NYSE$DFIN
Donnelley Financial Solutions Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Donnelley Financial Solutions reported first-quarter 2021 results with revenue up 11.1% and Adjusted EBITDA up 136.2% compared to the first quarter of 2020.
Donnelley Financial Solutions (DFIN) reported a strong first quarter in 2021, with significant growth in net sales and Adjusted EBITDA. Net sales increased by 11.1% to $245.3 million, driven by strength in capital markets and software solutions. Adjusted EBITDA saw a substantial increase of 136.2% to $71.1 million, with the Adjusted EBITDA margin more than doubling to 29.0%.
- Net sales increased by 11.1% compared to Q1 2020, reaching $245.3 million.
- Software solutions net sales grew by 27.5% year-over-year, accounting for 24.6% of total net sales.
- Adjusted EBITDA increased by 136.2% compared to Q1 2020, reaching $71.1 million.
- Adjusted EBITDA margin more than doubled, reaching 29.0%.
Headline financials
Revenue & EPS history
Donnelley Financial Solutions · Revenue · Quarterly
$245M
Revenue by segment
Donnelley Financial Solutions · $245M total across 3 segments · Q1 2021
- Tech-enabled Services$119M+44.7%48.3%
- Print and Distribution$66.5M-27.3%27.1%
- Software Solutions$60.3M+27.5%24.6%
Forward guidance
The company anticipates the momentum in equity capital markets will continue into the second quarter and reaffirms estimates for print-related net sales reduction of approximately $130 million to $140 million, a net earnings reduction of approximately $4 million to $7 million, and an Adjusted EBITDA reduction of approximately $5 million to $10 million for 2021.
Tailwinds
- Momentum in equity capital markets is expected to continue into Q2 2021.
- Company is well-positioned to benefit from market leadership.
- Company remains focused on investing in software products.
- Company aims to grow software solutions sales.
- Company is focused on the "44 in '24" strategy to create shareholder value.
Headwinds
- SEC Rule 30e-3 is expected to reduce print-related 2021 net sales by approximately $130 million to $140 million.
- Associated reduction in net earnings is expected to be approximately $4 million to $7 million in 2021.
- Associated reduction in Adjusted EBITDA is expected to be approximately $5 million to $10 million in 2021.
- SEC Rule 498A is expected to reduce print-related 2021 net sales.
- Exiting certain printing and distribution relationships is expected to reduce print-related 2021 net sales.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
-2.6%
Avg return
Earnings day
-2.8%
Avg return
5 days after
-2.8%
Avg return
30 days after
40%
17 / 42 earnings
Positive
+25.5%
Q2 2022
Best reaction
-22.6%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.6% | -15.0% | -23.6% | |
| Q4 2025 | +12.3% | +21.2% | +20.0% | |
| Q3 2025 | -14.3% | -10.3% | -5.1% | |
| Q1 2025 | +3.9% | +11.6% | +17.4% | |
| Q4 2024 | -22.6% | -26.3% | -32.5% | |
| Q3 2024 | -11.6% | -9.5% | -5.7% | |
| Q2 2024 | -7.0% | -12.7% | -4.0% | |
| Q1 2024 | -0.6% | +0.6% | -2.9% | |
| Q4 2023 | +3.2% | +3.9% | +1.4% | |
| Q3 2023 | +1.8% | +1.3% | +6.9% | |
| Q2 2023 | +1.0% | +2.3% | +6.2% | |
| Q1 2023 | +1.6% | +1.7% | +8.9% | |
| Q4 2022 | -14.6% | -13.5% | -22.0% | |
| Q3 2022 | -18.9% | -16.9% | -8.9% | |
| Q2 2022 | +25.5% | +26.9% | +17.0% | |
| Q1 2022 | -14.6% | -12.2% | +0.4% | |
| Q4 2021 | -3.9% | +0.5% | +3.3% | |
| Q3 2021 | +15.4% | +23.0% | +12.5% | |
| Q2 2021 | +10.4% | +6.4% | +5.3% | |
| Q1 2021 | -16.4% | -14.2% | +1.1% | |
| Q4 2020 | +14.4% | +24.3% | +20.9% | |
| Q3 2020 | +2.6% | -0.1% | +22.4% | |
| Q2 2020 | +23.1% | +17.5% | +9.9% | |
| Q1 2020 | +13.1% | +0.3% | +35.6% | |
| Q4 2019 | +1.4% | +6.9% | -37.3% | |
| Q3 2019 | -16.4% | -14.1% | -10.4% | |
| Q2 2019 | -1.0% | -11.3% | -22.0% | |
| Q1 2019 | +6.4% | +2.1% | -18.3% | |
| Q4 2018 | -12.0% | -10.7% | -7.8% | |
| Q3 2018 | +6.9% | +7.3% | +1.1% | |
| Q2 2018 | -10.4% | -11.8% | +0.8% | |
| Q1 2018 | -7.3% | -7.8% | -17.8% | |
| Q4 2017 | -15.4% | -10.1% | -14.2% | |
| Q3 2017 | -8.2% | -12.6% | -4.5% | |
| Q2 2017 | -5.9% | -9.7% | -7.7% | |
| Q1 2016 | -2.2% | -1.4% | +2.6% | |
| Q1 2017 | +3.6% | -0.9% | +15.7% | |
| Q2 2016 | -13.9% | -18.4% | -25.9% | |
| Q4 2016 | -13.9% | -18.4% | -25.9% | |
| Q4 2014 | -13.9% | -18.4% | -25.9% | |
| Q4 2015 | -5.5% | -0.7% | -2.0% | |
| Q3 2016 | -5.5% | -0.7% | -2.0% | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — |
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