RR Donnelley Reports Q2 2015 Results, Intent to Create Three Independent Publicly Traded Companies

RR Donnelley & Sons Company (RRD), Chicago, has reported financial results for the second quarter of 2015.

Highlights:

• Second-quarter net sales of $2.7 billion declined 5.3 percent from the second quarter of 2014; organic net sales declined 2.1 percent from the second quarter of 2014.

• Second-quarter GAAP net earnings attributable to common shareholders of $43.5 million, or $0.21 per diluted share, compared to GAAP net earnings attributable to common shareholders in the second quarter of 2014 of $64.7 million, or $0.32 per diluted share.

• Second-quarter non-GAAP net earnings attributable to common shareholders of $83.6 million, or $0.41 per diluted share, compared to non-GAAP net earnings attributable to common shareholders in the second quarter of 2014 of $84.4 million, or $0.42 per diluted share.

• Second-quarter operating cash flow of $205.3 million and free cash flow of $152.7 million exceeded the second quarter of 2014 by $55.2 million and $59.9 million, respectively.

• Company provides updated guidance for full-year 2015; includes the impact of the acquisition of Courier Corp., the sale of its operations in Venezuela and an updated view on the negative impact of foreign exchange rates.

• Company separately announces intent to create three independent publicly traded companies.

"Despite a challenging demand environment, we aggressively managed our cost structure to achieve a non-GAAP adjusted EBITDA margin of 11.3 percent," said Thomas J. Quinlan III, RR Donnelley's president and CEO. "In addition, we are pleased with our second quarter free cash flow of $152.7 million, which represented a 65 percent improvement from the second quarter of last year."