Sussex-based Quad/Graphics Inc. reported quarterly net earnings of $47.5 million, or $1.01 per share, compared with a net loss of $7.3 million, or 15 cents per share, in the same period a year ago.
The printing company’s quarterly net sales dipped to $989.6 million from $1.0 billion a year earlier.
On March 1, the company completed the sale of its Canadian business to Transcontinental.
Additionally, during the first quarter the company announced a strategic partnership with Manipal Technologies Ltd. (ManipalTech), one of India’s largest print services and end-to-end business solutions providers. Under the agreement, Quad/Graphics purchased a minority interest in ManipalTech, expanding Quad/Graphics’ geographic reach to Asia, and broadening its product and service scope.
“Our performance during the first quarter gave us a solid start to the year,” said Joel Quadracci, Quad/Graphics chairman, president and chief executive officer. “Our results are in line with our expectations and we are pleased with the progress we made on our key priorities to improve productivity, reduce costs, lower our debt and meet our synergy objectives, which enabled us to generate significant recurring free cash flow and improve upon our already strong credit metrics.”
