10.25.13
R.R. Donnelley & Sons Company announced preliminary results for the third-quarter 2013. In terms of GAAP measures, estimated third-quarter 2013 results include revenue of $2.61 billion, net earnings attributable to RRD shareholders of $15 million, diluted net earnings per share of $0.08 and net cash provided by operating activities of $249 million.
Non-GAAP adjusted EBITDA is $280 million, non-GAAP diluted net earnings per share is $0.38 and free cash flow is $194 million.
"We are very pleased with our third-quarter performance and the continuation of the positive operational trends we experienced for the past four quarters. In the quarter, we expect to achieve approximately 2.2% organic revenue growth, with organic growth in both our U.S. and International segments. We expect strong cash flow in the quarter that enables us to migrate toward our targeted gross leverage range of 2.25x to 2.75x on a long-term sustainable basis," said Thomas J. Quinlan III, R.R. Donnelley's president and CEO. "We will provide further details regarding the third-quarter results, as well as our outlook for the balance of the year, on our third-quarter earnings call, which will be held on Nov. 5.
"We are also excited to announce that we have entered into a definitive agreement to acquire Consolidated Graphics, which will enhance our existing capabilities and improve our ability to serve our collective customers,” added Quinlan. “Further, the mix of the purchase price consideration, combined with the expected run-rate synergies, results in the transaction being deleveraging on a pro forma basis as well as accretive to non-GAAP earnings per diluted share within the first 12 months after completion."
In addition, the company's Board of Directors declared a quarterly dividend of 26 cents per common share. The dividend is payable Dec. 2, 2013 to stockholders of record as of the close of business on Nov. 14, 2013.
Non-GAAP adjusted EBITDA is $280 million, non-GAAP diluted net earnings per share is $0.38 and free cash flow is $194 million.
"We are very pleased with our third-quarter performance and the continuation of the positive operational trends we experienced for the past four quarters. In the quarter, we expect to achieve approximately 2.2% organic revenue growth, with organic growth in both our U.S. and International segments. We expect strong cash flow in the quarter that enables us to migrate toward our targeted gross leverage range of 2.25x to 2.75x on a long-term sustainable basis," said Thomas J. Quinlan III, R.R. Donnelley's president and CEO. "We will provide further details regarding the third-quarter results, as well as our outlook for the balance of the year, on our third-quarter earnings call, which will be held on Nov. 5.
"We are also excited to announce that we have entered into a definitive agreement to acquire Consolidated Graphics, which will enhance our existing capabilities and improve our ability to serve our collective customers,” added Quinlan. “Further, the mix of the purchase price consideration, combined with the expected run-rate synergies, results in the transaction being deleveraging on a pro forma basis as well as accretive to non-GAAP earnings per diluted share within the first 12 months after completion."
In addition, the company's Board of Directors declared a quarterly dividend of 26 cents per common share. The dividend is payable Dec. 2, 2013 to stockholders of record as of the close of business on Nov. 14, 2013.