WestRock LLC (WRK) second-quarter revenue dropped below market estimates as the packaging company announced $1 billion in cost-cutting measures and reduced its dividend to preserve cash amid the coronavirus pandemic.Net sales declined 3.7% to $4.45 billion in the second quarter ended March 31 year-on-year and came in $50 million below analysts’ estimates. Adjusted earnings per share amounted to $0.67 beating market expectations of $0.61 per share.WestRock lowered its annual dividend to $0.80 from $1.86 previously, which means its quarterly dividend was reduced to $0.20 from $0.465. Shares dropped 5.6% to $28.60 in pre-market U.S. trading.“In the second quarter, WestRock delivered …read more
Source:: Yahoo Finance
