Business News
RR Donnelley Pre-Releases Expected Second-Quarter 2008 Earnings and Reaffirms Full-Year 2008 Guidance
Wednesday 16. July 2008 - R.R. Donnelley & Sons Company (NYSE:RRD): -- Expects second-quarter 2008 GAAP earnings per diluted share from continuing operations of at least $0.67
R.R. Donnelley & Sons Company (NYSE:RRD):
— Expects second-quarter 2008 GAAP earnings per diluted share
from continuing operations of at least $0.67
— Expects second-quarter 2008 non-GAAP earnings per diluted
share from continuing operations of at least $0.72
— Reaffirms full-year 2008 non-GAAP earnings per diluted share
from continuing operations guidance of $3.08 to $3.15
— Will release second-quarter 2008 results on August 6 before
the market opens and host a conference call at 10:00 am
eastern time on the same day
R.R. Donnelley & Sons Company (NYSE:RRD) announced today that it expects its second-quarter 2008 earnings per diluted share from continuing operations to be at least $0.67 on a GAAP basis and, excluding restructuring and impairment charges (net of tax), to be at least $0.72 on a non-GAAP basis, on an average fully diluted share base of approximately 213 million in the quarter. Second-quarter 2008 revenue is expected to be approximately $2.9 billion while the tax rate (GAAP and non-GAAP) is expected to be approximately 34%. In addition, the Company reaffirmed its full-year 2008 non-GAAP earnings per diluted share from continuing operations guidance of $3.08 to $3.15.
“We are pleased with our expected second-quarter results in the context of challenging global economic conditions,” said Thomas J. Quinlan III, RR Donnelley’s President and Chief Executive Officer. “We continue to benefit from the scale of our platform, the breadth of our product and service offerings, the diverse range of customers we serve, and our focus on cost compression. We look forward to speaking with you on August 6 when we report our final second-quarter financial results.”
In the second quarter of 2008, non-GAAP net earnings from continuing operations exclude restructuring and impairment charges (net of tax). A reconciliation of GAAP net earnings per fully diluted share to non-GAAP net earnings per fully diluted share for these adjustments is presented in the attached table. For the full year of 2008, GAAP net earnings per diluted share from continuing operations may include restructuring and impairment charges, the resolution of certain tax items and other items that are not currently determinable, but may be significant. For that reason, the company is unable to provide full-year GAAP net earnings estimates at this time.
The company believes that non-GAAP earnings per diluted share is useful because that information is an appropriate measure for evaluating the company’s operating performance. Internally, the company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. This measure should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.