Verso Corporation reported financial results for the 2Q 2017, including a net loss of $49 million, and adjusted EBITDA of $(4) million.
Net sales for the 2Q 2017 decreased by $45 million to $585 million, compared to the 2Q 2016. The sales decline was attributable to both a decrease in total sales volume and a decrease in pricing due to the general softening of demand for coated papers and its capacity reductions at its Androscoggin mill.
Net sales for the first half of 2017 decreased by $119 million, compared to the first half of 2016.
"Despite a challenging 2Q in which profitability was hampered by lower volume and pricing, rising input costs and inventory reduction initiatives, Verso is building momentum toward significantly improved results in the second half of the year as we anticipate realization of price increases, continue to aggressively cut costs and profitably grow our specialty papers business," said Verso CEO B. Christopher DiSantis. "In addition, we've made substantial progress in evaluating Verso's long-term strategic options, which potentially include paper machine conversions to enable expansion or entry into growing markets, enhancements to current assets that support a more profitable product mix, and corporate development opportunities."
Verso Corporation is the leading North American producer of printing and specialty papers and pulp.