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Veritiv Announces 2Q 2015 Financial Results

Reports 2Q adjusted EBITDA of $41 million, an increase of 7.5% from 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 second fiscal quarter ended June 30, 2015.
 
For the three months ended June 30, 2015, compared to the three months ended June 30, net sales were $2.2 billion, a decrease of 6.4% from the prior year. Adjusted EBITDA was $40.7 million, an increase of 7.5% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.9%, an increase of 24 basis points from the prior year.
 
Net income, as reported for the three months ended June 30, 2015, was $4.3 million, which includes $12.5 million of integration expenses and restructuring charges. Net income, as reported for the six months ended June 30, 2015, was $2.1 million, which includes $25.9 million of integration expenses and restructuring charges.
 
“Veritiv’s second quarter results were driven by solid execution against our integration plan and continued synergy capture,” said Mary Laschinger, chairman and CEO of Veritiv Corporation. “Having reached the company’s one-year mark, we are proud of our accomplishments to date and remain on track to deliver on our 2015 financial commitments.”
 
For the six months ended June 30, 2015, compared to the six months ended June 30, 2014 (on a pro forma basis), net sales were $4.3 billion, a decrease of 5.4% from the prior year. Adjusted EBITDA was $69.1 million, an increase of 12.0% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.6%, an increase of 25 basis points from the prior year.

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