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 strong first-quarter results for 2022, with net sales rising by 19.2% to $1.9 billion. Net income surged to $78.5 million and diluted EPS reached $5.12. The company's Adjusted EBITDA improved by 100.8% to $119.5 million, yielding an Adjusted EBITDA margin of 6.4%. Veritiv also announced a revised full-year guidance, predicting net income between $270 million and $305 million and diluted EPS between $18.00 and $21.00. The announcement follows the recent divestiture of its Canada business.
Veritiv Corporation (NYSE: VRTV) has finalized the sale of its Veritiv Canada, Inc. business to Imperial Dade as of May 2, 2022. This transaction affects approximately 900 employees in Canada, who will now work for Imperial Dade. CEO Sal Abbate emphasized that this strategic move allows Veritiv to concentrate on higher growth and margin opportunities, especially in Packaging and Facility Solutions. Greenhill & Co. and Sidley Austin LLP facilitated the transaction as financial and legal advisors, respectively.
Veritiv Corporation (NYSE: VRTV) will host a conference call on May 9, 2022, at 9 a.m. EDT, to discuss its First Quarter 2022 financial results. U.S. and Canadian callers can dial (833) 968-2031, while international callers can use (236) 714-2130 with conference ID 4679335. A replay will be available shortly after the call on the company’s investor relations website. Veritiv, based in Atlanta, is a Fortune 500 company providing packaging, JanSan, hygiene products, and logistics solutions.
Veritiv Corporation (NYSE: VRTV) announced the signing of a definitive purchase agreement to sell its Veritiv Canada, Inc. business to Imperial Dade, aligning with its strategy to focus on higher growth and margin opportunities. The deal, expected to close by Q2 2022 pending regulatory approval, will result in approximately 900 Canadian employees transitioning to Imperial Dade. Veritiv plans to use proceeds from the sale to fund a $200 million share repurchase program and other growth initiatives.
Veritiv Corporation (NYSE: VRTV) announced the promotion of Susan Salyer to General Counsel and Corporate Secretary, effective June 1, 2022. Salyer, who has been with Veritiv since 2012, will oversee the company's Legal and Corporate Security teams along with her current Compliance and Sustainability roles. She succeeds Mark Hianik, who will retire after playing a crucial role in establishing Veritiv's legal and compliance frameworks since its inception in 2014. CEO Sal Abbate praised Salyer’s dedication to employee empowerment and inclusion.
Veritiv Corporation (NYSE: VRTV) reported strong financial results for Q4 and the full year 2021, driven by significant growth in packaging sales and operational improvements. Q4 net sales rose to $1.9 billion, up 13.5% year-over-year, with net income of $56.9 million. Full-year net sales reached $6.9 billion, an 8% increase, with net income of $144.6 million. Adjusted EBITDA for Q4 was $115.9 million (6.2% margin), while for the full year, it was $342.6 million (5% margin). The company announced a $200 million share repurchase program aimed at enhancing shareholder value.
Veritiv Corporation (NYSE: VRTV) will hold a live conference call on March 1, 2022, at 9 a.m. EST, to discuss its fourth quarter and full year 2021 financial results. Callers can dial (833) 968-2031 within the U.S. and Canada or (236) 714-2130 internationally, using conference ID 7797766. A replay will be available shortly after the call on the company's investor relations website. Veritiv, based in Atlanta, is a Fortune 500 company providing a range of services including packaging and supply chain solutions.
Veritiv Corporation (NYSE: VRTV) announced robust financial results for Q3 2021, reporting net sales of $1.8 billion, an 11.1% increase year-over-year. Net income nearly doubled to $40 million, aided by strong demand and price pass-through strategies. Adjusted EBITDA surged 87.8% to $93.7 million, achieving a record margin of 5.3%. The company also improved its net leverage ratio to a record low of 1.5x after completing a $100 million share repurchase program, reducing shares outstanding by 11%. Full-year 2021 earnings guidance was increased, estimating diluted earnings per share between $8.00 to $9.00.
Veritiv Corporation (NYSE:VRTV) will hold a live conference call on November 3, 2021, at 9 a.m. EDT to discuss its third quarter 2021 financial results. U.S. and Canadian callers can participate by dialing (833) 968-2031, while international attendees can call (236) 714-2130 using conference ID 4715619. The call will also be available for online listening at ir.veritivcorp.com. A replay will be accessible shortly after the event.
Veritiv Corporation (NYSE: VRTV) reported strong financial results for Q2 2021, with net sales of $1.7 billion, up 18.1% from the previous year. Net income rose to $26.4 million, contrasting with a net loss of $(18.5) million in Q2 2020. Earnings per share increased significantly to $1.69 and $1.62 for basic and diluted shares, respectively. The company’s Adjusted EBITDA reached $73.5 million, an 84.7% increase year-over-year. Veritiv has raised its full-year guidance, predicting net income between $100 to $120 million and earnings per share of $6.25 to $7.50.
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