Friday, November 03, 2023
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, Managing Director, Equity Research Analyst, Generalist , 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.
A Mixed Bag. ACCO’s 3Q23 results were a mixed bag. Global macroeconomic weakness, softer technology accessories product demand, and a stronger U.S. dollar negatively impacted 3Q23 top line. But gross margin improved by 400 basis points, reflecting the continued recovery of margin from pricing actions, as well as cost savings from the Company’s restructuring and footprint rationalization efforts.
3Q23 Results. Net sales for the quarter declined 7.7% to $448.0 million from $485.6 million last year. We had estimated sales of $475 million. Comparable sales fell 9.9%. Net income was $14.9 million, or $0.15 per share, compared to a net loss of $68.7 million, or $0.73, last year. Last year was impacted by a goodwill impairment charge, partially offset by higher restructuring and income tax expense in the current year. Adjusted net income was $23.1 million, or $0.24, compared to $24.1 million, or $0.25, last year.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
