*Increased Net Sales 3% in the first quarter of 2023 compared to the first quarter of 2022, primarily due to higher print product sales in the United States and in Mexico, and also increased Agency Solutions sales as clients continue to embrace Quad’s unique integrated marketing offering.
*Reported Net Loss of $25 million compared to Net Loss of $1 million in the first quarter of 2022, while growing Adjusted EBITDA by $11 million or 24% to $60 million in the first quarter of 2023, compared to Adjusted EBITDA of $49 million in the first quarter of 2022.
*Grew Adjusted Diluted Earnings Per Share to $0.15 in the first quarter of 2023 compared to $0.04 in the first quarter of 2022.
*Increased capital expenditures to fortify investments in innovations that enhance the Company’s integrated marketing offering and drive profitable, long-term growth.
*Returned value to shareholders by repurchasing over 5% of our total outstanding common stock since the second quarter of 2022 for $10.3 million.
*Reaffirms full-year 2023 financial guidance.
Joel Quadracci, Chairman, President & CEO of Quad, said: “We continue to experience positive momentum and top-line growth, achieving a 3% increase in Net Sales in the first quarter of 2023 due to higher sales in our print product and Agency Solutions offerings. High-profile brands and marketers continue to recognize that better marketing is built on Quad. As a marketing experience, or MX, company, we have uniquely scalable, cross-channel solutions and extraordinary household reach, which power our integrated marketing offering, improving results while reducing friction and creating a more efficient overall marketing process. We are focused on providing a better marketing experience for our clients, which enables them to focus on delivering the best customer experience. In 2023, we will continue to make significant investments in people, products and services, processes, automation and technology, to further expand our through-the-line marketing offering to drive profitable growth.
“Economic uncertainty has prompted some clients to take a more conservative approach to the start of the year and, in many instances, reallocate where they invest their marketing dollars. Our integrated marketing offering easily supports these shifts in marketing spend to maximize results. We are able to offset softness in offerings, such as national magazines, while leaning into growth opportunities in others, like agency solutions, packaging and instore. We have flexibility and agility to pivot, and meet changing client needs.
“As always, we remain focused on enhancing Quad’s financial strength and creating shareholder value and will continue to prioritize growth while further reducing debt in 2023. We remain committed to creating a better, more purposeful and sustainable way forward for all our stakeholders.”
details at: https://www.quad.com/about/newsroom/quad-reports-first-quarter-2023-results