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Verso Corporation (NYSE: VRS) is a prominent North American producer specializing in graphic and specialty papers, packaging, and pulp. The company's comprehensive graphic papers portfolio includes sheetfed, web, digital, and inkjet papers, widely utilized in commercial printing, media, and marketing applications. These applications encompass magazines, catalogs, books, direct mail, corporate collateral, and retail inserts.
Verso’s specialty product lines feature release liner papers and high-performance label face stock, which are essential for pressure-sensitive, glue-applied, and litho laminate applications. In the packaging realm, Verso delivers recycled linerboard and medium used in corrugated box manufacturing, alongside bleached virgin and recycled kraft paper for various bags, sacks, and converting applications. Their SBS paperboard is crucial for single-face corrugated laminated box applications. Additionally, Verso produces market pulp, which serves as a base for printing, writing, specialty papers, facial and toilet tissues, and paper towels.
Latest Developments: Verso has recently been in the spotlight due to its acquisition activities. In August 2023, Atlas Holdings, an affiliate of Verso, finalized the acquisition of the Thunder Bay operations in Ontario from Resolute FP Canada Inc. This acquisition includes renowned northern bleached softwood kraft and hardwood kraft pulp, paper, newsprint, and directory paper production. The acquisition underlines Verso's commitment to expanding its footprint in the North American pulp and paper industry.
Atlas Holdings, headquartered in Greenwich, Connecticut, brings a wealth of experience to this partnership. Founded in 2002, Atlas operates 27 companies globally across various sectors, including automotive, building materials, and paper, generating approximately $16 billion in annual revenues. These strategic acquisitions and partnerships position Verso favorably for future growth and stability.
Verso Corporation (NYSE: VRS) reported a net loss of $90 million in Q1 2021, a significant decline from $54 million profit in Q1 2020. Net sales fell to $282 million, attributed to lower sales volume and the sale of mills. However, Adjusted EBITDA improved to $30 million from $9 million in the previous quarter. The company maintains liquidity with $264 million, including $118 million in cash. A quarterly cash dividend of $0.10 per share was declared for June 30, 2021. Verso anticipates a rebound in demand, with improved order rates and backlogs.
Verso Corporation (VRS) will conduct a conference call on May 7, 2021, at 9 a.m. EDT to discuss its first quarter 2021 financial results. Investors can join the call by dialing designated numbers for U.S., Canada, and international participants, using entry number 4783336. A replay of the call will be available for a month after the event. Verso is a significant player in the production of specialty and graphic paper, maintaining a strong reputation for quality.
Verso Corporation (NYSE: VRS) reported significant financial challenges for Q4 and full-year 2020. Net sales for Q4 were $314 million, a 47% decrease from 2019 due to COVID-19 impacts and mill closures. The net loss for Q4 increased to $90 million from a $31 million loss in Q3 2020. For the full year, net sales totaled $1.36 billion, down 44% from 2019, with a full-year net loss of $101 million.
Despite these challenges, the company noted operational efficiency improvements and positive momentum heading into 2021, projecting capital expenditures of $45-$55 million.
Verso Corporation (NYSE: VRS) has scheduled a conference call and webcast on February 25, 2021, at 1 p.m. (EST) to discuss its fourth quarter and full year 2020 financial results. Analysts and investors can join by dialing specific numbers based on their location, and registration is encouraged 10 minutes prior to the call. A replay will be available post-call, and results will be accessible on Verso's website. This session aims to provide insights on the company’s performance and outlook.
Verso Corporation (NYSE: VRS) has declared a quarterly cash dividend of $0.10 per share for the period ending March 31, 2021. This dividend will be payable on March 29, 2021 to stockholders of record as of March 18, 2021. Additionally, the company will conduct its 2021 Annual Meeting of Stockholders on May 6, 2021. Stockholders on record as of March 22, 2021 can participate in the meeting. The announcement reflects Verso's commitment to returning value to shareholders amidst challenging market conditions.
Verso Corporation (NYSE: VRS) has appointed Randy J. Nebel as President and Chief Executive Officer, transitioning from his role as interim CEO, which he held since October 2020. Nebel brings over 40 years of experience in the paper and packaging industry, previously serving as Executive Vice President at KapStone Paper and Packaging. The Board expressed confidence in his leadership skills, emphasizing the importance of executing strategic goals to create long-term value. Verso is recognized for its quality and reliability in graphic and specialty papers, packaging, and pulp.
Verso Corporation (VRS) reported its third-quarter 2020 results, revealing net sales of $306 million, a 14% increase from Q2. However, the company faced a net loss of $(31) million, down from net income of $30 million in Q3 2019. Adjusted EBITDA improved to $12 million, up from a loss of $(9) million in the previous quarter. The board declared a $0.10 quarterly dividend, payable on December 29, 2020. Significant declines in sales volume, largely due to mill closures and the COVID-19 pandemic, contributed to overall negative performance.
Verso Corporation (NYSE: VRS) will host a conference call and webcast on November 9, 2020, at 9 a.m. (EST) to discuss its third quarter 2020 financial results. Analysts and investors can join the call by dialing specific numbers or via a link on Verso's website. A telephonic replay will be available after the call, lasting until December 9, 2020. Verso is recognized as a leading North American producer of graphic and specialty papers, providing solutions that enhance customer productivity and brand awareness. For more details, visit versoco.com.
Verso Corporation (NYSE: VRS) announced the resignation of Adam St. John as President and CEO, effective September 30, 2020. Randy J. Nebel, a current board member, has been appointed as interim President and CEO. The Board will initiate a search for a permanent successor. Nebel brings extensive experience from his previous roles in the paper and packaging industry. Chairman Sean Erwin expressed gratitude towards St. John and confidence in Nebel's leadership during the transition. The company aims to enhance its operational model and stakeholder value.
Verso Corporation (NYSE:VRS) has launched a new direct mail promotion titled Vote for Verso Papers aimed at enhancing awareness of its sheetfed, digital, web, and inkjet printing papers for political campaigns. The campaign underscores the effectiveness of direct mail in reaching specific voter demographics. It includes a selection chart to help users choose appropriate print methods and paper types that comply with USPS requirements. The initiative emphasizes sustainability, noting that using Verso's recyclable products supports U.S.-based manufacturing and environmental commitments.
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