MIAMISBURG, Ohio, Nov. 12, 2019 -- Verso Corporation (NYSE: VRS) today reported financial results for the third quarter of 2019.
- Net sales of $616 million, down $88 million compared to third quarter 2018
- Net income of $30 million, compared to net income of $86 million in third quarter 2018
- Adjusted EBITDA of $64 million, versus $108 million in third quarter 2018
"In the face of challenging market conditions which resulted in a significantly lower year-over-year third quarter sales volume, Verso reported an adjusted EBITDA of $64 million, a margin of 10.4% and also reduced quarter over-quarter-inventory by $43 million as we effectively balanced our supply with demand," said Verso Corporation Interim Chief Executive Officer Leslie T. Lederer.
Results of Operations – Comparison of Three Months Ended September 30, 2019 to Three Months Ended September 30, 2018
Comments to Results of Operations - Comparison of Three Months Ended September 30, 2019 to Three Months Ended September 30, 2018
Net sales for the third quarter of 2019 decreased by $88 million compared to the third quarter of 2018 as a result of unfavorable price/mix and declines in sales volume. Total company sales volume was 679,000 tons during the third quarter of 2019 down from 754,000 tons during the third quarter of 2018, due to continued lower demand for graphic paper along with increased graphic paper imports, partially offset by an increase in sales volume of specialty papers, packaging papers and market pulp.