Verso Corporation Reports Third Quarter 2021 Financial Results
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Verso Corporation reported financial results for the third quarter of 2021 and announced that its Board of Directors has declared a quarterly cash dividend for the quarter ending December 31, 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 December 29, 2021 to Verso's stockholders of record holding shares of common stock at the close of business December 17, 2021.
Third Quarter 2021 Highlights:
• Net sales of $339 million, an 11% increase over third quarter 2020 and a 3% increase over second quarter 2021
• Net income of $58 million compared to a net loss of $31 million in third quarter 2020 and net income of $16 million in second quarter 2021
• Adjusted EBITDA of $67 million compared to $12 million in third quarter 2020 and $52 million in second quarter 2021
• Adjusted EBITDA margin of 19.8% compared to a 3.9% margin in third quarter 2020 and a 15.8% margin in second quarter 2021
• $286 million in available liquidity including $166 million in cash
• Returned $14 million in capital to shareholders in repurchases and quarterly dividends
"This was a strong quarter for Verso in which our people drove robust cash flow, reflecting steadfast execution and positive macro trends, including price increases, for our business. Over the past few years, Verso has streamlined our operations and reduced costs while strategically investing in projects to enhance our ability to support our customers. Additionally, strong demand with reduced industry capacity has led to healthy order rates across our product lines," said Verso President and Chief Executive Officer Randy Nebel. "Verso maintains a strong, debt-free balance sheet, which provides a solid foundation for generating long-term value for shareholders."
