Verso Corporation's 3Q 2016 net sales of $578 million were 14% lower than the 3Q 2015, as the company said in the press release received by Lesprom Network.
Gross margin was down from 13% in the 3Q 2015 to 5% due to the revaluation of inventory and higher maintenance costs. Maintenance costs were impacted by the change in policy to expense major outages as incurred, partially offset by favorable raw material prices.
Net loss of $40 million for the period from July 15, 2016 to September 30, 2016 and net income of $1,299 million for the period from July 1, 2016 to July 14, 2016
Adjusted EBITDA of $41 million for the period from July 15, 2016 to September 30, 2016 and Adjusted EBITDA of $9 million for the period from July 1, 2016 to July 14, 2016
"With our successful restructuring behind us, Verso is moving forward with a comprehensive strategy designed to drive continued improvement in our operating and financial performance," said Allen Campbell, Verso Senior Vice President and CFO. "We remain committed to providing the high quality products and exceptional service our customers have come to expect from us as we strive to improve our safety performance, increase manufacturing efficiency, drive down cost and deliver stronger financial results."
Verso Corporation is the leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results.