R.R. Donnelley (RRD -4.3%) reports Q3 revenue of $1.19B, decreasing 15.9% Y/Y, misses consensus by $70M.
The decrease in revenue includes a $62.9M reduction from the previous dispositions of its Global Document Solutions and Chile businesses.
GAAP net sales decreased 15.9%; non-GAAP organic net sales decreased 12.1%
Income from operations was $15.9M compared to income from operations of $71M in Q3 2019.
Operating cash flow including discontinued operations, increased $40.1M.
As of September 30, 2020, cash on hand was $414.8M and total debt outstanding was $2B.
GAAP EPS loss of $0.13 vs. EPS loss of $0.10 last year; non-GAAP EPS $0.32.
2020 results were negatively impacted by the significantly higher restructuring and other charges, mostly offset by a reduction in income taxes and interest expense.
The company expects to close the sale of its Logistics DLS Worldwide business for $225M.
