Veritiv (VRTV) Reports Q2 Loss of $0.67, Revenues Beat

Veritiv (NYSE: VRTV) reported Q2 EPS of ($0.67), versus $0.99 reported last year. Revenue for the quarter came in at $2.17 billion versus the consensus estimate of $2.06 billion.

"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."

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 7.0% from the prior year. Net sales increased 6.6% from the prior year, excluding the positive effect of foreign currency (0.4%) in the second quarter of 2018.
• Net loss was $(10.6) million, compared to net loss of $(9.1) million in the prior year. Net integration, acquisition and restructuring charges were $19.8 million in the second quarter of 2018 and $30.7 million in the prior year.
• Basic and diluted loss per share were $(0.67) compared to $(0.58) 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.

"To date, our operating system conversions and warehouse consolidations have gone relatively well," said Stephen Smith, Senior Vice President and Chief Financial Officer of Veritiv Corporation. "We expect to complete our final two (and largest) U.S. 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 earnings history and earnings-related data on Veritiv (VRTV) click here.

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