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Oct 24, 2001 12:00 AM
R.R. Donnelley & Sons Co. (Chicago) reported its Q3 earnings before restructuring charges and one-time items of $0.46 per share, versus $0.69 per share in Q3 2000. Net income was $54.3 million, compared with $84.4 million a year ago. After restructuring and impairment charges, net income for the quarter was $42 million, and revenues were $1.3 billion, down 10.1 percent from Q3 2000.
The company’s performance in July and August offset the weakness of the last three weeks of September, enabling the printer to meet its internal operations. Although many of R.R. Donnelley’s businesses were affected by the weak economy, the largest impact was felt by its commercial print operations, which produce magazines, catalogs and advertising inserts, and R.R. Donnelley Financial, which is being affected by a slowdown in capital markets activity.
As a result, the company has adjusted its expectations for 2001 earnings per share to range between $1.45 and $1.55 before restructuring and impairment charges, and one-time items.