Published on 10 Aug 2022 on Zacks via Yahoo Finance
Veritiv (VRTV) Surpasses Q2 Earnings Estimates, Hikes '22 View
Veritiv Corporation VRTV reported record earnings per share (EPS) of $6.12 in second-quarter 2022, surging 278% from the year-ago quarter’s levels. The bottom line beat the Zacks Consensus Estimate of $4.50. The upside was driven by double-digit organic sales growth and year-over-year adjusted EBITDA margin improvements across each of its segments.Veritiv’s total revenues increased 9.8% year over year to $1,821 million. Cost of sales was up 7% year on year to $1,411 million in the reported rose 21% year over year to $409.8 million. The gross margin was 22.5% in the second quarter compared with the prior-year period’s 20.4%.Adjusted EBITDA was $136 million, rising 85% from the year-earlier quarter’s levels. Adjusted EBITDA margin expanded to 7.5% from 4.4% in the prior-year quarter. With this, Veritiv delivered the 10th consecutive quarter of year-over-year improvement in adjusted EBITDA on operational improvements.
Veritiv Corporation Price, Consensus and EPS Surprise