Veritiv Stock Jumps On Strong Q2 Earnings, Upbeat FY21 Outlook

Veritiv Corp VRTV reported second-quarter FY21 sales growth of 18.1% year-on-year, to $1.66 billion, beating the analyst consensus of $1.52 million.
EPS of $1.62 beat the analyst consensus of $0.81.
Selling and administrative expenses increased 8.2% Y/Y to $177.8 million.
The operating margin was 2.3%, and operating income for the quarter was $38.3 million.
Net restructuring charges were $5.2 million for the quarter.
Adjusted EBITDA increased 84.7% Y/Y to $73.5 million and an adjusted EBITDA margin of 4.4%, expanding 160 basis points from last year.
Net cash provided by operating activities amounted to $36.9 million. The company held $34.7 million in cash and equivalents as of June 30, 2021.
Outlook: Veritiv sees FY21 EPS of $6.25 - $7.50 versus the consensus of $4.50.
Adjusted EBITDA of $270 million - $290 million (prior $220 million - $240 million).
Price action: VRTV shares traded higher by 16.7% at $75.63 on the last check Monday.