11.10.17
Veritiv Corporation announced financial results for the third quarter ended Sept. 30, 2017.
For the three months ended Sept, 30, 2017, compared to the three months ended Sept, 30, 2016, net sales were $2.1 billion, a decrease of 0.5% from the prior year. Net sales increased 2.3% from the prior year, excluding the positive effect of foreign currency (0.4%) and the negative effect of two less shipping days (3.2%) in the third quarter of 2017. Net loss was $(14.3) million, compared to net income of $5.6 million in the prior year.
“Our revenue growth in both Packaging and Facility Solutions was the strongest year-over-year quarterly comparison we have experienced since the merger closing,” said Mary Laschinger, chairman and CEO of Veritiv Corporation.“While we are pleased with our revenue trajectory in Packaging and Facility Solutions, the ongoing secular declines in Print and Publishing, along with significant charges for bad debt and incremental supply chain costs from ongoing warehouse consolidations, adversely affected our quarterly earnings.”
“Our consolidated adjusted EBITDA was also impacted by additional investments in our growth segments. While these planned investments helped to drive the revenue improvements in these segments, they continued to have a near-term impact on earnings. We believe these investments are critical to offset the challenges in Print and Publishing and for the long-term success of Veritiv,” said Laschinger.
Adjusted EBITDA was $44.1 million, a decrease of 22.8% from the prior year. Adjusted EBITDA as a percentage of net sales was 2.1%, a decrease of 60 basis points from the prior year.
For the nine months ended Sept, 30, 2017, compared to the nine months ended Sept. 30, 2016, net sales were $6.1 billion, a decrease of 1.1% from the prior year. Net loss was $(25.6) million, compared to net income of $16.8 million in the prior year.
Adjusted EBITDA was $116.4 million, a decrease of 18.1% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.9%, a decrease of 40 basis points from the prior year.
For the three months ended Sept, 30, 2017, compared to the three months ended Sept, 30, 2016, net sales were $2.1 billion, a decrease of 0.5% from the prior year. Net sales increased 2.3% from the prior year, excluding the positive effect of foreign currency (0.4%) and the negative effect of two less shipping days (3.2%) in the third quarter of 2017. Net loss was $(14.3) million, compared to net income of $5.6 million in the prior year.
“Our revenue growth in both Packaging and Facility Solutions was the strongest year-over-year quarterly comparison we have experienced since the merger closing,” said Mary Laschinger, chairman and CEO of Veritiv Corporation.“While we are pleased with our revenue trajectory in Packaging and Facility Solutions, the ongoing secular declines in Print and Publishing, along with significant charges for bad debt and incremental supply chain costs from ongoing warehouse consolidations, adversely affected our quarterly earnings.”
“Our consolidated adjusted EBITDA was also impacted by additional investments in our growth segments. While these planned investments helped to drive the revenue improvements in these segments, they continued to have a near-term impact on earnings. We believe these investments are critical to offset the challenges in Print and Publishing and for the long-term success of Veritiv,” said Laschinger.
Adjusted EBITDA was $44.1 million, a decrease of 22.8% from the prior year. Adjusted EBITDA as a percentage of net sales was 2.1%, a decrease of 60 basis points from the prior year.
For the nine months ended Sept, 30, 2017, compared to the nine months ended Sept. 30, 2016, net sales were $6.1 billion, a decrease of 1.1% from the prior year. Net loss was $(25.6) million, compared to net income of $16.8 million in the prior year.
Adjusted EBITDA was $116.4 million, a decrease of 18.1% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.9%, a decrease of 40 basis points from the prior year.