Verso Corporation Reports First Quarter 2021 Financial Results
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Verso Corporation (NYSE: VRS) reported financial results for the first quarter of 2021 and announced that its Board of Directors has declared a quarterly cash dividend for the quarter ending June 30, 2021, in the amount of $0.10 per each outstanding share of Verso's Class A common stock. The quarterly cash dividend is payable on June 29, 2021 to Verso's stockholders of record holding shares of common stock at the close of business June 17, 2021.
First Quarter 2021 Highlights:
• Net sales of $282 million
• Improving price environment
• Net loss of $90 million after reflecting the write-off on certain assets
• Adjusted EBITDA of $30 million, with an Adjusted EBITDA margin of 10.6%
• $264 million in available liquidity including $118 million in cash
• Returned $12 million in capital to shareholders of combined repurchases and dividends
Overview
"Verso delivered improved first quarter Adjusted EBITDA of $30 million compared to $9 million in the fourth quarter of 2020. We continue to maintain a strong balance sheet and liquidity, with no outstanding debt," said Verso President and Chief Executive Officer Randy Nebel. "We are seeing a rise in order rates and backlogs while realizing announced price increases, indicating demand recovery. Given our strong financial position and improving market dynamics, I am confident we will continue to gain momentum throughout 2021 and generate value for all of our stakeholders."
