Verso Corporation Reports Third Quarter 2020 Financial Results
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Verso Corporation (NYSE: VRS) reported financial results for the third quarter of 2020 and announced that its Board of Directors has declared a quarterly cash dividend for the quarter ending December 31, 2020, in the amount of $0.10 per each outstanding share of Verso's Class A common stock. The quarterly cash dividend is payable on December 29, 2020, to Verso's stockholders of record holding shares of common stock at the close of business December 18, 2020.
Third Quarter 2020 Highlights:
- Net sales of $306 million, up 14 percent versus the second quarter
- Net loss of $(31) million or $(0.92) per diluted share, compared to net income of $30 million or $0.85 per diluted share in third quarter 2019 and net loss of $(34) million in second quarter 2020
- Adjusted EBITDA of $12 million, compared to a loss of $9 million in the second quarter
- Paid quarterly and special dividends to stockholders totaling $3.10 per share
"We were encouraged to see a slight uptick in coated paper demand and operating rates in the third quarter, which contributed to an Adjusted EBITDA of $12 million compared to a loss last quarter," said Verso Interim President and Chief Executive Officer Randy Nebel. "Verso continues to have a strong balance sheet and liquidity after payment of the regular and special dividend to our stockholders."
