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Veritiv Announces Q3 Results, Reaffirms 2015 Earnings Expectations

Adjusted EBITDA was $60.6 million, an increase of 17.7% from the prior year.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Veritiv Corporation announced financial results for the third fiscal quarter ended Septe. 30, 2015.
 
Net sales were $2.2 billion, a decrease of 7.1% from the prior year. Adjusted EBITDA was $60.6 million, an increase of 17.7% from the prior year.
 
“We are pleased with our third quarter performance and the resulting 18% increase in Adjusted EBITDA, both of which reflect our ongoing focus on the integration and our commitment to deliver value to customers and shareholders. Although our top-line continues to be impacted by challenging economic conditions, currency headwinds, and management decisions around markets, customers and products, we maintained our steady execution and achieved $61 million in Adjusted EBITDA. As a result, we are well ahead of where we were last year and remain on track to deliver on our full year commitments,” said Mary Laschinger, chairman and CEO of Veritiv Corporation.
 
For the nine months ended Sept. 30, 2015, compared to the nine months ended September 30, 2014, net sales were $6.5 billion, a decrease of 6.0% from the prior year. Adjusted EBITDA was $129.7 million, an increase of 14.5% from the prior year.
 
Net income, as reported for the three months ended Sept. 30, 2015, was $14.5 million, which includes $11.3 million of integration expenses and restructuring charges. Net income, as reported for the nine months ended September 30, 2015, was $16.6 million, which includes $37.2 million of integration expenses and restructuring charges.

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