ACCO Brands (ACCO) – 3Q Release Highlights; Raises Dividend by 15.4%

Retail and Consumer
0 min read

Wednesday, October 27, 2021

ACCO Brands (ACCO)
3Q Release Highlights; Raises Dividend by 15.4%

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. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    3Q21 Operating Results. ACCO reported strong 3Q21 results, with organic sales growth across all segments. Revenue increased 18.6% to $526.7 million. Consensus was $532 million and we had forecast $525 million. Adjusted EPS was $0.33, compared to $0.25 last year. We had forecast adjusted EPS of $0.36 and consensus was $0.35. Adjusted EPS was negatively impacted $0.03 per share by higher taxes.

    Segments.  N.A. sales were up 20.5%, with comp sales up 0.8%. PowerA, back-to-school, and commercial product sales all contributed. EMEA sales were up 18.1%, with comp sales up 10.3%. Higher demand and market share gains were the drivers. International sales were up 12.9% with comp sales up 4.7% due to higher demand and improved pricing. ACCO continues to raise prices to offset higher logistics and …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 


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