Quad reports fourth quarter and full-year 2022 results

Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”), today reported results for the fourth quarter and full year ended December 31, 2022.

Recent Highlights
• Increased Net Sales by 9%, or 11% when excluding divestitures, outperforming the 2022 guidance range of 8% to 10% growth when excluding divestitures, due to increased sales in all offerings.
• Delivered Net Earnings of $9 million in 2022 compared to $38 million in 2021, primarily due to higher 2021 net non-recurring earnings of $72.0 million ($54.0 million, net of 25% normalized tax) from asset sales and a property insurance gain.
• Achieved Adjusted EBITDA of $252 million in 2022, near the high end of the $235 million to $255 million guidance range, and an increase of $5 million compared to 2021 when excluding a $13 million property insurance gain in 2021.
• Grew Adjusted Diluted Earnings Per Share to $0.89 in 2022 compared to $0.60 in 2021.
• Generated $155 million of Net Cash from Operating Activities in 2022, an increase of $18 million compared to 2021, and Free Cash Flow of $94 million in 2022, an increase of $8 million compared to 2021.
• Reduced Net Debt by $489 million or 47% over the past three years, achieving Net Debt Leverage of 2.16x at December 31, 2022, and the lowest Net Debt Leverage since 2018.
• Provides 2023 guidance including using Free Cash Flow to reduce Net Debt Leverage to approximately 2.0x, the low end of our long-term targeted leverage range of 2.0x – 2.5x.

Joel Quadracci, Chairman, President & CEO of Quad, said: “We delivered strong 2022 results, outperforming our top-line guidance with an 11% increase in Net Sales when excluding divestitures. These results reflect increased sales in all our offerings, including increases in pricing to partially offset inflationary costs, print segment share gains from both new and existing clients, as well as continued growth in our Agency Solutions offerings and international locations. Our strategy as a marketing experience, or MX, company is effective. Increasingly, brands and marketers recognize the unique value that only Quad can provide through our integrated marketing platform. They are engaging us for holistic, multichannel, through-the-line solutions that remove friction and speed the marketing process, while improving results.

“Throughout 2022, we navigated multiple challenges, including paper and supply chain disruptions, inflationary cost pressures and labor shortages. We worked thoughtfully and diligently to mitigate the impact of these external factors on our business while proactively managing client expectations. Of note, we reduced Net Debt by 47% over the past three years and have a strong balance sheet that allows us to continue to make strategic investments in our business, accelerate our competitive position and drive profitable long-term growth.

Results for the fourth quarter ended December 31, 2022, include:
• Net Sales — Net Sales were $885 million in the fourth quarter of 2022, an increase of 4% compared to the same period in 2021.
• Net Loss — Net Loss was $9 million in the fourth quarter of 2022, an improvement of $12 million compared to the fourth quarter of 2021, which had a Net Loss of $21 million.

Results for the year ended December 31, 2022, include:
• Net Sales — Net Sales were $3.2 billion in 2022, up 9% from the same period in 2021, or up 11% year-over-year excluding the impact of the QuadExpress divestiture.
• Net Earnings — Net Earnings were $9 million in 2022 as compared to Net Earnings of $38 million in 2021.
details at: https://www.quad.com/about/newsroom/quad-reports-fourth-quarter-and-full-year-2022-results

Related Posts

Quad Reports Third Quarter and Year-to-Date 2020 Results

Results for the three months ended September 30, 2020, included: *Net Sales — Net sales were $679 million in 2020, down 28% from 2019. Sales declined 26% during the quarter, excluding the impact of the January 2020 sale of the Omaha packaging plant, primarily due to the economic impact from the COVID-19 pandemic, and ongoing print industry volume and pricing pressures. *Net Earnings (Loss) From Continuing Operations — Net earnings from continuing operations increased $50 million from the third quarter of 2019, from a net loss of $47 million in 2019 ($0.94 diluted loss per share from continuing operations) to net earnings of $3 million in 2020 ($0.05 diluted earnings per share from continuing operations). Results for the nine months ended September 30, 2020, included: *Net Sales — Net sales were $2.1 billion in 2020, down 27% in 2019. Sales declined 25% during the nine months ended September 30, 2020, after excluding the impact of the January 2020 sale of the Omaha packaging plant, primarily due to the economic impact from the COVID-19 pandemic, and ongoing print industry volume and pricing pressures. *Net Loss From Continuing Operations — Net loss from continuing operations improved $42 million from the first nine months of 2019, from a net loss of $63 million in 2019 ($1.26 diluted loss per share from continuing operations) to a net loss of $21 million in 2020 ($0.41 diluted loss per share from continuing operations).

RRD Board Accepts Revised Proposal from Atlas at $10.35 Per Share in Cash

R.R. Donnelley & Sons Company announced that it has accepted a proposal from affiliates of Atlas Holdings LLC to increase the price per share of their pending acquisition of RRD to $10.35 per share in cash, and has entered into an amendment to its previously announced definitive merger agreement with affiliates of Atlas, dated as of November 3, 2021. Under the terms of the Amended Agreement, RRD stockholders will receive $10.35 in cash for each share of common stock of the Company that they own, representing a premium of 21.5% over $8.52, the price per share of RRD common stock under the Original Agreement. The revised all-cash transaction is valued at a total enterprise value of approximately $2.2 billion and total equity value of approximately $856 million.

HP Introduces New Entry-level Latex Solutions for Wide Format Signage Production

HP Inc. announced the new HP Latex 115 Printer, offering the most economical entry point into sign and display printing services using high-quality, water-based HP Latex technology. The HP Latex 115 model is also available in the Print and Cut series, providing an end-to-end HP solution for printing and cutting. The new 54-inch HP Latex 115 Printer delivers stunning results with high image quality across a wide range of applications for indoor and outdoor signage. HP Latex 115 Print and Cut also provides an end-to-end solution for producing applications such as labels, decals, stickers, customizable clothing, window graphics, and many more applications. The dual-device solution delivers simultaneous and continuous printing and cutting in a single, integrated workflow. HP Latex Print and Cut solutions were launched earlier this year on the HP Latex 300 series. Click Read More below for additional detail.
Back To Top
×Close search
Search