Verso Corporation's net sales in the 1Q 2020 decreased $168 million, or 26%, to $471 million, compared to the prior year as price/mix was unfavorable and sales volume declined. Operating income was $76 million in the 1Q 2020, an increase of $39 million when compared to operating income of $37 million in the 1Q 2019.
1Q 2020 net income was $54 million, or $1.52 per diluted share, including $88 million gain on sale of its Androscoggin and Stevens Point mills, compared to net income of $36 million, or $1.03 per diluted share in 1Q 2019. 1Q adjusted EBITDA was $35 million, versus $69 million in 1Q 2019.
"Our top concern during the COVID-19 pandemic is taking necessary precautions to protect the health and safety of our employees, their families, and our communities, while continuing to meet the needs and expectations of our customers, suppliers, business partners and stockholders," said Verso President and CEO Adam St. John. "While the pandemic-related economic slowdown has had minimal impact on our 1Q results, it is starting to put further demand pressure on our graphic papers business. We have not seen similar pressure within our specialty, packaging and pulp business."
Verso Corporation is a leading North American producer of graphic and specialty papers, packaging papers and pulp.
