- Reported net sales of $359 million, with gross margin expanding
120 basis points
- On track to deliver over $20 million in cost savings from our
multi-year cost savings program
- Net operating cash flow improved $51 million, generated free
cash flow of $26 million
- Consolidated net leverage ratio of 3.5x at quarter-end
- Loss per share of $(0.07); adjusted EPS of $0.03, in line with
the Company's outlook
ACCO Brands Corporation (NYSE: ACCO) today reported financial
results for the first quarter ended March 31, 2024.
"Our first quarter results demonstrate our commitment to
improving profitability and cash flow generation as we work to
overcome persistent consumer and business spending weakness. We
generated higher free cash flow year over year, which allowed us to
end the quarter with a leverage ratio of 3.5 times, which was a
significant improvement over the prior year. I am proud of our
team's execution as we implemented our global restructuring and
cost savings initiatives, which are already yielding benefits,"
stated ACCO Brands' President and Chief Executive Officer, Tom
Tedford.
"We continue to invest in new product development, innovation,
and other growth initiatives, while generating strong free cash
flow and reducing our debt levels. Looking ahead, we remain focused
on streamlining our operations and refining our strategy to enhance
business performance and create long-term shareholder value. "
concluded Mr. Tedford.
First Quarter Results
Net sales were $358.9 million a 10.9 percent decline from $402.6
million in 2023. Favorable foreign exchange increased sales by $1.7
million, or 0.4 percent. Comparable sales decreased 11.3 percent.
Both reported and comparable sales declines reflect softer global
consumer and business demand for our office products and computer
accessories, and from the exit of lower margin business.
Operating income was $5.9 million compared to $10.1 million in
2023. We incurred higher restructuring charges of $3.3 million in
2023 associated with our cost reduction and footprint
rationalization programs primarily in Europe. Adjusted operating
income was $16.2 million down from $24.3 million in 2023. Both
reported and adjusted operating income declines reflect lower sales
volumes, which more than offset moderating input costs and the
cumulative effect of cost reduction initiatives and price
increases.
Net loss was $6.3 million, or $(0.07) per share, compared with a
net loss of $3.7 million, or $(0.04) per share, in 2023. Adjusted
net income was $2.7 million compared with $8.5 million in 2023, and
adjusted earnings per share were $0.03 per share compared with
$0.09 per share in 2023.
Capital Allocation and Dividend
For the quarter, the Company significantly improved its
operating cash flow to $28.2 million versus an outflow of $23.2
million in the prior year, driven primarily by working capital.
Free cash flow was $25.9 million versus an outflow of $25.2 million
in 2023. The Company's consolidated leverage ratio as of March 31,
2024, was 3.5x, versus 4.3x at the end of Q1 of the prior year.
On April 26, 2024, ACCO Brands announced that its board of
directors declared a regular quarterly cash dividend of $0.075 per
share. The dividend will be paid on June 12, 2024, to stockholders
of record at the close of business on May 17, 2024.
Business Segment Results
ACCO Brands Americas – First quarter segment net sales of $197.2
million decreased 14.3 percent from $230.0 million in the prior
year, and comparable sales declined 15.3 percent. Both reported and
comparable sales decreases reflect softer consumer and business
demand, particularly for our office products and computer
accessories, and from the exit of lower margin business. In Brazil,
end of season for back-to-school sales were weaker than the prior
year.
First quarter operating income was $6.1 million versus $12.3
million a year earlier. Adjusted operating income was $12.3
million, down from $18.7 million in the prior year. Both reported
and adjusted operating income declines reflect lower volume and
negative fixed cost leverage, partly offset by moderating input
costs, cost reduction initiatives and lower SG&A expense.
ACCO Brands International – First quarter segment net sales of
$161.7 million decreased 6.3 percent from $172.6 million in the
prior year. Favorable foreign exchange increased sales by 0.4
percent. Comparable sales were $162.4 million, down 5.9 percent
versus the prior year. Both reported and comparable sales decreases
reflect reduced consumer and business demand for our office and
computer accessories categories, partially mitigated by the benefit
of price increases.
