Veritiv (VRTV) Misses Q4 EPS by 8c, Revenues Miss

Veritiv (NYSE: VRTV) reported Q4 EPS of $0.21, $0.08 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $1.84 billion versus the consensus estimate of $1.92 billion.

For the three months ended December 31, 2019, compared to the three months ended December 31, 2018:

• Net sales were $1.8 billion, a decrease of 17.7% from the prior year. There was a negligible impact from foreign currency.
• Net income was $3.4 million, compared to net income of $9.3 million in the prior year. Net integration, acquisition and restructuring charges were $16.1 million in the fourth quarter of 2019 compared to $(0.2) million in the prior year.
• Basic and diluted earnings per share were $0.21 and $0.21, respectively, compared to $0.59 and $0.57, respectively, in the prior year.
• Adjusted EBITDA was $47.2 million, a decrease of 18.1% from the prior year.
• Adjusted EBITDA as a percentage of net sales was 2.6%, unchanged from the prior year.

"Our consolidated fourth quarter and full year 2019 results were highlighted by strong free cash flow, as well as improved Adjusted EBITDA margins in Packaging and Facility Solutions. However, challenges in our Print and Publishing segments negatively impacted our overall revenues and earnings for both the quarter and year," said Mary Laschinger, Chairman and CEO of Veritiv Corporation. "Our strong free cash flow performance in 2019 was driven by improved working capital as lower sales volumes and process improvements from our Optimization initiatives significantly reduced both accounts receivable and inventory, leading to substantial debt reduction in 2019. Looking ahead, we remain focused on growing our Packaging business, implementing our Optimization initiatives, and adapting to continuing structural declines in the print and publishing industries."

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

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