Quad/Graphics' Full-Year Results In-Line with Expectations; Strong Free Cash Flow Predicted for 2015

Outlook
Honan provided the following 2015 guidance:

• Net sales between $4.8 billion to $5.0 billion;
• Adjusted EBITDA between $500 million and $540 million; and
• Free Cash Flow between $180 million and $200 million.

"Our Free Cash Flow guidance represents a 23 percent increase over 2014, based on delivering $190 million of Free Cash Flow at the midpoint of our 2015 guidance," Honan added. "Our strong Free Cash Flow, combined with ample available borrowing capacity, provides us with the capital we need to continue transforming our business along with the industry. As always, we will continue our focus on improving our productivity and driving sustainable cost-reduction initiatives to remain one of the industry’s low-cost producers. Moreover, we remain focused on maintaining a strong and flexible balance sheet that will allow us to invest in our business, pursue compelling value- and growth-oriented acquisition opportunities and return capital to our shareholders while also creating long-term value."