Veritiv Corporation, a North American leader in business-to-business distribution solutions, announced financial results for the first quarter ended March 31, 2018.

"We are off to a good start in 2018," said Mary Laschinger, Chairman and CEO of Veritiv Corporation.  "Looking ahead, we expect growth in Packaging and Facility Solutions to offset the secular challenges being experienced in our Print and Publishing segments, keeping us on target for our 2018 commitments."

For the three months ended March 31, 2018, compared to the three months ended March 31, 2017:

• Net sales were $2.1 billion, an increase of 5.3% from the prior year. Net sales increased 4.9% from the prior year, excluding the positive effect of foreign currency (0.4%) in the first quarter of 2018.

• Net loss was $(15.8) million, compared to net loss of $(2.2) million in the prior year. Net integration, acquisition and restructuring charges were $20.2 million in the first quarter of 2018 and $10.5 million in the prior year.

• Basic and diluted loss per share were $(1.00) compared to $(0.14) in the prior year.

• Adjusted EBITDA was $29.7 million, a decrease of 0.3% from the prior year.

• Adjusted EBITDA as a percentage of net sales was 1.4%, a decrease of 10 basis points from the prior year.

"We recently completed our third multi-state operating system conversion, and it has been, like the others, a smooth transition. Overall, our operating system conversions remain on track to be substantially complete by the end of 2018," said Stephen Smith, Senior Vice President and Chief Financial Officer of Veritiv Corporation.