05.05.16
R.R. Donnelley & Sons Company reported financial results for the first quarter of 2016.
Net sales in the quarter were $2.7 billion, down $94.7 million, or 3.4%, from the first quarter of 2015. After adjusting for the impact of acquisitions and dispositions, as well as changes in foreign exchange rates and pass-through paper sales, organic sales decreased 3.1% from the first quarter of 2015, as an increase in the International segment only partially offset declines in the Strategic Services, Variable Print and Publishing and Retail Services segments.
“We are pleased with our first-quarter results. While the demand environment remained challenging, our disciplined cost management allowed us to hold EBITDA margin flat compared to last year’s first quarter. In addition, we saw a marked improvement in the year-over-year revenue trend as the quarter progressed,” said Thomas J. Quinlan III, RR Donnelley’s president and CEO
“Our outlook for the full year is in line with our previous guidance, which we reiterate today,” Quinlan continued, “We are focused on achieving these expectations, and at the same time, we are making significant progress on the spin-offs of LSC Communications and Donnelley Financial Solutions, both of which remain on track to be completed in October.”
First-quarter 2016 net earnings attributable to common shareholders were $39.8 million, or $0.19 per diluted share, compared to net earnings attributable to common shareholders of $22.3 million, or $0.11 per diluted share, in the first quarter of 2015. The first-quarter net earnings attributable to common shareholders included pre-tax charges of $9.9 million and $60.2 million in 2016 and 2015, respectively, all of which are excluded from the presentation of non-GAAP net earnings attributable to common shareholders.
Net sales in the quarter were $2.7 billion, down $94.7 million, or 3.4%, from the first quarter of 2015. After adjusting for the impact of acquisitions and dispositions, as well as changes in foreign exchange rates and pass-through paper sales, organic sales decreased 3.1% from the first quarter of 2015, as an increase in the International segment only partially offset declines in the Strategic Services, Variable Print and Publishing and Retail Services segments.
“We are pleased with our first-quarter results. While the demand environment remained challenging, our disciplined cost management allowed us to hold EBITDA margin flat compared to last year’s first quarter. In addition, we saw a marked improvement in the year-over-year revenue trend as the quarter progressed,” said Thomas J. Quinlan III, RR Donnelley’s president and CEO
“Our outlook for the full year is in line with our previous guidance, which we reiterate today,” Quinlan continued, “We are focused on achieving these expectations, and at the same time, we are making significant progress on the spin-offs of LSC Communications and Donnelley Financial Solutions, both of which remain on track to be completed in October.”
First-quarter 2016 net earnings attributable to common shareholders were $39.8 million, or $0.19 per diluted share, compared to net earnings attributable to common shareholders of $22.3 million, or $0.11 per diluted share, in the first quarter of 2015. The first-quarter net earnings attributable to common shareholders included pre-tax charges of $9.9 million and $60.2 million in 2016 and 2015, respectively, all of which are excluded from the presentation of non-GAAP net earnings attributable to common shareholders.