WestRock Company (NYSE:WRK) Q4 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 08:30 am ET


WestRock Company (NYSE:WRK) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning, my name is Jake and I will be your conference operator today. At this time, I would now like to welcome everyone to the WestRock Company Fourth Quarter 2019 Earnings Conference Call. At this time, I would like to turn the call over to Mr James Armstrong , Vice President of Investor Relations. Please go ahead, sir.

James Hunter Armstrong

Thank you, Jake. Good morning and thank you for joining our fiscal fourth quarter and full year 2019 earnings call. We issued our press release this morning and posted the accompanying slide presentation to the Investor Relations section of our website. The release and presentation can be accessed at ir.westrock.com or via a link on the right side of the application you're using to view this webcast . With me on today's call are Chief Executive Officer, Steve Voorhees; our Chief Financial Officer, Ward Dickson; our Chief Commercial Officer and President of Corrugated Packaging, Jeff Chalovich; as well as our Chief Innovation Officer and President of Consumer Packaging, Pat Lindner. Following our prepared comments, we will open up the call for a question-and-answer session. During the course of today's call, we will be making forward-looking statements involving our plans, expectations, estimates and beliefs related to future events.

These statements may involve a number of risks and uncertainties that could cause actual results to differ materially from those we discuss during the call. We describe these risks and uncertainties in our filings with the SEC, including our 10-K for the fiscal year ended September 30, 2018. Additionally, we will be referencing non-GAAP financial measures during the call. We have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in the appendix of the slide presentation. As mentioned previously, the slide presentation is available on our website. With that said, I'll now turn it over to you, Steve.

Steven C. Voorhees

Thanks, James. Good morning, thanks for joining our fiscal fourth quarter 2019 Earnings Call. It's been an eventful year at WestRock and I'm proud of all that our team has accomplished. During the past fiscal year, we completed the KapStone acquisition and we've made substantial progress on the integration in the strategic capital projects that we have underway. We've delivered solid operating performance including generating over $1 billion in adjusted free cash flow for the fourth consecutive year since we formed WestRock. And this morning we announced that we're increasing our dividend by 2.2% to $1.86 per share on an annualized basis. The increase demonstrates our confidence in our ongoing ability to generate strong cash flow for the long term. As many of you know, WestRock's vision is to be the premier partner and unrivaled provider of winning solutions for our customers.

Our performance in fiscal '19 advanced our progress towards achieving our vision. We have the advantages of the industry's broadest portfolio of sustainable fiber-based packaging -- paper and packaging solutions combined with an organization that's becoming increasingly successful at delivering the customized value added solutions that help our customers win