RR Donnelley’s Net Earnings Cut in Half as Net Sales Slump

Net sales for the International segment of $655.4 million decreased 6.9 percent from the third quarter of 2011, inclusive of a 453 basis point unfavorable impact from changes in foreign exchange rates. The balance of the change in net sales was driven by timing shifts in Latin America, volume declines in Europe and pricing pressure across the segment, partially offset by volume increases in Asia, Global Turnkey Solutions and Business Process Outsourcing and higher pass-through paper sales.