Veritiv Sales Down 7.6% in 1Q

Company reported a loss of $26.7 million for the quarter.

Veritiv Corp. (NYSE: VRTV), Atlanta, reported sales for the first quarter of $1.9 billion, a 7.6% decrease from the prior year. The company reported a loss of $26.7 million, compared to a loss of $15.8 million the same quarter a year ago.

"In the first quarter we generated a significant improvement in cash flow. However, volume declines in our Print segment and general market softness impacted our revenues and earnings," said Mary Laschinger, chairman and CEO of Veritiv Corporation. "Given the challenging market conditions in certain parts of our business, we are lowering our 2019 guidance for Adjusted EBITDA from the previous range of $190 to $200 million, to a range of $165 to $180 million.  Looking ahead, we expect to see a significant improvement in free cash flow for 2019 when compared to 2018, and, as a result, we now expect free cash flow of at least $85 million for the year, up from our previous guidance of at least $55 million."

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