Verso Corporation Reports Second Quarter 2021 Financial Results
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Verso Corporation (NYSE: VRS) reported financial results for the second quarter of 2021 and announced that its Board of Directors has declared a quarterly cash dividend for the quarter ending September 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 September 28, 2021 to Verso's stockholders of record holding shares of common stock at the close of business September 17, 2021.
Second Quarter 2021 Highlights:
• Net sales of $329 million, a 23% increase over second quarter 2020 and 17% increase over first quarter 2021
• Net income of $16 million compared to a net loss of $34 million in second quarter 2020 and a net loss of $90 million in the first quarter 2021
• Adjusted EBITDA of $52 million compared to $(9) million in second quarter 2020 and $30 million in first quarter 2021
• Adjusted EBITDA margin of 15.8% compared to a negative margin in second quarter 2020 and a 10.6% margin in first quarter 2021
• $246 million in available liquidity including $117 million in cash
• Returned $59 million in capital to shareholders in repurchases and dividends
Overview
"Verso delivered a strong second quarter performance driven by the ongoing execution of our operating strategy and positive macro trends. We are seeing the benefits of these actions that support our customers' needs. Continued capacity reduction in the industry, combined with heightened demand as the economy reopens, is driving growth in order rates and backlogs as well as price increases across our product lines," said Verso President and Chief Executive Officer Randy Nebel. "I am pleased that we were able to return $59 million to our shareholders, while continuing to maintain a strong balance sheet which we believe provides the financial flexibility to execute on our strategy to generate long-term value for all stakeholders."
Verso's complete second quarter 2021 financial report is available on the company's website: versoco.com.
