Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”), today reported results for the third quarter ended September 30, 2022.
Recent Highlights
*Achieved sixth consecutive quarter of year-over-year growth as Net Sales increased 18% in the third quarter of 2022 compared to the third quarter of 2021 due to print segment share gains, increased pricing in response to inflationary cost pressures, and increased sales in the Company’s international locations.
*Recognized Net Earnings of $14 million in both the third quarter of 2022 and 2021, with 2021 Net Earnings including non-recurring gains of $18 million, net of tax, from a property insurance claim and a sale and leaseback of a production facility.
*Increased Adjusted EBITDA to $69 million in the third quarter of 2022 compared to Adjusted EBITDA of $55 million in the third quarter of 2021, when excluding a $13 million property insurance gain in 2021.
*Grew Adjusted Diluted Earnings Per Share to $0.32 compared to Adjusted Diluted Earnings Per Share of $0.18 in the third quarter of 2021.
*Raised net sales guidance from 3%-7% growth to 8%-10% growth; narrowed other guidance within the previously provided ranges.
*Repurchased 3.1 million shares of Quad Class A common stock for $10 million year-to-date, representing more than 5% of Quad’s outstanding shares.
Joel Quadracci, Chairman, President & CEO of Quad, said: “This quarter’s results, which include a sixth consecutive quarter of Net Sales growth, exhibit the effectiveness of our business strategy as we have transformed into a marketing experience, or MX, company. The world’s best brands increasingly recognize the unique value we provide through our holistic, multichannel, through-the-line marketing solutions. As an MX company, we guide brands through every effort intended to drive an action, from consumer awareness and trust, to brand preference and
purchase. We will continue to strategically invest in our platform to give our clients a more streamlined, flexible and frictionless way to go to market and reach consumers while enhancing our competitive position to drive profitable growth.
“As a result of investments we made in the first half of the year, we are able to deliver industry-leading client service, and drive sales and profitability higher during our seasonally busier second half of the year. Additionally, our team continues to work diligently to mitigate the impacts of persisting macro-economic headwinds, such as cost inflation and supply chain constraints that impact productivity. This includes implementing inflation-offsetting price increases, the next of which will be effective January 1, 2023.
details at: https://www.quad.com/resources/news_release/quad-reports-third-quarter-and-year-to-date-2022-results/