R.R. Donnelley & Sons Co. reported net sales for the first quarter ended March 31 totaled $2.5 billion, an 18.1% decrease from the first quarter of 2008.
The sales drop included a 3.5% negative impact from changes in foreign exchange rates and volume declines across substantially all product lines, as well as continued price pressure.
First quarter net earnings totaled $13.9 million, or 7 cents per diluted share, compared to net earnings totaling $182 million, or 85 cents per diluted share, in the first quarter of 2008.
In the first quarter, net sales for the U.S. Print and Related Services segment decreased 14.9% for a total of $1.9 billion. Net sales for the International segment decreased 27.5% for a total of $548.2 million.
In other news, RR Donnelley has signed multi-year agreements with Air Canada and healthcare firm Medbury Corp.
For Air Canada, the agreement extends an existing relationship and includes the management, production, warehousing, fulfillment and distribution of printed documents.
The $30 million contract renewal with Medbury covers Web-to-print solutions and manufacturing, warehousing and distribution of customized healthcare facility products.