Verso Corporation's 2Q 2021 net sales were $329 million. Sales increased $61 million, or 23%, compared to the three months ended June 30, 2020, driven by increases in volume and favorable price/mix as the economy began to open, partially offset by $30 million, or 11%, attributable to its idled Duluth and Wisconsin Rapids mills.
2Q 2021 operating income was $11 million, an increase of $53 million when compared to operating loss of $42 million for the three months ended June 30, 2020.
"Verso delivered a strong 2Q performance driven by the ongoing execution of our operating strategy and positive macro trends. We are seeing the benefits of these actions that support our customers' needs. Continued capacity reduction in the industry, combined with heightened demand as the economy reopens, is driving growth in order rates and backlogs as well as price increases across our product lines," said Verso President and CEO Randy Nebel. "I am pleased that we were able to return $59 million to our shareholders, while continuing to maintain a strong balance sheet which we believe provides the financial flexibility to execute on our strategy to generate long-term value for all stakeholders."
Net sales for the six months ended June 30, 2021 decreased $128 million compared to the six months ended June 30, 2020.
Operating loss was $98 million for the six months ended June 30, 2021, a decrease of $132 million when compared to operating income of $34 million for the six months ended June 30, 2020.
Verso Corporation is a leading American owned and operated producer of graphic, specialty and packaging paper and market pulp.
