Verso Corporation reported financial results for the first quarter of 2018, including net sales of $639 million, net loss of $2 million, and Adjusted EBITDA of $41 million. "Verso had a good start in the first quarter of 2018, with sales revenue up 4 percent to $639 million, Adjusted EBITDA (a non-GAAP measure) up 58 percent to $41 million, and Adjusted EBITDA margin up 2.2 percentage points compared to the first quarter of 2017," said Verso Chief Executive Officer, B. Christopher DiSantis. "We continued to grow our specialty papers business, now 24 percent of total revenue, and are seeing the benefits of our SG&A cost improvement initiatives, with an improvement of $8 million versus the first quarter of 2017. Looking ahead, we have positioned Verso well to benefit from improved operating rates and are building a better business." Click Read More below for additional information.
Solenis, a leading global producer of specialty chemicals, will increase prices by 5 to 15 percent on all paper and process product lines across the EMEA region, effective immediately or as customer contracts allow.
The price increase is necessary due to the tightening of raw material supplies globally and escalating energy, packaging and transportation costs.