Donnelley Financial Solutions reported a decrease in net sales by 3.9% to $220.7 million compared to the first quarter of 2019. However, the company saw an increase in GAAP net earnings to $4.1 million and an improvement in Adjusted EBITDA to $30.1 million, with Adjusted EBITDA margin expanding by 330 basis points to 13.6%.
DFIN's revenue mix is improving towards software solutions and tech-enabled services.
Adjusted EBITDA margin expanded for the third consecutive quarter.
Total debt decreased by $75 million compared to Q1 2019.
The company retracted its full-year 2020 financial guidance due to COVID-19 uncertainty.
The company is suspending its previously announced full-year 2020 financial guidance due to the unpredictability of the duration and magnitude of the impact of the COVID-19 pandemic.
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