Verso Corporation reported financial results for the 4Q 2017, including net sales of $639 million, net income of $36 million, and adjusted EBITDA of $65 million. Net sales for the 4Q 2017 decreased by $7 million compared to the 4Q 2016. The sales decline was primarily attributable to a decrease in total sales volume due to the general softening of demand for coated papers and its capacity reductions at Androscoggin Mill.
Net sales for the 12 months of 2017 decreased by $180 million compared to the 12 months of 2016. The sales decline was attributable to a decrease in total sales volume and a decrease in pricing, partially offset by improvement in product mix.
"Verso delivered a dramatic turnaround in results during the last six months of 2017, including a significant rebound to finish the year at $134 million of Adjusted EBITDA (a non-GAAP measure), a reduction in net debt of $113 million, an increase in liquidity to $216 million and a material reduction in overhead costs," said Verso CEO B. Christopher DiSantis. "Our 2017 cash flow, bolstered by aggressive working capital management and growing price realization, was exceptional. We believe these solid run-rate results and positive momentum across the enterprise position the company well for continued financial performance improvement and value creation for our stockholders."
Verso Corporation is the leading North American producer of printing and specialty papers and pulp.
Source: Lesprom Network