ACCO Brands Corporation (ACCO) Misses Q3 EPS by 1c, Revenues Miss; Lowers FY18 EPS Outlook Below Consensus

ACCO Brands Corporation (NYSE: ACCO) reported Q3 EPS of $0.34, $0.01 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $507.3 million versus the consensus estimate of $532.79 million.

"Our third quarter results demonstrated momentum in markets outside of the U.S., but continued headwinds from the ongoing commercial customer consolidation in the U.S.," said Boris Elisman, Chairman, President and Chief Executive Officer of ACCO Brands. "We are very pleased with our accelerated sales and profit growth in EMEA, as well as profit growth and improving sales trends in International. We had a good back-to-school season in North America with sell-through to end consumers up approximately 2% in the U.S., but much lower-than-expected sales to wholesalers amid U.S. commercial channel consolidation. We are taking pricing and cost reduction actions to offset near-term headwinds in the U.S. Our cash flow remains strong and we will continue to profitably manage the channel transition in the U.S. while investing in faster growing geographies, channels and product categories to accelerate our ability to grow."

GUIDANCE:

ACCO Brands Corporation sees FY2018 EPS of $1.15-$1.33, versus the consensus of $1.34.

For earnings history and earnings-related data on ACCO Brands Corporation (ACCO) click here.

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