Verso Corporation's 3Q 2020 net sales decreased $306 million compared to the 3Q 2019, as a result of significant declines in sales volume and unfavorable price/mix. Of the $310 million, or 50%, net sales decline, $36 million, or 6%, was attributable to the closure of its Luke Mill in June 2019 and $145 million, or 24%, was a result of the sale of its Androscoggin and Stevens Point mills in February 2020, and $70 million, or 11%, was attributable to the indefinite idling of its Duluth and Wisconsin Rapids mills in July 2020.
Operating loss was $44 million for the 3Q 2020, a decrease of $72 million when compared to operating income of $28 million for the 3Q 2019.
"We were encouraged to see a slight uptick in coated paper demand and operating rates in the 3Q, which contributed to an Adjusted EBITDA of $12 million compared to a loss last quarter," said Verso Interim President and CEO Randy Nebel. "Verso continues to have a strong balance sheet and liquidity after payment of the regular and special dividend to our stockholders."
Verso Corporation is a leading North American producer of graphic and specialty papers, packaging papers and pulp.
