The stock of Veritiv Corp (NYSE:VRTV) closed at $38.40 gaining 8.17% in yesterday’s trading session. In its many years of business operation Veritiv Corporation has paid a significant focus to the delivery of business-to-business distribution solutions and it was today that it stepped forward to unveil the financial results for the fourth quarter as well as for the full year of 2017.
The Chairman and CEO of Veritiv Corporation Mary Laschinger while addressing several journalists after attending a business conference spoke on a number of issues. She outlined that the company’s solid fourth quarter results was a rather a unique aspect .It showcased quite much in line with bringing to a close the tough times.
He disclosed that they were doing pretty well in terms of the Facility and Packaging Solutions. The quarterly and annual revenue performance according to sources was at the highest notch from the time the company scaled up to become a public company.
He opined, “In the fourth quarter we also reported a nearly 20% increase in consolidated Adjusted EBITDA over the prior year quarter which was largely driven by strength in our Packaging business, and the impact of one extra shipping day.”
The Senior Vice President and Chief Financial Officer of Veritiv Corporation Stephen Smith outlined that they had managed to capture about 90% of the top end company’s much anticipated synergies of $225 million that were established way back in 2014.
According to him, they were already done with the initial synergy capture. They are considering it to be a monumental success and hopefully by 2018 they will have completed the company’s warehouse consolidations as well as the operating system conversion.
One rather notable aspect is the point that the integration is almost reaching its completion and there have been projections by several experts that by the second half of 2018 everything will have been left behind.
The company is hopeful that any time soon it will be able to transition to the optimization element of its well cut out strategy but that is something we will just have to wait and see.