Thursday February 14, 2019

ACCO Brands (ACCO)

A Tough Ending to a Difficult Year.

ACCO Brands
Corporation designs, manufactures, sources, markets, and sells office products,
academic supplies, and calendar products primarily in the United States,
Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through
three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands
International. 

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

• A Tough End to the Year. ACCO reported 4Q18 revenue of $529.3 million and adjusted net income of $42.9 million, or $0.41 per share, below our forecast of $558.1 million and $0.43, respectively, and consensus of $553 million and $0.43, respectively. For the full year, revenue came in at $1,941.2 million and adjusted EPS at $1.14.
• A Confluence of Events. 2018 top line was impacted by reduced sales to North American wholesalers, reduced calendar sales and lower Australia and Mexico sales, among others. Margins were negatively impacted by unfavorable product and cust…
  
  
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