The 2020 Mid-Year Economic Update_long

Veritiv Sales Down 28.3% in 2Q

Veritiv, whose six-month sales dipped 20.6% year-over-year, saw its “ongoing efficiency programs and the temporary actions … to mitigate the impact of COVID-19 led to improved margins,” says CEO.
Veritiv

Veritiv Corp. (NYSE: VRTV), Atlanta, reported sales for the second quarter of $1.4 billion, a 28.3% decrease from the prior year, or 28% decrease excluding the negative effect of foreign currency. The company reported a loss of $18.5 million, compared to a loss of $11.3 million the same quarter a year ago.

“We had solid Adjusted EBITDA and strong free cash flow in the second quarter, as our ongoing efficiency programs and the temporary actions we took to mitigate the impact of COVID-19, led to improved margins,” said Mary Laschinger, chairman and CEO of Veritiv. “As part of our efforts to address recent revenue declines from both COVID-19 and the continued structural decline in our Print and Publishing segments, we are implementing permanent changes to reduce our cost structure. We believe our substantial liquidity and the flexibility of our business model position us well to continue managing the impact of COVID-19 on our business, while safely and effectively serving our customers.”

For the first six months, sales were $3.1 billion, down 20.2% year-over-year, or 20.6% from the prior year, excluding the negative effect of foreign currency (0.2%) and the positive effect of one more shipping day (0.6%) in 2020. The company reported a loss of $18.9 million, compared to a loss of $38 million the same period a year ago.

Related Posts

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.