SmurfitWestRock reiterates early-Jul close; SmurfitKappa Q1 sales -9.6%, NI -32%

Smurfit Westrock plc

Combination expected to close in early July 2024, subject to regulatory and shareholder approvals.
Smurfit Kappa Q1 net sales $2,930M (down 9.6% YoY); net income $191M (down 32% YoY).
Europe segment Adj EBITDA $378M (-20% YoY); Americas $113M (-22% YoY).
Q1 transaction-related expenses of $23M; issued $2,750M senior notes replacing bridge facility.
Basic EPS fell to $0.74 from $1.09 in prior-year quarter.

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