Recent Highlights
*Achieved 2023 guidance and reported Net Sales of $3.0 billion in 2023 compared to $3.2 billion in 2022.
*Anticipating $60 million of cost savings from recent plant capacity and labor reduction initiatives in response to ongoing external headwinds, including significant postal rate increases and economic uncertainty that negatively impact print volumes.
*Recognized a Net Loss of $55 million in 2023 compared to Net Earnings of $9 million in 2022 primarily due to lower sales, higher restructuring expenses and increased interest costs despite decreasing debt.
*Generated $148 million of Net Cash Provided by Operating Activities and Free Cash Flow of $77 million in 2023.
*Reduced Net Debt by $564 million or 55% over the past four years as part of a multi-year debt reduction strategy, achieving Net Debt Leverage of 2.0x at December 31, 2023.
Joel Quadracci, Chairman, President and CEO of Quad, said: “We delivered solid full-year results primarily due to our strong operating performance, which was partially offset by revenue challenges created by significant postal rate increases and ongoing economic uncertainty that negatively impacted print volumes. Despite these challenging macro factors, we achieved our 2023 financial guidance, and were pleased with our cash generation, which we continued to use to strengthen our balance sheet through debt reduction. We ended the year having reduced net debt by $564 million or 55% since January 1, 2020.
“Our distinction as a global marketing experience, or MX, company continues to gain traction with brands and marketers because we offer a tailored suite of solutions that is flexible, scalable and connected, and streamlines the complexities of marketing, removing friction from wherever it occurs in the marketing journey. As a result, our integrated marketing platform provides a better marketing experience for our clients so they can focus on delivering the best customer experience to theirs.
more at: https://www.quad.com/newsroom/quad-reports-fourth-quarter-and-full-year-2023-results