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Quad/Graphics plans to close plants, cut $100M in costs

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“Our third quarter financial performance was challenging and below our expectations,” Joel Quadracci, CEO of the commercial printing firm, said in a statement.

Quadracci said the company would move swiftly to slice costs and bring them in line with sales.

Quad did not say how many jobs it might cut, or identify any plants for closing. However, spokeswoman Claire Ho suggested that the firm’s operations in Wisconsin, where it employs 7,000 people at 14 facilities, are not high on the target list for closures.

Quad continues to move work to its most efficient printing and distribution plants, and the Wisconsin operations are “among the most efficient platforms in the entire printing industry,” Ho said in an email. She said Quad is still hiring in Wisconsin.

The company, the biggest printer of magazines and catalogs in North America, operates 57 printing plants in the U.S. and another eight outside the country. It employs 24,000 people worldwide.

However, like other printers, it has seen demand dampened by the rise of the Internet and digital technologies such as iPads and other tablets.

In its annual report filed with securities regulators last March, Quad noted that prices for printing had “declined significantly in recent years.”

Tuesday, Quadracci said in his statement that pricing pressure accelerated during the three months that ended Sept. 30, while Quad’s manufacturing productivity declined.

The firm’s sales for the three months ended Sept. 30 totaled $1.16 billion, down 6.5% from the $1.24 billion in third-quarter 2014 revenue.

The company booked a loss of $552.2 million, or $11.50 a share, in the quarter. But that stemmed almost entirely from a $532.6 million non-cash, after-tax charge Quad recorded for “goodwill impairment” triggered by the decline in the firm’s stock price.

Before Tuesday’s announcement, Quad’s stock closed at $13.10, down 18 cents.

The company went public in July 2010 at $49. Its shares traded above $40 for almost a year, then plunged. They rebounded above $30 in 2013, but have trended downward for the last two years.

The slide in the stock notwithstanding, Quad generates enough cash to pay a hefty dividend — at least at the prices of the last two years. The current dividend of $1.20 a year amounts to roughly 9% of Tuesday’s closing price.

Quad on Tuesday declared another 30-cent quarterly dividend.

The company also reduced its 2015 revenue estimates by about $200 million. Previously, Quad had estimated sales of $4.8 billion to $4.9 billion for the year. The firm now expects $4.6 billion to $4.7 billion in revenue.

Since 2009, Quad has more than doubled its revenue, in large measure through acquisitions.

Quadracci may disclose details of the company’s cutback plans this morning during a conference call with analysts.

About Rick Romell

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Rick Romell covers retail and general business news.

Quad/Graphics is an American printing company, based in Sussex, Wisconsin. It was founded on July 13, 1971, by Harry V. Quadracci, son of Harry R. Quadracci.
Headquarters: Sussex, WI
Company Website: qg.com
CEO: Joel Quadracci
Founded: 1971
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Serving Those Who Have Served Our Country

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United Veterans Partnership

MAKING CONNECTIONS, ONE VETERANS AT A TIME!

United Veterans Partnership, Inc. (UVP) is a non-profit 501(c)(3) community development organization that works with our partners to build more sustainable communities where veterans and their families live, work, play and pray.

The UVP works closely with our partners to deliver programs that connect veterans to better housing and employment opportunities, financial literacy, business development resources and improved access healthcare and healthy food options.

At the end of the day, our success isn’t measured by the number of awards we get or the money we have raised but, rather, by the number of veterans who are living a better quality of life because of a connection that we made.


The Mission of the United Veterans Partnership is to “Help Veterans Build Sustainable Communities.”

For two years, the United Veterans Partnership (UVP) has listened to, communicated with and learned from veterans and other members of the community that the most pressing need is employment and business opportunities after their service to our country has ended. UVP is our answer to helping Veterans find the opportunities need to continue to be successful in the next chapter of their lives.

We are dedicated to helping veterans build communities through outreach programs and leadership development that focus on obtaining gainful employment, financial education, housing, entrepreneurial opportunities in business.

