Veritiv Announces First Quarter 2023 Financial Results, Reaffirms 2023 Guidance.

ATLANTA: Veritiv Corporation (NYSE: VRTV), a full-service provider of business-to-business products, services and solutions, today announced financial results for the first quarter ended March 31, 2023.

"The ongoing execution of our commercial strategy drove record first quarter Adjusted EBITDA margin, despite industry-wide destocking and softening demand," said Sal Abbate, Chief Executive Officer. "The combination of working capital management and the benefits of our recession-resistant business model also drove strong free cash flow for the quarter."

Abbate concluded, "We believe the benefits from our diversified and complementary portfolio of products, industry verticals and customers will continue to generate strong free cash flow and provide stability and investment optionality during this uncertain macroeconomic environment."

For the three months ended March 31, 2023, compared to the three months ended March 31, 2022:

Net sales were $1.5 billion, a decrease of 18.7% from the prior year; organic sales decreased 7.8%.

Net income was $68.7 million, compared to $78.5 million in the prior year. Net restructuring charges were none, compared to $2.7 million in the prior year.

Basic and diluted earnings per share were $5.08 and $5.00, respectively, compared to $5.31 and $5.12, respectively, in the prior year.

Adjusted EBITDA was $103.8 million, a decrease of 13.1% from the prior year.

Adjusted EBITDA margin was 6.9%, an increase of 50 basis points from the prior year.

For the three months ended March 31, 2023, net cash provided by operating activities was $70.9 million and free cash flow was $68.0 million.

"Disciplined management of our working capital and earnings stability resulted in strong free cash flow of $68 million for the first quarter," said Eric...