Tuesday, making it one of the top performers in the S&P 500 index. The packaging giant's impressive stock performance came after it reported mixed third-quarter 2024 financial results that showcased the benefits of its recent merger with WestRock.
While Smurfit WestRock reported a net loss of $0.30 per diluted share for the quarter ended September 30, 2024, missing analyst estimates, its revenue surged to $7.67 billion, up a remarkable 163% year-over-year. This robust top-line growth was driven by the successful integration of the WestRock acquisition and strong demand for corrugated packaging products.
Despite the headline net loss, Smurfit WestRock's non-GAAP financial metrics painted a more favorable picture of the company's underlying performance. The company reported an Adjusted EBITDA of $1.27 billion, translating to a healthy 16.5% Adjusted EBITDA margin. Additionally, its Adjusted Free Cash Flow came in at $118 million, even after significant capital expenditures of $512 million during the quarter.
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