ACCO Brands Corporation (ACCO) Tops Q2 EPS by 12c
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ACCO Brands Corporation (NYSE: ACCO) reported Q2 EPS of $0.12, $0.12 better than the analyst estimate of $0.00. Revenue for the quarter came in at $367 million versus the consensus estimate of $351.87 million.
GUIDANCE:
ACCO Brands Corporation sees Q3 2020 EPS of $0.13-$0.19, versus the consensus of $0.16.
- "We have limited visibility beyond the third quarter because of the uncertainties of the pandemic. As a result, we will not be issuing a full year outlook for sales and adjusted earnings per share, but we are reiterating our outlook to generate more than $100 million of free cash flow for the year (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 third quarter. The outlook for the third quarter is a sales decline in a range of 15 percent to 20 percent, and adjusted earnings per share in a range of $0.13 to $0.19. The third quarter outlook includes an adverse foreign exchange impact of 1 percent to 2 percent on sales and ($0.01) impact on adjusted EPS.
- "Our near-term focus is to drive back-to-school sellout in North America, reduce costs and strengthen our position with growing channels and categories. Given our financial strength and our experienced management team, I am confident in our ability to emerge stronger in the post-COVID world," Elisman concluded.
For earnings history and earnings-related data on ACCO Brands Corporation (ACCO) click here.
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