03.03.23
R.R. Donnelley & Sons Company (RRD) reported financial results for the fourth quarter and full year of 2022.
During the fourth quarter of 2022, the company realigned its reportable segments to reflect changes in the manner in which the chief operating decision maker assesses information for decision-making purposes.
Net sales in the fourth quarter were $1.39 billion, up $8 million or 0.6% from the fourth quarter of 2021. The majority of the increase relates to higher client demand for many of the company’s products and services, and price increases to offset inflationary cost increases. In particular, the company experienced strong growth in Labels products. Organic net sales increased 2.8%, exclud-ing a negative impact of $30.0 million due to changes in foreign exchange rates.
Full year sales were $5.37 billion, or 8.1% over the prior year.
Income from operations was $229.2 million in the fourth quarter of 2022 compared to $41.0 mil-lion in the fourth quarter of 2021. During the fourth quarter of 2022, other operating income was $130.6 million compared to expense of $27.6 million in the prior year. Other operating income rec-orded in the fourth quarter of 2022 included a $134.2 million gain recognized on the completion of the sale of a printing facility in Shenzhen, China and transfer of the related land use rights.
Net income from continuing operations was $130.9 million in the fourth quarter of 2022 compared to a net loss from continuing operations of $9.8 million reported in the fourth quarter of 2021.
As of Dec. 31, 2022, cash on hand was $299.9 million, up $19.7 million from December 31, 2021. Total debt outstanding at the end of the quarter was $1.52 billion, up $56.5 million from the prior year end.
During the fourth quarter of 2022, the company realigned its reportable segments to reflect changes in the manner in which the chief operating decision maker assesses information for decision-making purposes.
Net sales in the fourth quarter were $1.39 billion, up $8 million or 0.6% from the fourth quarter of 2021. The majority of the increase relates to higher client demand for many of the company’s products and services, and price increases to offset inflationary cost increases. In particular, the company experienced strong growth in Labels products. Organic net sales increased 2.8%, exclud-ing a negative impact of $30.0 million due to changes in foreign exchange rates.
Full year sales were $5.37 billion, or 8.1% over the prior year.
Income from operations was $229.2 million in the fourth quarter of 2022 compared to $41.0 mil-lion in the fourth quarter of 2021. During the fourth quarter of 2022, other operating income was $130.6 million compared to expense of $27.6 million in the prior year. Other operating income rec-orded in the fourth quarter of 2022 included a $134.2 million gain recognized on the completion of the sale of a printing facility in Shenzhen, China and transfer of the related land use rights.
Net income from continuing operations was $130.9 million in the fourth quarter of 2022 compared to a net loss from continuing operations of $9.8 million reported in the fourth quarter of 2021.
As of Dec. 31, 2022, cash on hand was $299.9 million, up $19.7 million from December 31, 2021. Total debt outstanding at the end of the quarter was $1.52 billion, up $56.5 million from the prior year end.