RR Donnelley Reports Sales Growth, Earnings Improvement
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Excluding the restructuring and impairment charges, the segment's non-GAAP operating margin increased to 9.6 percent in the fourth quarter of 2010 from 9.0 percent in the fourth quarter of 2009, due to lower incentive compensation expense, increased volume and a higher recovery on print-related by-products, which more than offset the impact of continued price erosion.
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