Quad/Graphics, Inc. reported a decline in financial performance for the fiscal year ended December 31, 2024, with total net sales of $2.67 billion, a decrease of 9.7% from $2.96 billion in 2023. The company's operating income fell to $19.2 million, down from $25.7 million the previous year, resulting in an operating margin of 0.7%. The net loss for the year was $50.9 million, compared to a loss of $55.4 million in 2023, translating to a diluted loss per share of $1.07, slightly improved from $1.14 in the prior year.
The decrease in revenue was attributed to a significant drop in product sales, which fell by 10.1% to $2.1 billion, primarily due to reduced print volumes and a shift towards lower-priced print products. Service sales also declined by 8.1% to $573 million, driven by lower marketing and medical services. In response to these challenges, Quad implemented cost-saving measures, resulting in a 12.5% reduction in the cost of product sales, which helped mitigate some of the revenue losses.
Strategically, Quad has been focusing on its transformation into a marketing experience (MX) company, which includes the integration of marketing services and technology solutions. The company has expanded its capabilities through the acquisition of DART Innovation, enhancing its in-store digital media solutions. As of December 31, 2024, Quad operated 86 facilities across 14 countries, serving approximately 2,500 clients, with its largest clients averaging over 24 years of partnership. The company also reported a reduction in its employee headcount to approximately 12,200 full-time equivalents.
Looking ahead, Quad anticipates continued challenges from macroeconomic conditions, including inflation and rising interest rates, which may impact demand for its services. The company is committed to maintaining its competitive position through ongoing investments in technology and operational efficiencies. Quad's management believes that its integrated marketing platform will enable it to navigate these challenges effectively and drive future growth.
About Quad/Graphics, Inc.
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