CHICAGO—Printing services provider R.R. Donnelley & Sons Co. said Tuesday its first-quarter profit rose 31 percent, helped by a large tax benefit.
Net income rose to $182.5 million, or 85 cents per share, from $138.8 million, or 63 cents per share, in the prior year.
Excluding restructuring and impairment charges, earnings from continuing operations grew to $148.5 million, or 69 cents per share, from $145.9 million, or 66 cents per share, to meet the expectations of analysts polled by Thomson Financial.
The company's tax rate decreased to 16.3 percent from 32.8 percent a year ago, mainly reflecting a $38 million gain on the settlement of certain federal income tax audits for the years 2000 through 2002.
Revenue climbed 8 percent to $3 billion from $2.79 billion on contributions from acquisitions and the favorable impact of the weaker dollar on international revenue.
