Total Revenue

Increased from $2,915 million in Q3 2023 to $7,671 million in Q3 2024 (a rise of approximately $4,756 million)

The primary driver was the acquisition of WestRock, which contributed about $4,684 million to the revenue increase. In addition, there was a net positive volume impact of $98 million (reflecting improved corrugated volumes), although this was partially offset by a negative impact of $30 million due to lower selling price/mix and a further $5 million drag from currency effects. " " This contrasts with the prior period where WestRock’s revenue effects were not present.

Detailed Breakdowns by Business Segment & Region

For North America, net sales increased from $401 million to $4,649 million (boosted by a $4,249 million impact from the acquisition) and Adjusted EBITDA from $66 million to $780 million (a $714 million increase). In LATAM, net sales grew by $165 million (from $341 million to $506 million) and Adjusted EBITDA increased by $42 million (from $74 million to $116 million). In Europe/MEA/APAC, Adjusted EBITDA remained at $411 million but the margin declined from 18.8% to 15.5%.

The acquisition of WestRock had a transformational effect across segments and regions. In North America and LATAM, the acquisition resulted in dramatic increases in net sales and EBITDA figures, while in Europe/MEA/APAC, the gains were neutralized by rising costs (raw materials, payroll, and distribution), resulting in lower margins. These shifts represent a marked change from previous Q3 2023 figures, which did not include these acquisition-driven impacts. " "

Balance Sheet & Income Statement Metrics

Q3 2024 saw net sales increase by $4,756 million, cost of goods sold rise by $4,148 million (including a $227 million amortization expense), SG&A expenses up by $657 million, and transaction and integration costs increased by $250 million, resulting in a net income decline of $379 million (turning a $229 million profit into a $150 million loss). Total assets expanded from $14,051 million to $45,029 million and non-current debt grew from $3,669 million to $13,174 million.

The acquisition of WestRock and the subsequent integration efforts significantly altered the balance sheet and income statement metrics. While the acquisition drove a substantial revenue increase and expanded assets, it also brought higher costs, integration expenses, and an increased debt load due to the financing of the acquisition. In contrast, the previous period (Q3 2023) reflected a smaller, pre-acquisition financial scale without these integration-related costs and financial restructurings. " " "