UPDATE: R.R. Donnelley Posts 55% Drop In Q3 Profit, Lowers Full-Year Forecast
R.R. Donnelley & Sons Co (NASDAQ: RRD) reported a 55% fall in its third-quarter profit.
R.R. Donnelley now projects full-year revenue of $10.1 billion to $10.2 billion, versus its earlier forecast of $10.4 billion to $10.5 billion.
R.R. Donnelley's quarterly profit fell to $71.4 million, or $0.39 per share, from $158 million, or $0.83 per share, in the year-ago period. Excluding one-time items, R.R. Donnelley earned $0.51 per share.
Its net sales dropped 6.5% to $2.5 billion. However, analysts were expecting earnings of $0.44 per share on revenue of $2.58 billion.
R.R. Donnelley's gross margin declined to 22.8% from 23.4%.
R.R. Donnelley shares closed at $10.02 yesterday.
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