Veritiv reports Q4 EPS $5.20 vs. $3.67 last year

Reports Q4 revenue $1.66B vs. $1.86B last year. "Disciplined execution of our strategic initiatives and a diversified portfolio contributed to the best fourth quarter and full year net income, EPS, Adjusted EBITDA, and Adjusted EBITDA margin performance in company history," said CEO Sal Abbate. "Adjusted EBITDA margin for 2022 was a record 7.2%, which is more than three times greater than 2019 pre-pandemic levels. Throughout 2022, we invested in above-market growth initiatives to maximize returns while simultaneously divesting lower-growth and non-strategic businesses. Organic sales growth of 1.8% continued to be positive in the fourth quarter, albeit a deceleration from the third quarter, driven by customer inventory destocking and softening demand. As we turn to 2023, we will continue to both invest in value-added and sustainable solutions that solve complexities for our customers, as well as execute on our next wave of commercial and operational efficiency initiatives. We believe these actions will support a sustainable Adjusted EBITDA margin well above historical levels."