RR Donnelley & Sons Company, Chicago, reported financial results for the third quarter of 2013.
Third-quarter 2013 highlights include:
- Net sales of $2.6 billion grew 4.2 percent from the third quarter of 2012; organic revenue growth of 2.2 percent in the quarter.
- GAAP net earnings attributable to common shareholders of $14.7 million, or $0.08 per diluted share.
- Non-GAAP net earnings attributable to common shareholders of $69.3 million, or $0.38 per diluted share.
- Non-GAAP adjusted EBITDA of $280.1 million, or 10.7 percent of net sales.
- Free cash flow of $193.9 million exceeded the third quarter of 2012 by $100.6 million; on a year-to-date basis, free cash flow was better than last year by $158 million.
- Company updates revenue, margin and other guidance for full-year 2013; re-affirms free cash flow guidance.
"As we communicated in our October 24 announcement, we are very pleased with our third-quarter performance," said Thomas J. Quinlan III, R.R. Donnelley's president and CEO. "We have shown steady improvement over the past four quarters in our top-line performance, reflecting positive trends in a number of our offerings. In addition, our free cash flow remained strong in the quarter, improving $101 million from the third quarter of 2012, contributing to a year-to-date free cash flow that exceeded the prior year by $158 million. Our third-quarter cash flow performance was in line with our expectations, and we are reiterating our full-year guidance in the range of $400 million to $500 million. This level of cash flow provides us the ability to migrate toward our targeted gross leverage range of 2.25x to 2.75x on a long-term sustainable basis," Quinlan continued. "We look forward to completing the acquisition of Consolidated Graphics, expected in the first quarter of 2014."
- People:
- Thomas J. Quinlan III
- Places:
- Chicago