secwatch.observer — SEC 8-K summary
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Issuer:     Quad/Graphics, Inc. (QUAD)
CIK:        0001481792
Form:       8-K
Filed at:   2021-08-03T23:59:59+00:00
Accession:  0001481792-21-000027
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Quad/Graphics Q2 2021: net sales $694M (+19% YoY), swings to profit; raises outlook
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- Net sales $694M, up 19% YoY; net earnings $34M ($0.66 diluted EPS) vs loss of $15M in Q2 2020.
- Adjusted EBITDA $60M flat YoY, absorbing ~$30M in 2020 temporary cost savings.
- Reduced net debt by $120M YTD to $753M; debt leverage ratio improved to 3.0x from 3.35x.
- Raises 2021 outlook: net sales +1-3%, Adj. EBITDA $240-260M, leverage ~2.75x.
- Sold QuadExpress 3PL business for $40M (over 8x EBITDA multiple).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1481792/000148179221000027/0001481792-21-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1481792/000148179221000027/quad-20210803.htm
  HTML page:      https://secwatch.observer/filing/0001481792-21-000027

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer