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.

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