Tuesday, November 08, 2022
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, 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.
3Q 2022 Results. Net sales totaled $485.6 million, a decline of 7.8% over last year’s $526.7 million, with comparable sales falling 2.1%. We had estimated revenue of $484.0 million. Net loss was at $68.7 million, or ($0.73) compared to net income of $20.2 million, or $0.21 per share. Adjusted EPS was $0.25 versus $0.33 last year. We had estimated net income of $24.6 million, or $0.18 per share, and adjusted EPS of $0.26. Results were in-line with the October 13th revised guidance.
Revenue Segments. North America sales decreased 10.0% to $257.2 million from last year’s $287.5 million. Adjusted operating income decreased to $25.8 million from $41.6 million. EMEA comparable sales decreased 4.1% to $154.4 million, with adjusted operating income of $7.4 million, down from $17.3 million last year. International comp sales rose to $102.6 million from $78.1 million, or 31.4%, with adjusted operating income of $19.2 million from $9.8 million.
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.