Verso Corporation’s net sales in the 4Q 2018 increased by $56 million, or 9% compared to the prior year. 4Q net sales amounted to $695 million, compared to $639 million in the 4Q 2017. Operating income was $63 million in the 4Q 2018, an increase of $40 million compared to the 4Q 2017, as the company said in the press release received by Lesprom Network.
FY 2018 net sales increased by $221 million, or 9% compared to the prior year. FY 2018 net sales amounted to $2,682 million, compared to $2,461 million in 2017. This increase in sales is primarily attributable to higher specialty paper sales volume, increased price across all product lines and favorable product mix, partially offset by lower volume in graphic paper and external pulp sales. Total volume was down by 32 thousand tons driven by general softening of demand for coated papers, and a reduction in external pulp sales due to internal pulp needs, partially offset by an increase in packaging paper volume from the restart of previously shuttered No. 3 paper machine at our Androscoggin mill.
Operating income was $152 million in the twelve months ended December 31, 2018, an increase of $173 million when compared to an operating loss of $21 million in the prior year.
"Considerable sales growth, materially enhanced profitability and $211 million in debt reduction marked 2018 as a fantastic, banner year in Verso's history," said Verso CEO B. Christopher DiSantis. "With stronger pricing, effective mix management, and new Specialty and Packaging products as underlying drivers, we continue to explore every available opportunity to capitalize on our strengthened balance sheet, build a more diversified, sustainable business, and create value for our stockholders."
Verso Corporation is a leading North American producer of graphic and specialty papers, packaging and pulp.
