Revenues grew 8.9% to $2.6bn (£1.6bn), missing analysts predictions of around $2.7bn. Second quarter turnover was helped by foreign exchange rates to the tune of $46m and included revenues from the acquisition of Bowne & Co, without which sales grew pro forma at just 0.3%.

A series of pre-tax charges totalling $145.2m slashed net earnings to $12.2m, down 86% from $88.8m in Q2 2010, causing a share price slide that wiped 14% off the market value to $15.66.

The stock price later picked up to close at $16.50, down over 9% on the previous day's closing position.

Exceptional charges included restructuring and impairment charges as well as acquisition expenses of $76.6m, which resulted in a drop in operating earnings, from $175.3m in Q2 2010 to $116.1m for this year, while operating margin went from 7.3% to 4.4%.

The company said it was struggling to maintain margins as exchange rates, its paper dealings, lower volumes, continued pricing pressure and costs for pension and benefits-related expenses reversed its efforts to boost productivity.

President and chief executive Thomas Quinlan said that the company had "felt the economic challenges during the second quarter" but added that customer demand was returning.

"We begin the second half of the year with renewed optimism," he added.