Veritiv (VRTV) Misses Q4 EPS by 35c, Revenues MIss

Veritiv (NYSE: VRTV) reported Q4 EPS of $0.57, $0.35 worse than the analyst estimate of $0.92. Revenue for the quarter came in at $2.23 billion versus the consensus estimate of $2.24 billion.

"We achieved our Adjusted EBITDA guidance for the year, but fell short on free cash flow due to the complexity of the integration," said Mary Laschinger, Chairman and CEO of Veritiv Corporation. "During 2018 we delivered top line growth and substantially completed our multi-year integration and, for 2019, believe we are well-positioned for an improvement in earnings and an acceleration of free cash flow."

For the three months ended December 31, 2018, compared to the three months ended December 31, 2017:

• Net sales were $2.2 billion, an increase of 0.3% from the prior year. Net sales increased 0.6% from the prior year, excluding the negative effect of foreign currency (0.3%) in the fourth quarter of 2018.
• Net income was $9.3 million, compared to net income of $12.3 million in the prior year. Net integration, acquisition and restructuring charges were $(0.2) million in the fourth quarter of 2018 and $(4.9) million in the prior year.
• Basic and diluted earnings per share were $0.59 and $0.57 compared to $0.78 and $0.77, respectively in the prior year.
• Adjusted EBITDA was $57.6 million, a decrease of 4.0% from the prior year.
• Adjusted EBITDA as a percentage of net sales was 2.6%, a decrease of 10 basis points from the prior year.

For earnings history and earnings-related data on Veritiv (VRTV) click here.

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