Verso Corporation's net sales for the 2Q 2020 decreased by 55.5% to $268 million, compared to the 2Q 2019, as a result of significant declines in sales volume and unfavorable price/mix. Of the $334 million, or 55%, net sales decline, $65 million, or 11%, was attributable to the closure of its Luke Mill in June 2019 and $134 million, or 22%, was a result of the sale of its Androscoggin and Stevens Point mills in February 2020.
Operating loss was $42 million for the 2Q 2020, an improvement of $70 million when compared to operating loss of $112 million for the 2Q 2019.
Net sales for the first half of 2020 decreased $502 million compared to the first half of 2019. Operating income was $34 million for the first half of 2020, an increase of $109 million when compared to operating loss of $75 million for the first half of 2019.
Other income for the first half of 2020 and 2019 includes income of $10 million and $2 million, respectively, associated with the non-operating components of net periodic pension cost (income).
Verso Corporation is a leading North American producer of graphic and specialty papers, packaging papers and pulp.
Source: Lesprom Network