02.27.19
R.R. Donnelley & Sons Company (RRD) reported financial results for the fourth quarter and full year of 2018.
“I am pleased to report that in 2018 we achieved our second consecutive year of improved organic sales performance and our highest annual organic sales growth since 2014. With both our Business Services and Marketing Solutions segments delivering organic growth for the year, we are demonstrating our unique ability to provide solutions to help our clients improve customer engagement and drive business performance,” said Dan Knotts, president and CEO.
Net sales in the quarter were $1.76 billion, down $162.4 million or 8.4% from the fourth quarter of 2017, including a $119.5 million impact from the July 2018 disposition of the Print Logistics business. On an organic basis, consolidated net sales decreased 1.2% primarily driven by lower volume, including the planned exit of low margin sourcing business, and modest price pressure in the Business Services segment.
Income from operations was $90.0 million in the fourth quarter compared to $101.9 million in the fourth quarter of 2017. Cash provided by operating activities of $267.4 million in the fourth quarter of 2018 increased $46.3 million versus the prior year period amount.
Cash provided by operating activities during the twelve months ended December 31, 2018, was $203.5 million compared to $217.9 million in the prior year period. The full year decrease is primarily related to lower operating earnings, including the impact of the Print Logistics disposition.
Net sales for the 12 months ended Dec. 31, 2018, were $6.8 billion, down from $6.939.6 billion in 2017.
As of Dec. 31, 2018, cash on hand was $370.6 million and total debt outstanding was $2.09 billion, including $59.0 million drawn against the credit facility.
“I am pleased to report that in 2018 we achieved our second consecutive year of improved organic sales performance and our highest annual organic sales growth since 2014. With both our Business Services and Marketing Solutions segments delivering organic growth for the year, we are demonstrating our unique ability to provide solutions to help our clients improve customer engagement and drive business performance,” said Dan Knotts, president and CEO.
Net sales in the quarter were $1.76 billion, down $162.4 million or 8.4% from the fourth quarter of 2017, including a $119.5 million impact from the July 2018 disposition of the Print Logistics business. On an organic basis, consolidated net sales decreased 1.2% primarily driven by lower volume, including the planned exit of low margin sourcing business, and modest price pressure in the Business Services segment.
Income from operations was $90.0 million in the fourth quarter compared to $101.9 million in the fourth quarter of 2017. Cash provided by operating activities of $267.4 million in the fourth quarter of 2018 increased $46.3 million versus the prior year period amount.
Cash provided by operating activities during the twelve months ended December 31, 2018, was $203.5 million compared to $217.9 million in the prior year period. The full year decrease is primarily related to lower operating earnings, including the impact of the Print Logistics disposition.
Net sales for the 12 months ended Dec. 31, 2018, were $6.8 billion, down from $6.939.6 billion in 2017.
As of Dec. 31, 2018, cash on hand was $370.6 million and total debt outstanding was $2.09 billion, including $59.0 million drawn against the credit facility.