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 Corporation (NYSE: VRTV) reported its fourth quarter and full year 2022 financial results, revealing net sales of $1.7 billion, a 10.8% decrease year-over-year, but showing 1.8% organic sales growth. Net income increased 25.8% to $71.6 million, with diluted EPS rising 41.7% to $5.20. Full year net income reached $337.9 million, a 133.7% increase from 2021, while diluted EPS was $23.29, up 158.5%. Adjusted EBITDA for Q4 was $120.8 million and $517.9 million for the year, with margins at 7.3% and 7.2% respectively. The company plans to return $200 million to shareholders and declared a quarterly dividend of $0.63 per share.
Veritiv Corporation (NYSE: VRTV) is set to disclose its fourth quarter and full year 2022 financial results on February 28, at 9 a.m. EST. Interested parties can join the conference call by dialing (888) 330-2469 or via the webcast. A replay of the call will be available online shortly after conclusion. Veritiv, a leading provider of packaging, JanSan, hygiene products, and print solutions, operates distribution centers across North America and serves a diverse range of industries. For more information about the company, visit ir.veritivcorp.com.
ArcBest (Nasdaq: ARCB) has appointed Salvatore A. Abbate to its Board of Directors, effective January 30, 2023. Abbate, the CEO of Veritiv Corporation (NYSE: VRTV) since October 2020, fills the vacancy left by Steve Gorman's departure in August 2022, restoring the board to nine members. Known for his B2B expertise and emphasis on sustainability, Abbate will contribute strategically to ArcBest's long-term growth. He joins the Compensation Committee and the Nominating/Corporate Governance Committee. Abbate is set for re-election at the 2023 annual shareholders’ meeting.
Veritiv Corporation (NYSE: VRTV) announced the planned retirement of CFO Stephen J. Smith in September 2023, with Eric J. Guerin set to succeed him as Senior Vice President and CFO effective March 1, 2023. Guerin will join the company on January 1, 2023, for a transition period. CEO Sal Abbate praised Smith for his contributions since 2014 and expressed confidence in Guerin’s extensive experience in finance leadership roles at various firms. Guerin aims to drive growth and enhance shareholder value at Veritiv.
Aurora Innovation and Uber Freight are expanding their autonomous trucking pilot with a new commercial lane between Fort Worth and El Paso, Texas. Launched in October, this 600-mile route is designed to support Uber Freight customers during the high-demand holiday season, which anticipates the shipment of over 1 billion packages in the U.S. Aurora’s Aurora Horizon service will handle weekly hauls of goods, easing logistical pressures. Veritiv Corp. is among the customers benefitting from this collaboration, leveraging autonomous transport for timely deliveries.
Veritiv Corporation (NYSE: VRTV) reported third quarter 2022 financial results, achieving net sales of $1.8 billion, a 2.1% increase year-over-year, with organic sales growth of 14.9%. Net income soared to $96.7 million from $40 million, while diluted EPS rose to $6.86 compared to $2.54. The Adjusted EBITDA increased by 50.8% to $141.3 million, marking a margin of 7.8%. The company authorized a quarterly cash dividend of $0.63 per share, reflecting strong cash flow and a net leverage ratio of 0.6x.
Veritiv Corporation (NYSE: VRTV) will announce its Third Quarter 2022 financial results on November 8 at 9 a.m. EST. The company will host a live conference call and webcast to discuss these results. Investors can join the call by dialing (888) 330-2469 and using conference ID 3047006. International participants can find access numbers through a specified link. A replay of the call will be available shortly after its completion at the company's investor relations website.
Veritiv Corporation (NYSE: VRTV) reported record financial results for Q2 2022, with net sales of $1.8 billion, a 9.8% increase from the previous year. Organic sales grew 18.2%. Net income reached $91.1 million with diluted EPS of $6.12, over three times higher than Q2 2021. Adjusted EBITDA rose 85.4% to $136.3 million, achieving a margin of 7.5%. The company anticipates full-year 2022 net income between $285 million and $315 million, with EPS estimated at $19.50 to $21.50.
Veritiv Corporation (NYSE:VRTV) will hold a conference call on August 9, 2022, at 9 a.m. EDT to discuss its Second Quarter 2022 financial results. U.S. and Canadian participants can call (888) 330-2469 with conference ID 3047006. A news release and slide presentation will precede the call. Veritiv is a Fortune 500 company specializing in packaging, JanSan, hygiene products, and logistics, catering to diverse industries across North America and globally.
Veritiv Corporation (NYSE: VRTV) announced the appointment of Autumn R. Bayles to its board of directors on May 9, 2022. Bayles, currently Senior Vice President of Global Supply Chain at Aramark, brings extensive experience in supply chain and operations. She will serve on the Compensation and Leadership Development and Nominating and Governance committees. This addition aims to enhance Veritiv’s expertise in global trade, as highlighted by Chairman Stephen Macadam, who expressed confidence in Bayles' leadership capabilities.
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