RR Donnelley & Sons Reports 30% Drop In Q1 Net Profit, Announces $1 billion Share Buyback Program

R.R. Donnelley & Sons Co RRD reported a 30% decline in its first-quarter net profit. The company also announced a $1 billion share repurchase program. The company's quarterly profit declined to $34.3 million, or $0.16 per share, from $48.7 million, or $0.25 per share, in the year-earlier period. The company's adjusted earnings per share came in at $0.33 per share. The company's revenue increased 4.4% to $2.27 billion. However, analysts were expecting adjusted earnings of $0.37 per share on revenue of $2.58 billion. The group named Daniel Leib as its new chief financial officer. RRD shares fell 0.10% to close at $19.14 yesterday. Read more from Benzinga's Company news.