First quarter operating income was $12.8 million, an increase
from $9.7 million in the prior year, primarily due to lower
restructuring expense. Adjusted operating income of $16.9 million
decreased from $17.5 million in the prior year. The decline in
adjusted operating income was due to the lower sales volume, which
more than offset moderating input costs and the cumulative benefit
of pricing and cost actions.
Updated Full Year 2024 and Second Quarter Outlook
"With a demand environment for our categories that is slower to
recover than anticipated, we have prudently tempered our full year
2024 outlook. We previously announced a multi-year, $60 million
cost reduction program, with $20 million expected to be realized in
2024, with further cost savings initiatives under consideration. I
am confident that we are taking the appropriate actions to maintain
our gross margins, reset our cost structure and generate strong
cash flows, while investing in product development and other
important growth initiatives," Tedford added.
For the full year, the Company expects reported sales to be down
in the range of 5.0% to 7.0%. This reflects the lower reported
sales for the first quarter and a more tempered demand view for the
balance of the year. Full year adjusted EPS is expected to be
within a range of $1.02 to $1.07. The Company is maintaining its
2024 free cash flow outlook of at least $120 million and a year-end
consolidated leverage ratio of approximately 3.0x to 3.2x.
In the second quarter, the Company expects reported sales to be
down in the range of 7.0% to 9.0% and adjusted EPS within a range
of $0.30 to $0.33.
Webcast
At 8:30 a.m. ET on May 3, 2024, ACCO Brands Corporation will
host a conference call to discuss the Company's first quarter and
full year 2024 results. The call will be broadcast live via
webcast. The webcast can be accessed through the Investor Relations
section of www.accobrands.com. The webcast will be in listen-only
mode and will be available for replay following the event.
About ACCO Brands Corporation
ACCO Brands, the Home of Great Brands Built by Great People,
designs, manufactures and markets consumer and end-user products
that help people work, learn, and play. Our widely recognized
brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®,
Mead®, PowerA®, Swingline®, Tilibra® and many others. More
information about ACCO Brands Corporation (NYSE: ACCO) can be found
at www.accobrands.com.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with
generally accepted accounting principles (GAAP), we have provided
certain non-GAAP financial information in this earnings release to
aid investors in understanding the Company's performance. Each
non-GAAP financial measure is defined and reconciled to its most
directly comparable GAAP financial measure in the "About Non-GAAP
Financial Measures" section of this earnings release.
Forward-Looking Statements
Statements contained herein, other than statements of historical
fact, particularly those anticipating future financial performance,
business prospects, growth, strategies, business operations and
similar matters, results of operations, liquidity and financial
condition, and those relating to cost reductions and anticipated
pre-tax savings and restructuring costs are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on the beliefs and
assumptions of management based on information available to us at
the time such statements are made. These statements, which are
generally identifiable by the use of the words "will," "believe,"
"expect," "intend," "anticipate," "estimate," "forecast,"
"project," "plan," and similar expressions, are subject to certain
risks and uncertainties, are made as of the date hereof, and we
undertake no duty or obligation to update them. Forward-looking
statements are subject to the occurrence of events outside the
Company's control and actual results and the timing of events may
differ materially from those suggested or implied by such
forward-looking statements due to numerous factors that involve
substantial known and unknown risks and uncertainties. Investors
and others are cautioned not to place undue reliance on
forward-looking statements when deciding whether to buy, sell or
hold the Company’s securities.
Our outlook is based on certain assumptions which we believe to
be reasonable under the circumstances. These include, without
limitation, assumptions regarding the impact of inflation and
global geopolitical and economic uncertainties and fluctuations in
foreign currency exchange rates; and the other factors described
below.
