Fourth Quarter 2021 Highlights:
*Net sales of $328 million, a 4% increase over fourth quarter 2020 and a 3% decrease over third quarter 2021
*Net income of $13 million compared to a net loss of $90 million in the fourth quarter of 2020 and net income of $58 million in the third quarter 2021
*Adjusted EBITDA of $74 million compared to $9 million in the fourth quarter of 2020 and $67 million in the third quarter of 2021
Overview
“Thanks to the efforts of the Verso team, Verso delivered excellent safety results and solid financial performance in the fourth quarter driven by improved sales and operations year-over-year,” said Verso President and Chief Executive Officer Randy Nebel. “As we look toward the future, we believe our pending combination with BillerudKorsnäs will enable our customers and employees to benefit from enhanced opportunities as part of a larger, stronger organization. Our full Board believes the proposed merger maximizes value for shareholders, who will receive a significant premium and immediate and certain value for their shares of Verso.”
Net sales
Net sales for the three months ended December 31, 2021 increased $14 million or 4% compared to the three months ended December 31, 2020 driven by favorable price/mix of $57 million, partially offset by $43 million, or 14%, in decreased sales largely attributable to our sold Duluth and idled Wisconsin Rapids mills. Total company sales volume was down from 392 thousand tons during the three months ended December 31, 2020, to 341 thousand tons during the same period of 2021, primarily attributable to our sold Duluth and idled Wisconsin Rapids mills.
Operating income (loss)
Operating income was $34 million for the three months ended December 31, 2021, an increase of $152 million when compared to an operating loss of $118 million for the three months ended December 31, 2020.
details at: https://investor.versoco.com/2022-02-28-Verso-Corporation-Reports-Fourth-Quarter-and-Full-Year-2021-Financial-Results