Quad/Graphics Reports Second Quarter and Year-to-Date 2017 Results
Net earnings improved during the second quarter of 2017 to $7 million, a $15 million increase, versus an $8 million net loss in 2016, despite a 6.7% decrease in net sales to $963 million. Organic sales decreased 4.8% due to ongoing industry volume and pricing pressures after excluding pass-through paper sales (-1.7% impact) and foreign exchange (-0.2% impact). The organic sales decrease is consistent with the Company’s previous guidance. Diluted earnings per share improved to $0.13 compared to a $0.16 loss in 2016 primarily due to lower depreciation and amortization, and cost reductions and productivity improvement activities. Second quarter 2017 Non-GAAP Adjusted EBITDA decreased $1 million to $97 million compared to $98 million in 2016; however, Adjusted EBITDA margin improved to 10.0% from 9.5% in 2016. Non-GAAP Adjusted Diluted Earnings per Share improved by $0.21 during the second quarter 2017 to $0.24. The improvement in Adjusted EBITDA margin and Adjusted Diluted Earnings per Share was primarily due to cost reductions and productivity improvement activities. Click Read More below for additional details.