Quad/Graphics, Inc. (QUAD) reported fourth quarter net earnings attributable to the company's common shareholders of $21.0 million or $0.39 per share, compared to a loss of $6.9 million or $0.15 per share in the same period last year.
Net earnings from continuing operations grew to $22.0 million or $0.42 per share from $8.9 million or $0.19 per share in the year-ago quarter.
Adjusted net earnings from continuing operations was $41.1 million or $0.87 per share, compared to $45.4 million or $0.97 per share a year-ago.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.92 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales were $1.13 billion, down from $1.22 billion in the comparable quarter last year, while two analysts expected revenues of $1.13 billion for the quarter. Adjusted EBITDA was $174 million compared to $187 million for the same period in 2011.
On January 16, 2013, the company completed its acquisition of Vertis Holdings, Inc. and began implementing integration plans to achieve efficiencies and cost-savings.
Looking ahead to 2013, the company expects revenue, which will now include Vertis, to be approximately $4.8 billion to $5.0 billion. Analysts predict the company to report revenue of $4.97 billion.
In addition, the company predicts Adjusted EBITDA to be $580 million to $610 million, and 2013 Recurring Free Cash Flow to be in excess of $360 million.
Quad/Graphics announced that it has increased 2013 quarterly cash dividend by 20% to $0.30 per share, which is payable on March 29, 2013, to shareholders of record as of March 18, 2013.
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