Verso Corporation (VRS) Reports Q4 Revenues Miss

Verso Corporation (NYSE: VRS) reported Q4 revenue for the quarter came in at $314 million versus the consensus estimate of $318.89 million.

Fourth Quarter 2020 Highlights:

• Net sales of $314 million, up 3 percent versus the third quarter of 2020
• Net loss of $90 million, compared to net loss of $31 million in the third quarter of 2020
• Adjusted EBITDA of $9 million, compared to Adjusted EBITDA of $12 million in the third quarter of 2020

Overview "Despite 2020 being a challenging year, we continued to strengthen our operational efficiency and flexibility, manage our costs and working capital to generate free cash flow, and align our product offering to our customers' needs as the commercial print market slightly improved," said Verso President and Chief Executive Officer Randy Nebel. "We have positive momentum leading into 2021, and are strategically positioned as industry and market dynamics continue to recover."

2021 Outlook

The Company is providing the following outlook for full year 2021:

• Expect capital expenditures to be $45 million to $55 million
• Pension contribution of $42 million to $46 million anticipated
• Expect operating cash flow in excess of cash required to fund capital, pension and dividends
• Idle and closed mill costs to decline while advancing potential realization of asset sales

For earnings history and earnings-related data on Verso Corporation (VRS) click here.

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