SUSSEX — The second
quarter finished close to Quad/Graphic Inc.’s
expectations with a 3 cent increase in its diluted
earnings per share and an increase in net earnings of
$15 million, when compared to the same period in 2016.
According to the
Tuesday announcement, during the second quarter
Quad/Graphics improved to $7 million, a $15 million
increase, versus an $8 million net loss in 2016, despite
a 6.7 percent decrease in net sales to $963 million.
decreased 4.8 percent during the second quarter due to
ongoing industry volume and pricing pressures after
excluding pass-through paper sales and foreign exchange.
The organic sales decrease is consistent with
Quad/Graphics’ previous guidance, according to the
improved for the six months ended June 30, 2017, to $32
million, a $36 million increase, versus a $4 million net
loss in 2016, despite a 5.4 percent decrease in net
sales to $2 billion.
reported it achieved year-to-date cash flow from
operations of $112 million and generated $69 million of
non-GAAP free cash flow, both in-line with expectations.
“Our second quarter
results were in-line with our expectations and reflect
our consistent, disciplined approach to improving
productivity and sustainably reducing costs, which helps
us remain the industry’s high-quality, low-cost
producer,” said Joel Quadracci, chairman, president &
CEO of Quad/Graphics, in a statement. “We continue our
strategic transformation into a marketing services
provider that helps brand owners market their products,
services and content more efficiently and effectively.
We do this by leveraging our strong print foundation in
combination with our deep expertise in workflow
re-engineering and optimization, content management and
data-driven marketing, including personalization, across
all media channels. This transformation, which we refer
to as ’Quad 3.0,’ creates significant value for our
clients by addressing their urgent marketing needs to
improve process efficiencies and spend effectiveness.”