Among the factors that could cause our actual results to differ
materially from our forward-looking statements are: a relatively
limited number of large customers account for a significant
percentage of our sales; sales of our products are affected by
general economic and business conditions globally and in the
countries in which we operate; risks associated with foreign
currency exchange rate fluctuations; challenges related to the
highly competitive business environment in which we operate; our
ability to develop and market innovative products that meet
consumer demands and to expand into new and adjacent product
categories that are experiencing higher growth rates; the long-term
impacts of the COVID-19 pandemic; our ability to successfully
expand our business in emerging markets and the exposure to greater
financial, operational, regulatory, compliance and other risks in
such markets; the continued decline in the use of certain of our
products; risks associated with seasonality; the sufficiency of
investment returns on pension assets, risks related to actuarial
assumptions, changes in government regulations and changes in the
unfunded liabilities of a multi-employer pension plan; any
impairment of our intangible assets; our ability to secure, protect
and maintain our intellectual property rights, and our ability to
license rights from major gaming console makers and video game
publishers to support our gaming accessories business; our ability
to successfully execute our multi-year restructuring and cost
savings program and realize the anticipated benefits; continued
disruptions in the global supply chain; risks associated with
inflation and other changes in the cost or availability of raw
materials, transportation, labor, and other necessary supplies and
services and the cost of finished goods; risks associated with
outsourcing production of certain of our products, information
technology systems and other administrative functions; the failure,
inadequacy or interruption of our information technology systems or
its supporting infrastructure; risks associated with a
cybersecurity incident or information security breach, including
that related to a disclosure of personally identifiable
information; our ability to grow profitably through acquisitions,
and successfully integrate them; risks associated with our
indebtedness, including limitations imposed by restrictive
covenants, our debt service obligations, and our ability to comply
with financial ratios and tests; a change in or discontinuance of
our stock repurchase program or the payment of dividends; product
liability claims, recalls or regulatory actions; the impact of
litigation or other legal proceedings; the impact of additional tax
liabilities stemming from our global operations and changes in tax
laws, regulations and tax rates; our failure to comply with
applicable laws, rules and regulations and self-regulatory
requirements, the costs of compliance and the impact of changes in
such laws; our ability to attract and retain qualified personnel;
the volatility of our stock price; risks associated with
circumstances outside our control, including those caused by public
health crises, such as the occurrence of contagious diseases,
severe weather events, war, terrorism and other geopolitical
incidents; and other risks and uncertainties described in "Part I,
Item 1A. Risk Factors" in our Annual Report on Form 10-K for the
year ended December 31, 2023, and in other reports we file with the
Securities and Exchange Commission.
ACCO Brands Corporation and
Subsidiaries
Condensed Consolidated Balance
Sheets
March 31, 2024
December 31, 2023
(in millions)
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
124.6
$
66.4
Accounts receivable, net
274.8
430.7
Inventories
348.8
327.5
Other current assets
49.6
30.8
Total current assets
797.8
855.4
Total property, plant and equipment
584.7
599.6
Less: accumulated depreciation
(422.1
)
(429.5
)
Property, plant and equipment, net
162.6
170.1
Right of use asset, leases
92.2
91.0
Deferred income taxes