To do this the UVP has focused on striving to meet five goals to help meet the needs of returning veterans and the communities in which they live:

Jobs/Jobs Training: Develop a comprehensive Accelerated Job Training Program to reduce the jobless rate among veterans and partner with local companies to keep veterans employed long after their military obligation has ended.
Connecting the Veteran Workforce to Opportunities: Build stronger linkages between businesses and the central city workforce of veterans through partnerships with the Department of Veteran Affairs and other organizations that share the same goals of helping veterans achieve their goals.

Greater Veteran Involvement in Economic Development: Increase the participation of veterans of veterans with assistance from the UVP on local and regional planning and project development efforts.

Community Development: Deepen thee impact of Veterans on the development of the community, including but not limited to; housing and housing development, economic development, financial education and training, and community leadership opportunities.
Entrepreneurship/Small Business Development: Foster greater entrepreneurship in the community by guiding veterans on the creation and expansion of Veteran owned businesses and franchises.


Source: Our Mission

Here’s How Many Jobs U.S. Companies Cut In September

The computer industry was hit hard.

Last month saw a surge in layoffs, primarily due to large-scale employee cuts at companies like Hewlett-Packard.

U.S. companies laid off 58,877 workers in September, according to data released Thursday by Challenger, Gray & Christmas. September layoffs are up 43% from August when about 41,000 workers were let go.

In total, employers have announced 493,431 planned layoffs so far this year, a 36% jump over the same period last year and 2% more than the 2014 total.

“Job cuts have already surpassed last year’s total and are on track to end the year as the highest annual total since 2009, when nearly 1.3 million layoffs were announced at the tail-end of the recession,” said John A. Challenger, CEO of Challenger, Gray & Christmas.

The computer industry accounted for the heaviest job cuts in September primarily driven by Hewlett-Packard, which said it would cut 30,000 jobs. The job losses, which were announced in mid-September by CEO Meg Whitman, should save the company $2.7 billion annually and represented about 10% of the company’s workforce, HP said.

Source: Here’s How Many Jobs U.S. Companies Cut In September

7 Interview Questions to Help You Assess Emotional Intelligence

“Look for a team player who brings something positive to the company”

Emotional intelligence is the ability to recognize one’s own and other people’s emotions, to discriminate between different feelings and label them appropriately, and to use emotional information to guide thinking and behavior.

TIME

Determining who you hire for a job plays a big part in forming your company’s culture and ensuring its future success. Selecting informative interview questions can be a key factor in finding the right employees — as well as weeding out the ones that won’t fit. A candidate’s answers can be telling.

While different companies embody various values and cultures, success in the workplace is strongly influenced by a person’s emotional intelligence, a quality that should be a non-negotiable when vetting job candidates, says Mariah DeLeon, vice-president of people at workplace ratings and review site Glassdoor.

Here are seven interview questions that can draw revealing answers from the job candidates you interview — and get you on your way to finding employees with stellar emotional intelligence.

1. Who inspires you and why?

The job candidate’s answer often gives the interviewer a peek into who the interviewee models…

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Intel offers bigger finder’s fee for female, minority and veteran referrals

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“While we have made progress on our goals over time, we are not content and will continue to take bold actions to grow and develop our diverse talent,” notes Intel CEO Brian Krzanich

Fortune

Intel just made a notable change to its employee referral bonus policy. Refer a candidate who doesn’t look like the majority of its current workforce—predominantly white and predominantly male—and they’ll get more money.

The giant chipmaker will pay up to $4,000 if a candidate is a qualified woman, veteran or minority, according to a plan detailed by the Wall Street Journal.

An Intel spokeswoman confirmed that an employee referral program exists, but didn’t share specifics. Here’s the company’s official statement:

Intel is committed to increase the diversity of our workforce. We are currently offering our employees an additional incentive to help us attract diverse qualified candidates in a competitive environment for talent. This is not the first time we have offered employees referral incentives for diverse candidates, and it’s a commonly used recruitment tool for businesses. Today, it’s one of many programs we are deploying to attract talented women…

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