Welcome to our dedicated page for Veritiv Corporation news (Ticker: VRTV), a resource for investors and traders seeking the latest updates and insights on Veritiv Corporation stock.
Veritiv Corporation (NYSE: VRTV) is a prominent North American business-to-business distributor specializing in print, publishing, packaging, facility, and logistics solutions. Headquartered in Atlanta, Veritiv serves a wide array of industries and boasts a revenue stream of approximately $9 billion. The company employs around 8,900 staff members and operates over 180 locations across North America, providing services to more than half of the Fortune 500 companies.
Tracing its roots back more than 150 years, Veritiv leverages a rich history of maintaining high standards in efficiency, integrity, accountability, and customer focus. The company is committed to shaping success through exceptional service, innovative solutions, and consistent values.
In recent news, Veritiv has recorded significant financial achievements despite challenging economic conditions. For the second quarter of 2023, the company reported record Adjusted EBITDA margins for its Packaging and Facility Solutions segments, offsetting industry-wide destocking and slowing demand in Print Solutions. The company generated $94.4 million in operating cash flow for Q2 2023 and $159.3 million for the first half of 2023.
Moreover, Veritiv has entered into an agreement to be acquired by an affiliate of Clayton, Dubilier & Rice, LLC (CD&R), a move which is expected to enhance its financial and operational flexibility. This transaction, pending customary and regulatory approvals, underscores Veritiv's focus on delivering innovative and sustainable solutions to its customers.
Veritiv continuously adapts to meet market demands, offering a diversified portfolio of products and services, including packaging, JanSan (janitorial and sanitation), hygiene products, and print and publishing solutions. This adaptability positions Veritiv as a key player in the distribution industry, committed to shaping the future through strategic initiatives and partnerships.
Veritiv (NYSE: VRTV) announced its Q1 2023 financial results and reaffirmed its 2023 guidance. Key highlights include:
- Net income of $68.7 million, down 12.5% year-over-year
- Diluted EPS of $5.00, a 2.3% decrease
- Adjusted EBITDA of $103.8 million with a margin of 6.9%
- Net sales of $1.5 billion, an 18.7% decrease
- Free cash flow of $68.0 million
The company maintained its full-year 2023 guidance, projecting net income between $265-$305 million and diluted EPS of $19.00-$22.00. Veritiv's Board approved a dividend of $0.63 per share, payable on June 5, 2023. Despite industry-wide destocking and softening demand, the company achieved record first-quarter Adjusted EBITDA margin, attributing its performance to its diversified portfolio and recession-resistant business model.
Veritiv Corporation (NYSE: VRTV) has announced a live conference call and webcast to disclose its first quarter 2023 financial results on May 9 at 9 a.m. ET. Participants in the U.S. and Canada can dial (888) 330-2469 using conference ID number 3047006. International callers will find access numbers via the provided link. The call will also be available for online listening at ir.veritivcorp.com. Following the live event, a replay will be accessible online. Veritiv is a Fortune 500 company based in Atlanta, offering a wide range of packaging, JanSan, hygiene products, and printing solutions across various industries. More details can be found at www.veritivcorp.com.
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