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What: Shares of Quad/Graphics (Nasdaq: QUAD) have jumped by as much as 23% today after the company reported strong first-quarter earnings.

So what: Net sales in the quarter came in at $990 million, with adjusted earnings per share of $0.26. While those figures were decreases compared to a year ago, they came in much better than the $941.5 million in sales and $0.16 per share profit that the Street was looking for.

Now what: CEO Joel Quadracci said the company made progress on its efforts to reduce costs, lower debt, and realize synergies. The company also paid down $90 million in debt during the quarter, strengthening its balance sheet. Since the company's acquisition of Worldcolor in January 2010, Quad/Graphics has repaid $415 million in debt, bringing down its leverage ratio to 2.2, which is within its target range of 2.0-2.5.

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