Wednesday, February 16, 2022
ACCO Brands (ACCO)
Record 4Q21 Revenue; Expecting Additional Growth in 2022
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.
4Q21 Operating Results. ACCO reported record 4Q21 revenue of $570.3 million, up 24.0% and up 8.4% on a comparable basis, with all segments posting growth. Consensus was $561 million and we had forecast $545 million. Adjusted EPS was $0.54, compared to $0.39 last year. We had forecast adjusted EPS of $0.50 and consensus was $0.48.
Segments. NA sales up 47% to $271 million, with comp sales up 13% in the quarter. Adjusted operating income rose 99% to $42 million. EMEA sales of $188 million, up 9% with comp sales up 5%. Adjusted operating income down 15% to $25 million due to higher logistics and commodity costs. International sales rose 7% to $11 million and were up 6% on a comp basis. Adjusted operating income rose 72% to $23 …
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.