Smurfit WestRock on Wednesday reported increased earnings in the fourth-quarter and said its USD400 million synergy program is "on track".
The Dublin-based packaging manufacturer represents the merger of Ireland-based Surfit Kappa Group PLC and US-based WestRock that took place in June.
Net income in the three months to the end of December almost tripled to USD146 million from USD50 million in the previous year.
Net sales multiplied in the same period to USD7.54 billion from USD2.86 billion. The cost of goods sold also grew to USD6.10 billion from USD2.16 billion in the prior year.
In the full-year, net income fell 61% to USD319 million from USD826 million in 2023. Revenue climbed 75% to USD21.11 billion from USD12.09 billion.
The cost of goods sold in 2024 almost doubled, rising by 87% to USD16.91 billion from USD9.04 billion in 2023.
Smurfit WestRock said it reported combined adjusted earnings before interest, tax, depreciation and amortisation of USD4.7 billion, in line with guidance.
The USD400 million synergy programme is on track and will be completed by the end of 2025, the company said.
"Moreover, there are significant operational and commercial operations, at least equating to that synergy target," Chief Executive Officer Tony Smurfit commented.
The company previously set a quarterly dividend of USD0.4308 per share, up by 42%.
The firm said the year has started well, and if current market conditions prevail, it expects adjusted Ebitda of around USD1.25 billion in the first quarter.
The company is "very confident" about future opportunities for the business, Smurfit said.
"For the current year, subject as always to macro-economic and climate risks, we expect continued and meaningful progress on our transformation journey," he added.
CEO Tony Smurfit said: "While we are at the beginning of our journey, I am immensely proud of what our teams have achieved in our first six months as Smurfit Westrock. The operational and financial expertise that are hallmarks of this management team are already being applied as we transform the combined business.
"As a world leader in paper-based packaging, our unique characteristics will enable us to deliver significant long-term value to our extensive customer base."
