05.08.15
R.R. Donnelley & Sons Company reported financial results for the first quarter of 2015.
Net sales in the quarter were $2.7 billion, up $72.3 million, or 2.7%, from the first quarter of 2014, largely due to the acquisitions of Consolidated Graphics and the North American operations of Esselte. After adjusting for the impact of acquisitions, changes in foreign exchange rates, dispositions and changes in pass-through paper, organic sales increased 0.1% from the first quarter of 2014, as increases in the Strategic Services and Variable Print segments were partially offset by declines in the Publishing and Retail Services and International segments.
“Organic revenue in the quarter was flat to the first quarter of last year, but importantly, we saw improvement in this trend as the quarter progressed,” said Thomas J. Quinlan III, RR Donnelley’s president and CEO. “This performance, in combination with the success we are having with each of our four go-to-market strategies, keeps us on track to deliver full-year results in line with our previous guidance, which we reiterate today.”
First-quarter 2015 net earnings attributable to common shareholders was $22.3 million, or $0.11 per diluted share, compared to net loss attributable to common shareholders of $29.0 million, or $0.15 per diluted share, in the first quarter of 2014.
Non-GAAP Earnings
First-quarter 2015 non-GAAP adjusted EBITDA was $259.3 million, or 9.4% of net sales, compared to non-GAAP adjusted EBITDA of $276.5 million, or 10.3% of net sales, in the first quarter of 2014. The decrease in non-GAAP adjusted EBITDA was primarily due to price pressure in all four operating segments and volume declines in Publishing and Retail Services, both of which also negatively impacted margin.
The company reiterates the following full-year guidance for 2015, which excludes any impact of the previously announced pending acquisition of Courier Corporation. Net sales are expected to range from $11.7 billion to $11.9 billion, with non-GAAP adjusted EBITDA margin of between10.3% to 10.5%.
Net sales in the quarter were $2.7 billion, up $72.3 million, or 2.7%, from the first quarter of 2014, largely due to the acquisitions of Consolidated Graphics and the North American operations of Esselte. After adjusting for the impact of acquisitions, changes in foreign exchange rates, dispositions and changes in pass-through paper, organic sales increased 0.1% from the first quarter of 2014, as increases in the Strategic Services and Variable Print segments were partially offset by declines in the Publishing and Retail Services and International segments.
“Organic revenue in the quarter was flat to the first quarter of last year, but importantly, we saw improvement in this trend as the quarter progressed,” said Thomas J. Quinlan III, RR Donnelley’s president and CEO. “This performance, in combination with the success we are having with each of our four go-to-market strategies, keeps us on track to deliver full-year results in line with our previous guidance, which we reiterate today.”
First-quarter 2015 net earnings attributable to common shareholders was $22.3 million, or $0.11 per diluted share, compared to net loss attributable to common shareholders of $29.0 million, or $0.15 per diluted share, in the first quarter of 2014.
Non-GAAP Earnings
First-quarter 2015 non-GAAP adjusted EBITDA was $259.3 million, or 9.4% of net sales, compared to non-GAAP adjusted EBITDA of $276.5 million, or 10.3% of net sales, in the first quarter of 2014. The decrease in non-GAAP adjusted EBITDA was primarily due to price pressure in all four operating segments and volume declines in Publishing and Retail Services, both of which also negatively impacted margin.
The company reiterates the following full-year guidance for 2015, which excludes any impact of the previously announced pending acquisition of Courier Corporation. Net sales are expected to range from $11.7 billion to $11.9 billion, with non-GAAP adjusted EBITDA margin of between10.3% to 10.5%.