99.0
104.7
Goodwill
577.1
590.0
Identifiable intangibles, net
797.9
815.7
Other non-current assets
17.0
17.9
Total assets
$
2,543.6
$
2,644.8
Liabilities and Stockholders'
Equity
Current liabilities:
Notes payable
$
—
$
0.2
Current portion of long-term debt
57.3
36.5
Accounts payable
170.1
183.7
Accrued compensation
33.3
53.3
Accrued customer program liabilities
73.4
104.0
Lease liabilities
20.6
20.5
Other current liabilities
118.6
143.8
Total current liabilities
473.3
542.0
Long-term debt, net
897.5
882.2
Long-term lease liabilities
77.8
76.8
Deferred income taxes
119.9
125.6
Pension and post-retirement benefit
obligations
148.2
157.6
Other non-current liabilities
68.4
73.6
Total liabilities
1,785.1
1,857.8
Stockholders' equity:
Common stock
1.0
1.0
Treasury stock
(47.0
)
(45.1
)
Paid-in capital
1,918.8
1,913.4
Accumulated other comprehensive loss
(544.6
)
(526.3
)
Accumulated deficit
(569.7
)
(556.0
)
Total stockholders' equity
758.5
787.0
Total liabilities and stockholders'
equity
$
2,543.6
$
2,644.8
ACCO Brands Corporation and
Subsidiaries
Consolidated Statements of
Loss (Unaudited)
Three Months Ended March
31,
(in millions, except per share
data)
2024
2023
% Change
Net sales
$
358.9
$
402.6
(10.9)%
Cost of products sold
248.5
283.3
(12.3)%
Gross profit
110.4
119.3
(7.5)%
Operating costs and expenses:
Selling, general and administrative
expenses
94.2
95.0
(0.8)%
Amortization of intangibles
10.6
10.9
(2.8)%
Restructuring
(0.3
)
3.3
NM
Total operating costs and expenses
104.5
109.2
(4.3)%
Operating income
5.9
10.1
(41.6)%
Non-operating expense (income):
Interest expense
13.3
13.9
(4.3)%
Interest income
(1.9
)
(2.4
)
(20.8)%
Non-operating pension expense
0.4
0.1
NM
Other (income) expense, net
(0.6
)
1.8
NM
Loss before income tax
(5.3
)
(3.3
)
60.6%
Income tax expense
1.0
0.4
NM
Net loss
$
(6.3
)
$
(3.7
)
70.3%
Per share:
Basic loss per share
$
(0.07
)
$
(0.04
)
75.0%
Diluted loss per share
$
(0.07
)
$
(0.04
)
75.0%
Weighted average number of shares
outstanding:
Basic
95.7
94.9
Diluted
95.7
94.9
Cash dividends declared per common
share
$
0.075
$
0.075
Statistics (as a % of Net sales, except
Income tax rate)
Three Months Ended March
31,
2024
2023
Gross profit (Net sales, less Cost of
products sold)
30.8
%
29.6
%
Selling, general and administrative
expenses
26.2
%
23.6
%
Operating income
1.6
%
2.5
%
Loss before income tax
(1.5
)%
(0.8
)%
Net loss
(1.8
)%
(0.9
)%
Income tax rate
(18.9
)%
(12.1
)%
ACCO Brands Corporation and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows (Unaudited)
Three Months Ended March
31,
(in millions)
2024
2023
Operating activities
Net loss
$
(6.3
)
$
(3.7
)
Loss on disposal of assets
—
1.1
Depreciation
7.4
9.0
Amortization of debt issuance costs
0.7
0.8
Amortization of intangibles
10.6
10.9
Stock-based compensation
5.1
5.6
Changes in operating assets and
liabilities:
Accounts receivable
153.8
88.6
Inventories
(26.5
)
(25.0
)
Other assets
(18.6
)
3.6
Accounts payable
(12.7
)
(38.0
)
Accrued expenses and other liabilities
(76.2
)
(63.6
)
Accrued income taxes
(9.1
)
(12.5
)
Net cash provided (used) by operating
activities
28.2
(23.2
)
Investing activities
Additions to property, plant and
equipment
(2.3
)
(2.0
)
Net cash used by investing activities
(2.3
)
(2.0
)
Financing activities
Proceeds from long-term borrowings
61.4
101.1
Repayments of long-term debt
(18.9
)
(10.0
)
Repayments of notes payable, net
(0.2
)
(1.2
)
Dividends paid
(7.2
)
—
Payments related to tax withholding for
stock-based compensation
(1.9
)
(1.7
)
Net cash provided by financing
activities
33.2
88.2
Effect of foreign exchange rate changes on
cash and cash equivalents
(0.9
)
1.9
Net increase in cash and cash
equivalents
58.2
64.9
Cash and cash equivalents
Beginning of the period
$
66.4
$
62.2
End of the period
$
124.6
$
127.1
About Non-GAAP Financial Measures
We explain below how we calculate each of our non-GAAP financial
measures. This is followed by a reconciliation of our current
period and historical non-GAAP financial measures to the most
directly comparable GAAP financial measures.
