Packaging, facility solutions, print and publishing products distributor Veritiv Corporation reported its 2019 fourth quarter and full-year financial results on Thursday, showing considerable sales decreases.
The Atlanta-based company posted Q4 total sales of $1.8 billion, down 17.7 percent year-over-year (YoY), while net profit of $3.4 million was down from $9.3 million a year earlier.
For the full year, Veritiv's 2019 total sales of $7.7 billion were down 11.9 percent from 2018 while the company took a net loss of $29.5 million, compared to a loss of $15.7 million in 2018.
"Challenges in our print and publishing segments negatively impacted our overall revenues and earnings for both the quarter and year," said Mary Laschinger, Veritiv chairman and CEO. "Our strong free cash flow performance in 2019 was driven by improved working capital as lower sales volumes and process improvements from our optimization initiatives significantly reduced both accounts receivable and inventory, leading to substantial debt reduction in 2019. Looking ahead, we remain focused on growing our packaging business, implementing our optimization initiatives and adapting to continuing structural declines in the print and publishing industries."