Sussex-based Quad/Graphics Inc. reported third quarter net earnings of $12.6 million, or 26 cents per share, down from $39.7 million, or 84 cents per share, in the same period a year ago.
The company’s net sales grew to $1.2 billion from $1.0 billion a year earlier.
The latest quarterly results include the impact of the company’s acquisition of Vertis Holdings Inc. Prior year financial results did not include the acquisition of Vertis.
“We are pleased to reaffirm annual guidance for recurring free cash flow, which is the foundation of our strong balance sheet and supports our disciplined capital deployment strategy,” said Joel Quadracci, Quad/Graphics chairman, president and chief executive officer. “Third-quarter volumes across our U.S. platform were as expected, but our results were adversely impacted by ongoing industry pressures, economic and political challenges in Latin America and a slower-than-expected turnaround in the underlying Vertis business. That said, the integration is going well and we remain confident in our process to drive future cost-savings, and improve the efficiency and productivity of our platform. Overall, we remain pleased with our strategic decision to acquire Vertis as we believe it will provide long-term value for our clients and shareholders.”