We use our non-GAAP financial measures both to explain our
results to stockholders and the investment community and in the
internal evaluation and management of our business. We believe our
non-GAAP financial measures provide management and investors with a
more complete understanding of our underlying operational results
and trends, facilitate meaningful period-to-period comparisons and
enhance an overall understanding of our past and future financial
performance.
Our non-GAAP financial measures exclude certain items that may
have a material impact upon our reported financial results such as
restructuring charges, the impact of foreign currency exchange rate
fluctuations, unusual tax items, goodwill impairment charges, and
other non-recurring items that we consider to be outside of our
core operations. On an interim basis, we also calculate adjusted
income tax expense using our estimated annual income tax rate.
These measures should not be considered in isolation or as a
substitute for, or superior to, the directly comparable GAAP
financial measures and should be read in connection with the
Company’s financial statements presented in accordance with
GAAP.
Our non-GAAP financial measures include the following:
Comparable Sales: Represents
net sales excluding the impact of material acquisitions, if any,
with current-period foreign operation sales translated at
prior-year currency rates. We believe comparable sales are useful
to investors and management because they reflect underlying sales
and sales trends without the effect of material acquisitions and
fluctuations in foreign exchange rates and facilitate meaningful
period-to-period comparisons. We sometimes refer to comparable
sales as comparable net sales.
Adjusted Operating Income
(Loss)/Adjusted Income (Loss) Before Taxes/Adjusted Net Income
(Loss)/Adjusted Net Income (Loss) Per Diluted Share:
Represents operating income (loss), income (loss) before taxes, net
income (loss), and net income (loss) per diluted share excluding
restructuring and goodwill impairment charges, the amortization of
intangibles, non-recurring items, other income/expense, adjustments
to reflect the estimated annual tax rate and discrete income tax
adjustments, including income tax related to the foregoing. We
believe these adjusted non-GAAP financial measures are useful to
investors and management because they reflect our underlying
operating performance before items that we consider to be outside
our core operations and facilitate meaningful period-to-period
comparisons. Senior management’s incentive compensation is derived,
in part, using adjusted operating income and adjusted net income
per diluted share, which is derived from adjusted net income. We
sometimes refer to adjusted net income per diluted share as
adjusted earnings per share or adjusted EPS.
Adjusted Income Tax Expense:
Represents income tax expense calculated using the estimated annual
income tax rate and excludes the tax effect of the items that have
been excluded from adjusted income before taxes, unusual income tax
items such as the impact of tax audits and changes in laws,
significant reserves for cash repatriation, excess tax
benefits/losses, and other discrete tax items. We believe our
adjusted income tax expense is useful to investors because it
reflects our income tax calculated using the estimated annual tax
rate before discrete items that we consider to be outside our core
operations and facilitates meaningful period-to-period
comparisons.
Adjusted EBITDA: Represents
net income excluding the effects of depreciation, stock-based
compensation expense, amortization of intangibles, interest
expense, net, other (income) expense, net, and income tax expense,
restructuring and goodwill impairment charges, and other
non-recurring items. We believe adjusted EBITDA is useful to
investors because it reflects our underlying cash profitability and
adjusts for certain non-cash charges and other items that we
consider to be outside our core operations and facilitates
meaningful period-to-period comparisons. In addition, this
calculation of adjusted EBITDA is used in our loan agreement to
calculate our leverage ratio covenant.
Free Cash Flow: Free cash
flow represents cash flow from operating activities less cash used
for additions to property, plant and equipment. We believe free
cash flow is useful to investors because it measures our available
cash flow for paying dividends, funding strategic material
acquisitions, reducing debt, and repurchasing shares.
Consolidated Leverage Ratio:
Represents balance sheet debt plus debt origination costs and less
any cash and cash equivalents divided by adjusted EBITDA. We
believe that consolidated leverage ratio is useful to investors
since the company has the ability to, and may decide to use, a
portion of its cash and cash equivalents to retire debt.
