LSC Communications Reports Third-Quarter 2017 Results
Third quarter net sales were $935 million, down $14 million, or 1.5%, from the third quarter of 2016. Pro forma for acquisitions completed in the last four quarters, changes in foreign exchange rates, and pass-through paper sales, organic net sales decreased 6.6% from the third quarter of 2016. The decrease in organic net sales was due to lower volume and price declines in both the Print and Office Products segments. Third quarter 2017 net loss was $3 million, or $0.07 per diluted share, compared to net income of $38 million, or $1.17 per diluted share, in the third quarter of 2016. The third quarter of 2017 included $19 million of interest expense primarily related to debt issued in connection with the October 1, 2016 separation from RR Donnelley & Sons Company, while no interest expense was allocated to LSC Communications in the third quarter of 2016. The effective tax rate for the third quarter of 2017 reflected the impact of non-deductible goodwill impairment charges. Click Read More below for additional information.