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RRD Reports 1Q 2019 Results

Net sales in the quarter were $1.52 billion, down $185.9 million or 10.9% from the first quarter of 2018.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

R.R. Donnelley & Sons Company reported financial results for the first quarter of 2019.
 
Net sales in the quarter were $1.52 billion, down $185.9 million or 10.9% from the first quarter of 2018, including a $107.4 million impact from the July 2018 disposition of the Print Logistics business. On an organic basis, consolidated net sales decreased 3.3% driven by lower volume in the Business Services segment, primarily in commercial print products, which includes reductions from the recently closed Brazil operations and the continued planned exit of low margin business, and the remaining logistics business.
 
Income from operations was $23.3 million in the first quarter compared to $32.2 million in the first quarter of 2018. Diluted loss per share attributable to common stockholders was ($0.12) in the first quarter of 2019 compared to ($0.14) in the first quarter of 2018.
 
“First quarter results were in line with our expectations and we made significant progress in advancing our strategic initiatives,” said Dan Knotts, RRD’s president and CEO. “During the quarter, we finalized a new strategic agreement to further expand our data analytics capabilities, we completed construction of our new facility in China, and we achieved critical milestones as we prepare to begin printing the 2020 Census in July. We also made the difficult decision to close our unprofitable print operations in Brazil and we continued to successfully execute our plans to address the inflationary cost headwinds affecting the broader print industry.”

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