08.10.18
Veritiv Corporation announced financial results for the second quarter ended June 30, 2018.
For the three months ended June 30, 2018, compared to the three months ended June 30, 2017, net sales were $2.2 billion, an increase of 7% from the prior year. Net loss was $10.6 million, compared to net loss of $9.1 million in the prior year.
Adjusted EBITDA was $45.4 million, an increase of 6.8% from the prior year. Adjusted EBITDA as a percentage of net sales was 2.1%, unchanged from the prior year.
For the six months ended June 30, 2018, compared to the six months ended June 30, 2017, net sales were $4.3 billion, an increase of 6.2% from the prior year. Net loss was $26.4 million, compared to net loss of $11.3 million in the prior year.
Adjusted EBITDA was $75.1 million, an increase of 3.9% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.8%, unchanged from the prior year.
“We are pleased with our second quarter results,” said Mary Laschinger, chairman and CEO of Veritiv Corporation. “Our Packaging and Facility Solutions revenues continue to grow, and Print and Publishing also showed top-line trend improvement despite the challenging sector. We experienced a sequential increase in consolidated margins from the first quarter to the second quarter, and believe there is room for improvement. Overall, we are reiterating our 2018 guidance for adjusted EBITDA and free cash flow.”
“To date, our operating system conversions and warehouse consolidations have gone relatively well,” said Stephen Smith, SVP and CFO of Veritiv Corporation. “We expect to complete our final two (and largest) US operating systems conversions in the second half. We also plan to continue our multi-location warehouse consolidations during the balance of the year. Even with the complexity of these operational activities, we are committed to achieving our financial objectives.”
For the three months ended June 30, 2018, compared to the three months ended June 30, 2017, net sales were $2.2 billion, an increase of 7% from the prior year. Net loss was $10.6 million, compared to net loss of $9.1 million in the prior year.
Adjusted EBITDA was $45.4 million, an increase of 6.8% from the prior year. Adjusted EBITDA as a percentage of net sales was 2.1%, unchanged from the prior year.
For the six months ended June 30, 2018, compared to the six months ended June 30, 2017, net sales were $4.3 billion, an increase of 6.2% from the prior year. Net loss was $26.4 million, compared to net loss of $11.3 million in the prior year.
Adjusted EBITDA was $75.1 million, an increase of 3.9% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.8%, unchanged from the prior year.
“We are pleased with our second quarter results,” said Mary Laschinger, chairman and CEO of Veritiv Corporation. “Our Packaging and Facility Solutions revenues continue to grow, and Print and Publishing also showed top-line trend improvement despite the challenging sector. We experienced a sequential increase in consolidated margins from the first quarter to the second quarter, and believe there is room for improvement. Overall, we are reiterating our 2018 guidance for adjusted EBITDA and free cash flow.”
“To date, our operating system conversions and warehouse consolidations have gone relatively well,” said Stephen Smith, SVP and CFO of Veritiv Corporation. “We expect to complete our final two (and largest) US operating systems conversions in the second half. We also plan to continue our multi-location warehouse consolidations during the balance of the year. Even with the complexity of these operational activities, we are committed to achieving our financial objectives.”