Veritiv Stock Jumps On Strong Q2 Earnings, Upbeat FY21 Outlook

  • Veritiv Corp VRTV reported second-quarter FY21 sales growth of 18.1% year-on-year, to $1.66 billion, beating the analyst consensus of $1.52 million.
  • EPS of $1.62 beat the analyst consensus of $0.81.
  • Selling and administrative expenses increased 8.2% Y/Y to $177.8 million.
  • The operating margin was 2.3%, and operating income for the quarter was $38.3 million.
  • Net restructuring charges were $5.2 million for the quarter.
  • Adjusted EBITDA increased 84.7% Y/Y to $73.5 million and an adjusted EBITDA margin of 4.4%, expanding 160 basis points from last year.
  • Net cash provided by operating activities amounted to $36.9 million. The company held $34.7 million in cash and equivalents as of June 30, 2021. 
  • Outlook: Veritiv sees FY21 EPS of $6.25 - $7.50 versus the consensus of $4.50.
  • Adjusted EBITDA of $270 million - $290 million (prior $220 million - $240 million).
  • Price action: VRTV shares traded higher by 16.7% at $75.63 on the last check Monday.
Market News and Data brought to you by Benzinga APIs
Posted In: EarningsLong IdeasNewsGuidanceSmall CapMoversTrading IdeasBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!