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Why RR Donnelley & Sons Co (RRD) stock face negativity in the after-hours on Tuesday?

RR Donnelley & Sons Co (RRD) stock declined 10.83% in the after-hours on Tuesday, April 27, 2021. Earlier in the morning session, RRD shares gained 6.68% to close the session at $5.91 per share.

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RRD shares have soared 388.43% over the last 12 months, and they have moved up by 13.44% in the past week. Over the past three months, the stock has gained 143.21%, while over the past six months, it has surged 372.80%.


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Let’s try to figure out why it went into the negative mode in the after-hours trading on Tuesday.

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Financial results announcement

On April 27, 2021, RR Donnelley & Sons Co (RRD) announced its financial results for the first quarter of 2021 ended March 31, 2021.

Q1 2021 financial highlights

  • Q1 2021 net sales were $1.17 billion, compared to $1.22 billion in the first quarter of 2020.
  • Q1 2021 operating income was 25.1 million compared to operating income of $33.1 million in the first quarter of last year.
  • Non-GAAP adjusted earnings per share from continuing operations was $0.08 in the first quarter of 2021 compared to $0.27 in the first quarter of 2020.
  • Loss per share from continuing operations was $0.03 in the first quarter of 2021 compared to earnings per share of $0.10 reported in the first quarter of 2020. 

Improved liquidity rating

On April 22, 2021, Moody upgraded the RRD’s speculative grade liquidity rating to SGL-2 and also affirmed B2 corporate family rating (CFR). According to Moody, the outlook remains stable and the SGL rating upgrade reflects RRD’s maturity extension of its ABL facility resulting in improving RRD liquidity position.

Support for COVID-19 Testing

On April 21, 2021, RR Donnelley & Sons Co (RRD) said that it will do whatever the company can do in providing efficient COVID-19 testing to keep organizations across the country open and running. RRD announced a combination of strategic resources with supply chain and integrated communications for Covid-19 screening at a large scale.

Extending ABL credit facility

On April 19, 2021, R.R. Donnelley & Sons Company extended its senior secured asset-based revolving credit facility (ABL) to April 16, 2026, with Bank of America, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, and Wells Fargo Bank, National Association. The above-mentioned financial institutions are acting as joint lead arrangers and joint book-runners for the ABL Amendment.

Offering Senior Secured Notes

On April 13, 2021, R.R. Donnelley & Sons Company showed its intention to offer a $350 million aggregate principal amount of senior secured notes due 2026 subject to market conditions.

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Conclusion

The disappointing Q1 2021 financial results were the reason behind its flip in the after-hours on Tuesday. RRD stock can further go down in the coming days.

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