Quad Q3 net sales $675M (-4% YoY); adj. EBITDA $59M up from $57M; guides FY leverage to ~1.5x

Quad/Graphics, Inc.

2024-Q3 EPS reported -$1.17 revenue$1,963,800,000

Net loss of $25M ($0.52 loss per share) vs loss of $3M in Q3 2023 on higher impairment charges.
Adjusted diluted EPS of $0.26 vs $0.11 YoY; Adjusted EBITDA margin up 54bps to 8.7%.
Agreed to sell majority of European ops to Capmont for €41M (~$45M enterprise value); expects to close by year-end.
Updated FY2024 guidance: net sales decline ~9% (previous 5-9% decline); adj. EBITDA $215-235M; FCF $50-70M unchanged.
Year-end net debt leverage expected ~1.5x (down from ~1.8x); $690M bank debt amended to Oct 2029.

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