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Mar 31, 2023
Quad Q1 2023 Earnings Report
Quad experienced growth, achieving eight consecutive quarters of year-over-year growth with net sales increasing by 3%.
Key Takeaways
Quad reported a 3% increase in net sales for Q1 2023, driven by higher print product sales in the United States and Mexico, and increased Agency Solutions sales. The company's adjusted diluted earnings per share increased to $0.15, and they reaffirmed their full-year 2023 financial guidance.
Net Sales increased 3% due to higher print product sales in the United States and Mexico, and increased Agency Solutions sales.
Adjusted EBITDA grew by $11 million, or 24%, to $60 million.
Adjusted Diluted Earnings Per Share increased to $0.15 compared to $0.04 in the same quarter last year.
The company returned value to shareholders by repurchasing over 5% of total outstanding common stock since Q2 2022 for $10.3 million.
Revenue by Segment
Forward Guidance
Quad reaffirms its full-year 2023 financial guidance, expecting to achieve the low end of its long-term targeted debt leverage range of 2.0x-2.5x by the end of 2023.
Positive Outlook
- The company anticipates continued momentum from clients embracing integrated marketing offerings.
- Disciplined cost management is expected to contribute to financial performance.
- Quad aims to prioritize investing in growth.
- The company intends to opportunistically repurchase shares.
- Quad plans to reduce debt.
Challenges Ahead
- Lower anticipated print volumes are expected during the remainder of the year.
- There is continued economic uncertainty.
- Annual Net Sales Change is expected to be 0% to 5% decline.
- Full-Year Adjusted EBITDA is expected to be $210 million to $250 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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