MIAMISBURG, Ohio, Aug. 8, 2019 -- Verso Corporation (NYSE: VRS) today reported financial results for the second quarter of 2019.
- Net sales of $602 million, down $42 million compared to second quarter 2018
- Net loss of $112 million, including $116 million in pre-tax charges associated with the Luke Mill closure, compared to net income of $1 million in the second quarter of 2018
- Adjusted EBITDA of $44 million lower by $7 million versus second quarter 2018
"Even though pricing for our products and mill operating performance remained favorable in the second quarter, our results were impacted by lower sales volume attributed to the continued decline in graphic paper usage by our customers, existing customer inventory overhang and increased graphic paper imports," said Verso Interim Chief Executive Officer Leslie T. Lederer. "We anticipate the balancing of supply and demand resulting from the second quarter closure of our paper mill in Luke, Maryland, along with significant announced industry conversions."