MIAMISBURG, Ohio, Nov. 7, 2018 -- Verso Corporation (NYSE: VRS) today reported financial results for the third quarter of 2018.
Third Quarter 2018 Highlights:
- Net income of $86 million or $2.45 per diluted share; $29 million in special items.
- Adjusted EBITDA of $108 million, up 130% versus third quarter 2017.
- Net sales up $83 million, or 13%, from same quarter 2017.
- Net debt reduced $66 million to a balance of $103 million.
- Term loan retired.
"Verso's positive momentum continued to strengthen in the third quarter as pricing, mix management and improved operational performance across the company materially enhanced profitability and cash flows," said Verso Chief Executive Officer, B. Christopher DiSantis. "Our entry into the growing containerboard market, excellent strides in specialty paper sales and a full order book, along with significant achievements including the repayment of our term loan, position Verso well for sustainable value creation."