We also provide forward-looking non-GAAP comparable sales,
adjusted earnings per share, free cash flow, adjusted EBITDA and
historical and forward-looking consolidated leverage ratio. We do
not provide a reconciliation of these forward-looking and
historical non-GAAP measures to GAAP because the GAAP financial
measure is not currently available and management cannot reliably
predict all the necessary components of such non-GAAP measures
without unreasonable effort or expense due to the inherent
difficulty of forecasting and quantifying certain amounts that are
necessary for such a reconciliation, including adjustments that
could be made for restructuring, integration and
acquisition-related expenses, the variability of our tax rate and
the impact of foreign currency fluctuation and material
acquisitions, and other charges reflected in our historical
results. The probable significance of each of these items is high
and, based on historical experience, could be material.
ACCO Brands Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Non-GAAP Information
(Unaudited) (In millions, except per share data)
The following tables set forth a reconciliation of certain
Consolidated Statements of Loss information reported in accordance
with GAAP to Adjusted Non-GAAP Information for the three months
ended March 31, 2024 and 2023.
Three Months Ended March 31,
2024
Operating Income
% of Sales
(Loss) Income before
Tax
% of Sales
Income Tax Expense (B)
Tax Rate
Net (Loss) Income
% of Sales
Reported GAAP
$5.9
1.6 %
$(5.3)
(1.5)%
$1.0
(18.9)%
$(6.3)
(1.8)%
Reported GAAP diluted loss per share
(EPS)
$(0.07)
Restructuring
(0.3)
(0.3)
(0.1)
(0.2)
Amortization of intangibles
10.6
10.6
2.9
7.7
Net operating tax gains
(A)
—
(1.2)
(0.4)
(0.8)
Discrete tax items and adjustments to
annual tax rate
(B)
—
—
(2.3)
2.3
Adjusted Non-GAAP
$16.2
4.5 %
$3.8
1.1 %
$1.1
29.0 %
$2.7
0.8 %
Adjusted net income per diluted share
(Adjusted EPS)
$0.03
Three Months Ended March 31,
2023
Operating Income
% of Sales
Income (Loss) before
Tax
% of Sales
Income Tax Expense (B)
Tax Rate
Net (Loss) Income
% of Sales
Reported GAAP
$10.1
2.5 %
$(3.3)
(0.8)%
$0.4
(12.1)%
$(3.7)
(0.9)%
Reported GAAP diluted loss per share
(EPS)
$(0.04)
Restructuring
3.3
3.3
0.9
2.4
Amortization of intangibles
10.9
10.9
2.9
8.0
Other asset write-off
(C)
—
1.1
0.3
0.8
Discrete tax items and adjustments to
annual tax rate
(B)
—
—
(1.0)
1.0
Adjusted Non-GAAP
$24.3
6.0 %
$12.0
3.0 %
$3.5
29.4 %
$8.5
2.1 %
Adjusted net income per diluted share
(Adjusted EPS)
$0.09
Notes to Reconciliations of GAAP to Adjusted
Non-GAAP Information and Net Loss to Adjusted EBITDA
(Unaudited)
A.
Represents certain indirect tax credits in
Brazil and losses related to the additional recorded reserves for
certain operating taxes.
B.
The income tax impact of the non-GAAP
adjustments and other discrete tax items. The Company adjusts its
tax rate to 29.0% which represents its full year non-GAAP estimated
annual tax rate as of March 31, 2024. The Company's full year
non-GAAP estimated annual effective tax rate remains subject to
variation from the mix of earnings across the Company's operating
jurisdictions.
C.
Represents the write off of assets related
to a capital project.
ACCO Brands Corporation and Subsidiaries
Reconciliation of Net Loss to Adjusted EBITDA (Unaudited)
(In millions)
The following table sets forth a reconciliation of net loss
reported in accordance with GAAP to Adjusted EBITDA.
