Verso Corp. Delivered Robust Performance in Second Quarter

SEATTLE (Scrap Monster): Verso Corporation reported financial results for second quarter of 2021.

The net sales of $329 million stood higher by 23% over second quarter last year. The company reported net income of $16 million, compared to net loss of $34 million a year before. The adjusted EBITDA and EBITDA margins during the quarter was $52 million and 15.8% respectively. The liquidity as at the end of Q2 this year was $246 million, including $117 million in cash.

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Verso Corp’s net sales for six months ended June 30, 2021 registered decline by $128 million, compared to the corresponding six-month period a year before. The operating income was at a loss of $98 million.

Announcing its outlook for 2021, the company stated that its cash position is likely to improve. It expects capital expenditures for the year to range between $50 million and $60 million. The costs of idled and closed mills are expected to improve. The pandemic continues to have impact on its operations and financial results, it noted.

Randy Nebel, President and CEO, Verso Corp. announced that ongoing execution of its operating strategy and positive macro trends have helped the company to deliver strong performance. The strong balance sheet will provide financial flexibility to ensure long-term value for all stakeholders, he added.