Transcontinental shares declined after the company missed third-quarter earnings expectations and said it expects a flat full-year outlook amid shrinking traditional print volumes.

Shares were off by 2.2% to 5.13 Canadian dollars ($3.72), up from a low of C$4.86 earlier in the trading session. The stock has plunged 77% this year.

The commercial printing company on Wednesday said it expects lower volume this year, including in its book printing business, which just a year earlier experienced high growth.

The company also said that it expects adjusted operating earnings before depreciation and amortization from continuing operations to remain unchanged from the prior year.

In the third quarter, Transcontinental benefited from the sale of two real estate buildings, as well as from recent acquisitions. The company said that net earnings nearly tripled to C$36.9 million from C$13 million a year earlier. Adjusted earnings from continuing operations, which strips out exceptional items, were C$0.32 a share, missing forecasts of C$0.38 a share.

Transcontinental recently closed the sale of its packaging business, officially exiting packaging to refocus on printing, in-store marketing and education while using cash to pay down debt.