Veritiv Corporation - VRTV STOCK NEWS

Veritiv Corporation (NYSE: VRTV) has appointed Gregory B. Morrison to its board of directors. Morrison brings over 30 years of experience, including 18 years at Cox Enterprises as Senior Vice President and Chief Information Officer. His background in large-scale business transformations and technology deployments is expected to enhance Veritiv's strategic initiatives. Additionally, Morrison's leadership roles in various organizations highlight his commitment to community engagement and corporate governance, positioning him as a valuable asset to the board.

Veritiv Corporation (NYSE: VRTV) announced an increase in its stock repurchase program from $50 million to $100 million. With approximately $71 million remaining under this expanded program, the company has already repurchased nearly $29 million of shares this year. CEO Sal Abbate stated that the strong balance sheet and earnings momentum support this decision, which reflects confidence in the company's future. The repurchase strategy allows flexibility in timing and method, depending on market conditions.

Veritiv Corporation (NYSE: VRTV) reported its Q1 2021 financial results, highlighting a record earnings performance despite an 8.7% decline in net sales to $1.6 billion. Notably, income before taxes rose to $30.4 million, a significant improvement from the previous year. Net income reached $21.3 million, showcasing a turnaround from a net loss in Q1 2020. Adjusted EBITDA surged by 64.4% to $59.5 million, while basic earnings per share climbed to $1.34. Additionally, the company plans to repurchase $25 million in shares as part of its authorized program and has revised its 2021 outlook upward.

Veritiv Corporation (NYSE: VRTV) will hold a conference call on May 5, 2021, at 9 a.m. ET to discuss its first quarter 2021 financial results. Participants in the U.S. and Canada can join by calling (833) 968-2246, while international callers can reach (825) 312-2066, utilizing conference ID 1893453. A replay will be available shortly after the live event. Prior to the call, a news release and slide presentation will be posted online to provide insights into the financial performance and business developments.

Veritiv Corporation (NYSE: VRTV) has reported Q4 and full year 2020 results, indicating a challenging year with a 10.5% decrease in Q4 net sales to $1.6 billion, but a significant rise in net income to $32 million from $3.4 million year-over-year. Adjusted EBITDA increased by 30.7% to $61.7 million. For 2020, net sales fell 17.2% to $6.3 billion, yet net income rose to $34.2 million. A $50 million stock repurchase program was approved, aimed at enhancing shareholder value. The company anticipates stable revenue for 2021, with potential growth in the second half.

Veritiv Corporation (NYSE: VRTV) will host a live conference call on March 3 at 9 a.m. EST to discuss its fourth quarter and full year 2020 financial results. Participants can join by dialing (833) 968-2246 for U.S. and Canadian callers or (825) 312-2066 for international calls, using conference ID 7088867. A replay will be available shortly after the call. Veritiv is a leading distributor of packaging and logistics solutions across North America, serving diverse industries.

Veritiv Corporation (NYSE: VRTV) announced a public offering of 1,400,000 shares of common stock at a price of $18.50 per share, initiated by UWW Holdings, LLC, a current stockholder. The offering, underwritten by Morgan Stanley & Co. LLC, will not involve any shares sold by Veritiv itself, and the company will not receive any proceeds. The expected closing date is November 19, 2020. For details, a prospectus supplement will be filed with the SEC.

Veritiv Corporation (NYSE: VRTV) has announced a secondary public offering of 1,400,000 shares of its common stock, offered by UWW Holdings, LLC, a current stockholder. The company will not be involved in selling any shares and will not receive proceeds from this transaction. Morgan Stanley & Co. LLC is designated as the sole underwriter for the offering, which is contingent on market conditions. A registration statement has been filed with the SEC, and further details can be found in the preliminary prospectus supplement.

Veritiv Corporation (VRTV) reported its third-quarter results for 2020, ending September 30, with net sales of $1.6 billion, a 17.3% decline year-over-year. However, net income rose to $21.1 million compared to $5.1 million in the previous year. Adjusted EBITDA increased by 10.9% to $49.9 million, with margins improving to 3.1%. Year-to-date, sales totaled $4.7 billion, down 19.2%, but net income recovered to $2.2 million from a loss of $32.9 million. Despite the ongoing COVID-19 pandemic, the company’s liquidity remains strong, with a net debt to Adjusted EBITDA ratio of 2.4x.