Veritiv a North American leader in business-to-business distribution solutions, has announced financial results for the first quarter ended 31 March, 2017.
"Our first quarter results were mixed," said Mary Laschinger, Chairman and CEO of Veritiv Corporation. "Our revenue trajectory continues to improve, led by a strong quarter from our Packaging segment. Consolidated Adjusted EBITDA was lower than the prior year quarter, due in part to investments being made to grow the business.Looking forward, we expect positive performance from Packaging and Facility Solutions to help offset the industry challenges we are experiencing in our Print and Publishing businesses, keeping us on track for our 2017 commitments."
For the three months ended March 31, 2017, compared to the three months ended March 31, 2016:
Net sales were $2.0 billion, a decrease of 1.2% from the prior year quarter. Net sales declined 1.3% from the prior year quarter, excluding the positive effect of foreign currency (0.1%) in the first quarter of 2017.
Net loss was $(2.2) million, compared to net income of $3.3 million in the prior year quarter. Integration and restructuring charges were $10.5 million in the first quarter of 2017 and $7.9 million in the prior year quarter.
Basic and diluted earnings (loss) per share was $(0.14), compared to $0.21 in the prior year quarter.
Adjusted EBITDA was $29.8 million, a decrease of 14.6% from the prior year quarter.
Adjusted EBITDA as a percentage of net sales was 1.5%, a decrease of 20 basis points from the prior year quarter.
"Our integration is proceeding as planned, focusing on information systems enhancements and the consolidation of our distribution center footprint," saidStephen Smith, Senior Vice President and Chief Financial Officer of Veritiv Corporation. "Continued success in our integration efforts should allow us to improve earnings over time."
Veritiv Corporation, headquartered in Atlanta and a Fortune 500® company, is a leading North American business-to-business distributor of packaging, facility solutions, print and publishing products and services; and also a provider of logistics and supply chain management solutions