R.R. Donnelley & Sons Co., Chicago, saw its second-quarter earnings fall because of restructuring charges and soft demand, the company said yesterday.
The company, which prints magazines, catalogs and phone directories, also said 2003 earnings probably would be at the lower end of its forecast.
R.R. Donnelley reported net income of $19.4 million, which includes a $3 million after-tax restructuring charge, compared with $23.8 million for the year-earlier period. Net sales fell to $1.14 billion from $1.15 billion.
"We are still operating in challenging markets, but we're lean operationally and we're winning market share, both of which bode well for the future," William L. Davis, chairman, president and CEO of R.R. Donnelley, said in a statement.
The company said its guidance continues to incorporate the "weak print demand and pricing environment, largely offset by its cost reduction and productivity efforts."
Last month, Davis announced his retirement from the company as soon as a successor is chosen.