Sussex-based Quad/Graphics Inc. reported fourth quarter net earnings of $60 million, or $1.24 per share, up significantly from $20.7 million, or 39 cents per share, in the fourth quarter of 2012.
Net sales were $1.3 billion, up from $1.1 billion in the same period a year ago.
The company attributed the increase in net sales and earnings to the acquisition of Vertis Holdings Inc. in January 2013.
For the full year, net earnings were $30.9 million, or 65 cents per share, down significantly from $87.1 million, or $1.78 per share, in 2012.
Quad’s 2013 net sales were $4.8 billion, up from $4.1 billion in 2012.
“Our fourth quarter and full-year 2013 results met our expectations, and we were especially pleased with our continued strong cash flow generation,” said Joel Quadracci, chairman, president and chief executive officer. “Our ability to generate significant cash flow and maintain a strong balance sheet while simultaneously reducing our pension and debt obligations has allowed us to remain flexible with how we deploy capital. We have invested in our business to strengthen and expand our offering to clients, returned cash to our shareholders through quarterly cash dividends, and taken advantage of several unique acquisition opportunities, including Vertis and the recently announced UniGraphic transaction.”
