an results full-year provide for you our as Thanks, and our on drivers thank quarter morning, joining us today Tom. financial and everyone, Good we review some outlook. third of update important
initial XXXX. on thoughts We offer some will also
Facility the been Facility when driven in prior beginning net and revenues comparisons investments to we’ve selling by in year-over-year only driven trajectory $X.X pleased significant sales net XXXX, resources. third due with have in which core the made our a Solutions strong the by growth compared was X.X% improving, turnaround sales Packaging Reported line are Solutions down to of year improved were top revenue growth billion, segment. our the in in We our quarterly Packaging Since period. and quarter,
is which time this the quarter, positive core third in comparison the the net the merger period. since year consolidated first prior For sales were to a our
this and addition, were due slightly price; to improved by year the continued of quarter. month this sales within investments especially several relative that offset Print time debt segments net period also increase prices. in the in the increase merger the and since expenses charges, an The the day earnings a Print; Publishing In in impact in to positive fuel higher including and for in is were prior per operating revenue first each the the part segments; hurricanes of factors, volume growth industry our pressures impacting bad a integration; performance complexity from both significant in our
of adjusted As prior period. for we a EBITDA million reported result, quarter, below the consolidated the approximately $XX year a which was
from the we less Although decline of quarter. the sales our increased in of prior shipping and sales foreign positive year exchange days, core the X.X% effect negative rate excluding of X.X% effect the quarter, reported two currency net a net
the that As mentioned, segments. Publishing Solutions, Print Packaging March, by was revenue by XXXX, contracting than among lost dollars more shared our offset segment In the though segments. in by our driven we continued gross occur our in by shift significant a contributed and be mix the decline segment. gross third as our including will This performance would with margin shift growth quarter in our of margin several there secular and the consolidated offset earnings you dollars growth years, XXXX Facility over
greater segment than an on declines in even volume and had Print price continued earnings. quarter, third the impact in anticipated However, the
offer the remainder an additional and initial update will Now, on also our view some third the XXXX. on I provide for details XXXX. would like expectations quarter I to of
folding segment year-over-year, The XX.X% our well driven increase recent film I’ll the by X.X% strength increase a in First, and an growth third Packaging moment. in was increased our corrugated and in the revenues Core categories. in increase volume, a carton X% price, speak very quarter. acquisition, X% from to a in which performed due to
when For we continued of XXXX. and XXXX, remainder see from revenue expect performance this modest margins costs improvements the to and solid in to segment compared
year-over-year. third Solutions its In growth. Facility line core the Second, revenues trend continued grew quarter, for sales X.X% Facility its Solutions improving
margins. Over this in been Steve the improving with the sequential pleased past quarterly as we will the segment. revenue trends to as well have several for speak improvement quarters, this,
For trend improvement Solutions when and the compared XXXX. to Facility continued XXXX, we remainder in cost revenue expect of lines from
showed declined pressures by due several to by historical charges some industry for revenues continued Publishing segments. market negatively core declines driven share. volumes market third market the Print also X.X% price. Print and levels quarter, to The on modest X% improvements debt. segment Third, declined impacted and impact secular and core in in progress in was revenues Print Publishing both the bad
plan. For not multi-year reduced effort second prior recent the of the revenues we from warehouses we including industry Shifting XX% capture, number quarter, remain period, by track with our After on year acquisition. warehouse very continued margins both We the to our our to continue the in and in and XXXX, third now impact secular our synergy remainder nearly busy a consolidation segments. to our quarter. of expect trends integration work
cost. some our of these couple over key complex and a in near-term to over have remain time, consolidations the of of our allow expenses While the component quarters, strategy should additional past moves lower multi-location long-term resulted us
mentioned a conversion entire This operating of the is which southeast, XXXX. operating the quarter be integration conversion multi-state milestone would our completes well being On next complete I completion call, of two-thirds remainder underway. systems that with in the of the in the about second a system
remain effort track. prior calls, a but future has we on critical As year our challenging the and integration, are these on been support for stated this activities to optimization
September our strategy American support Next which announced acquisitions. to to I would the on company the and margin segments, transition higher and inorganically mention higher growth, All like was to X, organically through Containers both acquisition,
like at there All plastic Containers suppliers and Containers significant of transaction, the to a product opportunities base and limited who the be leading beverage, are would care. faster with food, With I of supplier for employees, and We which highly offerings, and customers, Veritiv’s AAC are and than growth. AAC’s listening focus overlap diverse is customer other rigid personal are may American on packaging, pharmaceuticals, which packaging growing a AAC substrates rate existing All containers, glass American rigid wine includes a a sales with call. has to and customers and distributor pleased today’s to welcome caps closures.
Now, to like for XXXX. I’d of expectations the turn to remainder our
are expect of to Facility previous million lowering XXXX We for guidance a $XXX continued from But the three $XXX today $XXX our Solutions. and of in we adjusted EBITDA main million to $XXX reasons. range million range growth Packaging million to
Publishing the Print in continue environment First, Print. the face to strong and segments secular particularly headwinds, competitive
seeing in segment. this in industry. challenging expense, an Second, the print could the in largely we are continue debt And Print bad environment the increase an be issue to given
increase prices. it to consolidations in completed; between of shipments, handling include: inefficiencies expensive consolidations comprised delivery and an an These several more experiencing increases warehouses are are and move making are we as warehouse inside locations fuel inventory as which elements. uptick expenses, third-party a Third, in in of freight result
flow our would million, is earnings our lowering receivable and stated by XXXX XXXX least, at free on also and our costs. reduced now XXXX are I our expectations in collections flow guidance expecting free some cash segment, our we We from in increase offer deteriorating previously Print accounts The initial of, like cash expectations. of now to cash one-time uses near as acquisition thoughts driven an forecast be for zero. are $XX to lower
which positioned, and experiences a warehouse a will as us will the move higher should stronger majority integration complete is margin we point better complete, business to a at as phase year, the We be XXXX our As operating both conversion, mix a year. system end consolidation, improve more improving and of our customers Veritiv XXXX of believe of higher that towards strategy. our growth, our reminder, turning segment. the and next our will efficient the optimization of be where well essentially of with
EBITDA XXXX, XXXX. by to is Packaging Solutions, improve Facility and continued and continued previously expect operating adjusted may accounting changes over where driven This growth declines leases we capitalized Publishing, and initial guidance become in currently For Print in expenses.
integration to capital, the We improving over expect free XXXX, consolidations. operating enabled warehouse flow by improve and as in cash on XXXX system in focus we part, working
do each fourth quarter and year, when formal XXXX As year. next we offer we early XXXX we guidance full-year our results report will
quarter details financial Steve, so he can turn you it our to I’ll of through performance. third Now, over the take
