ACCO Brands Corporation (ACCO) Misses Q1 EPS by 2c, Offers Q2 Guidance

ACCO Brands Corporation (NYSE: ACCO) reported Q1 EPS of $0.07, $0.02 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $393.9 million versus the consensus estimate of $395.58 million.

GUIDANCE:

ACCO Brands Corporation sees Q2 2020 EPS of $0.07-($0.05), versus the consensus of $0.34.

• "Currently, we have very limited visibility beyond the second quarter because of the uncertainties of the pandemic. Therefore, we will not be issuing a full year outlook for sales and adjusted earnings per share. We have greater visibility about our ability to generate cash and expect to generate over $100 million of free cash flow for the year with over $120 million in operating cash flow less $20 million in capital expenditures," Elisman continued.
• Although the company does not typically provide quarterly guidance, it is doing so for the second quarter with very broad ranges. The outlook for the second quarter is a sales decline in a range of 25 percent to 40 percent, and adjusted earnings per share in a range of $0.07 to ($0.05). The second quarter outlook includes an adverse foreign exchange impact of 3 percent on sales and negligible impact on adjusted EPS.
• "We remain confident in the long-term future of our company. We have an experienced leadership team and a resilient organization. That, combined with a strong balance sheet, good liquidity, and financial flexibility, will allow us to emerge stronger from these current challenges," Elisman concluded.

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

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