Verso Corporation (VRS) Reports Q1 Revenues Miss

Verso Corporation (NYSE: VRS) reported Q1 revenue for the quarter came in at $282 million versus the consensus estimate of $293.62 million.

First Quarter 2021 Highlights:

• Net sales of $282 million
• Improving price environment
• Net loss of $90 million after reflecting the write-off on certain assets
• Adjusted EBITDA of $30 million, with an Adjusted EBITDA margin of 10.6%
• $264 million in available liquidity including $118 million in cash
• Returned $12 million in capital to shareholders of combined repurchases and dividends

Overview "Verso delivered improved first quarter Adjusted EBITDA of $30 million compared to $9 million in the fourth quarter of 2020. We continue to maintain a strong balance sheet and liquidity, with no outstanding debt," said Verso President and Chief Executive Officer Randy Nebel. "We are seeing a rise in order rates and backlogs while realizing announced price increases, indicating demand recovery. Given our strong financial position and improving market dynamics, I am confident we will continue to gain momentum throughout 2021 and generate value for all of our stakeholders."

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

You May Also Be Interested In

• Citi agrees to acquire rewards platform Kard Financial
• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• Inhibrx, Inc. (INBX) Misses Q2 EPS by 54c