03.23.15
Veritiv Corporation announced financial results for its fourth quarter and full year ended Dec. 31, 2014.
“Veritiv delivered solid results for 2014. We made significant progress on our financial commitments and continued to execute our integration plan, while keeping our customers at the center of our work. We are building a strong foundation for future success, and I am confident in the ability of the Veritiv team to deliver on our commitments for 2015,” said Mary Laschinger, chairman and CEO.
For the three months ended Dec. 31, 2014 compared to the three months ended Dec. 31, 2013 (on a pro forma basis), net sales were $2.4 billion, a decrease of 4.6% from the prior year.Adjusted EBITDA was $40.3 million, a decrease of 5.6% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.7%, flat with the prior year.
For the year ended Dec. 31, 2014 (on a pro forma basis), net sales were $9.3 billion, a decrease of 4.4% from the prior year. Adjusted EBITDA was $153.6 million, a decrease of 4.8% from the prior year. Adjusted EBITDA as a%age of net sales was 1.6%, flat with the prior year.
The net loss, as reported, for the three and 12 months ended December 31, 2014 was $14 million and $19.6 million respectively.
“We are making good progress on our goal for synergy capture, pulling our work forward, while staying on track to ultimately deliver net synergies in the range of $150 million to $225 million. As a result, Veritiv is well-positioned to drive long-term shareholder value,” said Stephen Smith, SVP and CFO.
The company expects adjusted EBITDA for 2015 in the range of $165 to $175 million, which is in line with its long term guidance to improve adjusted EBITDA by an incremental $100 million over its first few years post-merger.
“Veritiv delivered solid results for 2014. We made significant progress on our financial commitments and continued to execute our integration plan, while keeping our customers at the center of our work. We are building a strong foundation for future success, and I am confident in the ability of the Veritiv team to deliver on our commitments for 2015,” said Mary Laschinger, chairman and CEO.
For the three months ended Dec. 31, 2014 compared to the three months ended Dec. 31, 2013 (on a pro forma basis), net sales were $2.4 billion, a decrease of 4.6% from the prior year.Adjusted EBITDA was $40.3 million, a decrease of 5.6% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.7%, flat with the prior year.
For the year ended Dec. 31, 2014 (on a pro forma basis), net sales were $9.3 billion, a decrease of 4.4% from the prior year. Adjusted EBITDA was $153.6 million, a decrease of 4.8% from the prior year. Adjusted EBITDA as a%age of net sales was 1.6%, flat with the prior year.
The net loss, as reported, for the three and 12 months ended December 31, 2014 was $14 million and $19.6 million respectively.
“We are making good progress on our goal for synergy capture, pulling our work forward, while staying on track to ultimately deliver net synergies in the range of $150 million to $225 million. As a result, Veritiv is well-positioned to drive long-term shareholder value,” said Stephen Smith, SVP and CFO.
The company expects adjusted EBITDA for 2015 in the range of $165 to $175 million, which is in line with its long term guidance to improve adjusted EBITDA by an incremental $100 million over its first few years post-merger.