R.R. Donnelley & Sons (RRD) - Get Report, one of the nation's largest printers of magazines, catalogs and other materials, posted a 92% plummet in first-quarter profit, decimated by restructuring and impairment charges, as well as sluggish demand.
During the quarter, the company earned $13.9 million, or 7 cents a share, down from $182.5 million, or 85 cents, in the same period a year earlier.
Excluding restructuring and impairment charges of $54.2 million, earnings were 24 cents a share. Analysts expected earnings of 38 cents.
International sales declined 27.5% to $548.2 million, while U.S. print and related services dropped 14.9% to $1.9 billion.
Separately, the company said it received a multi-year print management contract extension from Air Canada. The agreement covers management, production, warehousing, fulfillment and distribution of printed documents and related services, and the company's CustomPoint e-commerce system.
Shares of the company fell 3% to $12.31 in morning trading.
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