Friday, May 02, 2025
ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid 1Q25. In the historically smallest quarter, ACCO reported revenue in-line with guidance while exceeding adjusted EPS guidance during the quarter. However, increased market uncertainties driven by global trade dynamics is resulting in limited visibility beyond 2Q25. Management’s strategic management of its supplier base and ability to accelerate supply chain moves should lessen the impact of tariffs.
1Q25 Results. Revenue of $317.4 million was within management’s $315-$325 million guidance. We were at $315 million. Revenue was down 11.6% y-o-y, with comp sales off 8.3%. Adverse forex reduced revenue by 3.3%. The revenue decline was driven by softer global demand for certain office products and gaming accessories, partially offset by growth in computer accessories. Gross margin improved 60bp y-o-y to 31.4%.
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