Three months ended March
31,
2024
2023
% Change
Net loss
$(6.3)
$(3.7)
70.3 %
Stock-based compensation
5.1
5.6
(8.9)%
Depreciation
7.4
9.0
(17.8)%
Amortization of intangibles
10.6
10.9
(2.8)%
Restructuring credits
(0.3)
3.3
(109.1)%
Interest expense, net
11.4
11.5
(0.9)%
Other (income) expense, net
(0.6)
1.8
(133.3)%
Income tax expense
1.0
0.4
NM
Adjusted EBITDA (non-GAAP)
$28.3
$38.8
(27.1)%
Adjusted EBITDA as a % of Net Sales
7.9 %
9.6 %
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow (Unaudited) (In
millions)
The following table sets forth a reconciliation of net cash
provided by operating activities reported in accordance with GAAP
to Free Cash Flow.
For the three months ended
March 31, 2024
For the three months ended
March 31, 2023
Net cash provided by operating
activities
$28.2
$(23.2)
Net (used) provided by:
Additions to property, plant and
equipment
(2.3)
(2.0)
Free Cash Flow (non-GAAP)
$25.9
$(25.2)
ACCO Brands Corporation and
Subsidiaries
Supplemental Business Segment
Information and Reconciliation (Unaudited)
(In millions)
2024
2023
Changes
Reported Net
Sales
Reported Operating
Income (Loss)
Adjusted Items
Adjusted Operating Income
(Loss)
Adjusted Operating Income (Loss)
Margin
Reported Net
Sales
Reported Operating
Income (Loss)
Adjusted Items
Adjusted Operating Income
(Loss)
Adjusted Operating Income (Loss)
Margin
Net Sales $
Net Sales %
Adjusted Operating Income (Loss)
$
Adjusted Operating Income (Loss)
%
Adjusted Margin Points
Q1:
ACCO Brands Americas
$197.2
$6.1
$6.2
$12.3
6.2%
$230.0
$12.3
$6.4
$18.7
8.1%
$(32.8)
(14.3)%
$(6.4)
(34.2)%
(190)
ACCO Brands International
161.7
12.8
4.1
16.9
10.5%
172.6
9.7
7.8
17.5
10.1%
(10.9)
(6.3)%
(0.6)
(3.4)%
40
Corporate
—
(13.0)
—
(13.0)
—
(11.9)
—
(11.9)
—
(1.1)
Total
$358.9
$5.9
$10.3
$16.2
4.5%
$402.6
$10.1
$14.2
$24.3
6.0%
$(43.7)
(10.9)%
$(8.1)
(33.3)%
(150)
See "Notes to Reconciliations of GAAP to Adjusted Non-GAAP
Information and Net Loss to Adjusted EBITDA (Unaudited)" for
further information regarding adjusted items.
ACCO Brands Corporation and Subsidiaries
Supplemental Net Sales Change Analysis (Unaudited)
% Change - Net Sales
$ Change - Net Sales (in
millions)
GAAP
Non-GAAP
GAAP
Non-GAAP
Net Sales Change
Currency Translation
Comparable Sales Change
(A)
Net Sales Change
Currency Translation
Comparable Sales Change
(A)
Comparable Sales
Q1 2024:
ACCO Brands Americas
(14.3)%
1.0 %
(15.3)%
$(32.8)
$2.4
$(35.2)
$194.8
ACCO Brands International
(6.3)%
(0.4)%
(5.9)%
(10.9)
(0.7)
(10.2)
162.4
Total
(10.9)%
0.4 %
(11.3)%
$(43.7)
$1.7
$(45.4)
$357.2
(A) Comparable sales represents net sales excluding material
acquisitions, if any, and with current-period foreign operation
sales translated at the prior-year currency rates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502622892/en/
Christopher McGinnis Investor Relations (847) 796-4320
Kori Reed Media Relations (224) 501-0406
Acco Brands (NYSE:ACCO)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Acco Brands (NYSE:ACCO)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024