Shares of Veritiv Corporation (VRTV) saw an increase of 73% when the company reported a positive outlook on its earnings report. The company reported fiscal year net sales of $6.3 Billion, record net Income of $34.2 Million, basic and diluted earnings per share of $2.14 and $2.08, adjusted EBITDA of $187.6 Million, and Record Low Net Leverage Ratio of 2.1x.
The combination of Packaging sales growth over prior year and improving core sales trends from the prior two quarters in our other segments led to record net income and Adjusted EBITDA in the fourth quarter, we made significant progress this year towards our vision of being a leading provider of packaging products, services and solutions. Despite the challenging market environment, the fundamentals of our business improved in a step-wise manner, driven by Packaging segment growth and the execution of our multi-year strategy, including our broad-based efficiency programs.Sal Abbate, Chief Executive Officer
Guidance into year 2021
The 2020 Restructuring Plan, as announced in July and amended in December, remains on schedule and on target. The Company expects full year 2021 revenue to be relatively flat to prior year, with performance varying by segment. During the first half of the year, revenues are expected to be unfavorably impacted by the negative effects of the COVID-19 pandemic across all segments, with the exception of Packaging. However, the Company expects a broader economic rebound in the second half of the year.
Based on these factors, the Company expects income before taxes for full year 2021 to be in the range of $60 to $80 million and Adjusted EBITDA to be in the range of $195 to $205 million. Our 2021 free cash flow is expected to be at least $75 million, driven by earnings and continuing working capital discipline. We will continue to invest in business growth and expect capital expenditures for the year to be approximately $35 million.
The Company also announced today that the Board of Directors has approved a $50 million stock repurchase program. Under the stock repurchase authorization, the Company may, from time to time, purchase shares of its common stock through open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase transactions, tender offers or otherwise, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The $50 million stock repurchase authorization does not obligate the Company to purchase any shares. The Company may commence such repurchases immediately, subject to compliance with applicable securities laws.
The Company may enter into a pre-arranged stock trading plan in accordance with the guidelines specified under Rule 10b5-1 to effectuate the Company’s new stock repurchase program. The Company expects to finance any repurchases from a combination of cash on hand and cash provided by operating activities. The timing and method of any repurchases, which will depend on a variety of factors, including market conditions, are subject to results of operations, financial conditions, cash requirements and other factors. This authorization for the stock repurchase program replaces the $25 million stock repurchase authorization previously approved by the Board of Directors in March 2020 and may be suspended, terminated, increased or decreased by the Board at any time.