Veritiv Corp. (NYSE: VRTV), which is based in Atlanta, reported sales for the first quarter of $1.6 billion, which was a decrease of 8.7% from the prior year. Veritiv reported its net income was $21.3 million, which it said was a record for the first quarter, compared to net loss in the prior year.
“We started 2021 with record first quarter earnings driven by continued packaging sales growth and operational efficiencies implemented across the company,” said Veritiv CEO Sal Abbate. “Our earnings momentum, fueled by the execution of our multi-year strategy to drive profitable growth, continued into the first quarter.”
Based on its strong first quarter results, Veritiv increased its guidance for the full year. Income before taxes is now projected to be in the range of $95 million to $115 million.