SUSSEX — While net sales
increased 3.8% during the first quarter for Quad/Graphics, Inc., the
value of stocks decreased $0.45 per share, as compared to a loss of
$3.5 million, or $0.07 per share, in 2018.
The first quarter financial results released Tuesday were “in-line”
with company expectations and reflect its “consistent execution
against strategic priorities,” said Joel Quadracci, Quad chairman,
president and CEO, in a statement.
“These priorities include making long-term strategic investments
that further accelerate our Quad 3.0 transformation, such as our
recent acquisition of Periscope, a leading independent creative
agency that further enhances our integrated marketing solutions
platform,” he said.
Net sales increased 3.8% during the first quarter that ended March
31, to $1 billion, primarily due to the Periscope acquisition,
according to the earnings report. Organic sales declined 0.6% after
excluding a 4.4% acquisition sales impact. The organic results
reflect ongoing print industry volume and pricing pressures
partially offset by an increase in paper sales.
Net loss attributable to Quad common shareholders during the first
quarter of 2019 was $22.5 million, or $0.45 loss per share, as
compared to a loss of $3.5 million, or $0.07 per share, in 2018,
according to the report.
“We also continue to prepare for and work toward completing the
acquisition of LSC Communications and expect the all-stock
transaction to close in mid-2019,” Quadracci said.