Yahoo Finance WestRock's (WRK) VPPA Project With ENGIE Becomes Operational
WestRock Company WRK announced that Bernard Creek Solar, LLC, the first of two solar projects under the WestRock and ENGIE North America virtual power purchase agreements (VPPAs), is now operational in Wharton County, southwest of Houston. This move represents a step closer to the company's science-based greenhouse gas targets.
The 230 megawatts Bernard Creek solar project is on schedule to produce around 500,000 MWh per year, providing more than $45 million in revenues for the county. It is expected to create more than 250 jobs during construction.
The WestRock VPPA for the Bernard Creek project, along with a project in Bell County, will bring 282 megawatts of renewable energy to the Texas energy system.
ENGIE's projects are tailored to its clients' individual needs. The VPPAs with WestRock have helped ENGIE reach more than 1 gigawatt of signed power purchase agreements in the United States for 2022-2023.
WestRock is taking steps to meet a validated science-based aim of reducing greenhouse gas emissions by 27.5% by 2030.
The company reported adjusted earnings of 39 cents per share in second-quarter fiscal 2024, beating the Zacks Consensus Estimate of 25 cents. The bottom line slumped 49% year over year due to a lower selling price/mix, the impacts of increased economic downtime and the prior year’s mill closures. Results have also been impacted by softer volumes.
WestRock’s total revenues declined 10.4% year over year to $4.73 billion. The top line lagged the Zacks Consensus Estimate of $4.78 billion. The downside was mainly due to lower revenues in the Global Paper and Consumer Packaging segments, which reflect the impacts of the prior year’s mill and interior partition divestitures.
Price Performance
Shares of WestRock have gained 94.4% in the past year compared with the industry’s 45% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
The company currently flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Ecolab Inc. ECL and ATI Inc. ATI. CRS sports a Zacks Rank #1 at present, and ECL and ATI have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.18 per share. The consensus estimate for 2024 earnings has moved 6% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.1%. CRS shares have gained 134.9% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.59 per share, indicating an increase of 26.5% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.3%. ECL shares have gained 34.5% in a year.
The Zacks Consensus Estimate for ATI’s 2024 earnings is pegged at $2.41 per share. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 8.3%. The company’s shares have rallied 65.9% in the past year.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Ecolab Inc. (ECL) : Free Stock Analysis Report
ATI Inc. (ATI) : Free Stock Analysis Report
Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
WestRock Company (WRK) : Free Stock Analysis Report
