Quad/Graphics, Inc. revised unaudited preliminary earnings guidance for the year ending December 31, 2015. The company expects preliminary net sales for full-year 2015 to be approximately $4.65 billion and adjusted EBITDA to be at least $460 million, representing an approximate 10% adjusted EBITDA margin. The preliminary full-year adjusted EBITDA results are at least $10 million greater than the high end of the previous guidance range of $430 million to $450 million, primarily as a result of cost productivity improvements and earlier than expected impacts from the company's previously announced $100 million cost reduction program. Preliminary free cash flow is expected to be approximately $210 million for full-year 2015, and is $30 million greater than the high end of the previous guidance range of $165 million to $180 million. Free cash flow increased $56 million or 36% over the prior year due to sustainable improvements in the cash conversion process primarily impacting working capital.

The company provided the following 2016 preliminary financial guidance: Net sales of $4.4 billion to $4.6 billion; adjusted EBITDA of $420 million to $460 million; Adjusted EBITDA margin of approximately 10% at the midpoint of guidance and flat with the expected 2015 margin; Free cash flow of $190 million to $230 million, flat with 2015 at the $210 million midpoint of guidance.