RR Donnelley Reports Q4, Full-Year Results

RR Donnelley & Sons Company, Chicago, has reported financial results for the fourth quarter and full year of 2014.

Highlights include:

• Full-year 2014 results favorable to or in line with previous guidance.

• Fourth-quarter net sales of $3.1 billion grew 11.4 percent from the fourth quarter of 2013; organic net sales grew 0.5 percent from the fourth quarter of 2013.

• Fourth-quarter GAAP net earnings attributable to common shareholders of $19.5 million, or $0.10 per diluted share, compared to GAAP net earnings attributable to common shareholders in the fourth quarter of 2013 of $104.0 million, or $0.56 per diluted share.

• Fourth-quarter non-GAAP net earnings attributable to common shareholders of $105.8 million, or $0.52 per diluted share, compared to non-GAAP net earnings attributable to common shareholders in the fourth quarter of 2013 of $89.8 million, or $0.49 per diluted share.

• Fourth-quarter non-GAAP adjusted EBITDA of $326.9 million increased by $33.3 million, or 11.3 percent, from the fourth quarter of 2013.

• Company issues full-year 2015 guidance.

"We continued to drive positive organic revenue growth and managed our cost structure and capital spending to generate nearly $500 million in free cash flow for the year. These results allowed us to reduce our total debt by $225 million, decreasing our year-end gross leverage ratio from 3.3x to 2.9x and approaching our targeted range of 2.25x to 2.75x on a long-term sustainable basis," said Thomas J. Quinlan III, RR Donnelley's president and chief executive officer. "As we look ahead to 2015, we expect to build upon the success we are having with our four go-to-market strategies, and remain committed to migrating toward our targeted leverage range."