Posting limited pro forma financial results, Veritiv – created from the recent merger of distribution businesses xpedx and Unisource – reported second quarter sales of $2.3 billion, a decrease of 4.2% from the prior year. Adjusted EBITDA for Q2 2014 was $37.8 million, a decrease of 10.8% from the prior year.
The company’s H1 2014 sales fell to $4.5 billion while adjusted EBITDA fell to $61.9 million – a drop of 4.8% for both from H1 2013.
Veritiv CEO Mary Laschinger said: “From the start, Veritiv made a commitment to work our integration plan with much diligence, while continuing to focus on supporting our customers. I’m proud to say we are on track with both of these imperatives, and our work is resonating positively with our customers, suppliers and employees.”
The company expects 2014 consolidated pro forma adjusted EBITDA of approximately $135-$145 million.
Atlanta (GA) and Loveland (OH), USA