RRD Reports Fourth Quarter and Full Year 2022 Results

Full Year Key messages
GAAP net sales, including the impact of foreign exchange, increased $403 million or 8.1%; Non-GAAP organic net sales growth, excluding the impact of foreign exchange, was 9.6%.
GAAP net income from continuing operations was up $153 million versus the prior year period.

During the fourth quarter of 2022, the Company realigned its reportable segments to reflect changes in the manner in which the chief operating decision maker assesses information for decision-making purposes. All prior amounts have been reclassified to conform to the current reporting structure.

Net sales in the fourth quarter were $1.39 billion, up $8.0 million or 0.6% from the fourth quarter of 2021. The majority of the increase relates to higher client demand for many of the Company’s products and services, and price increases to offset inflationary cost increases. In particular, the Company experienced strong growth in Labels products. Organic net sales increased 2.8%, excluding a negative impact of $30.0 million due to changes in foreign exchange rates.

Income from operations was $229.2 million in the fourth quarter of 2022 compared to $41.0 million in the fourth quarter of 2021. During the fourth quarter of 2022, other operating income was $130.6 million compared to expense of $27.6 million in the prior year. Other operating income recorded in the fourth quarter of 2022 included a $134.2 million gain recognized on the completion of the sale of a printing facility in Shenzhen, China and transfer of the related land use rights.

Net income from continuing operations was $130.9 million in the fourth quarter of 2022 compared to a net loss from continuing operations of $9.8 million reported in the fourth quarter of 2021. The 2022 effective tax rate of 34.0% decreased from 162.4% in the prior year period primarily due to higher earnings relative to the non-deductible tax adjustments.
details at: https://investor.rrd.com/news/news-details/2023/RRD-Reports-Fourth-Quarter-and-Full-Year-2022-Results/default.aspx?_gl=11i70u3f_gaMzY2NDQxNzE0LjE2NTQ1MTgyNjI._ga_2DQDYY9CC3*MTY3Nzc2MjQ2OS4xNjQuMC4xNjc3NzYyNDY5LjYwLjAuMA..&_ga=2.185710825.1739571043.1677677144-366441714.1654518262

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