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Acco Brands Corporation (NYSE: ACCO) is one of the world's largest suppliers of branded office products. With a robust portfolio of industry-leading brands such as AT-A-GLANCE®, Five Star®, Kensington®, Mead®, Swingline®, and many others, Acco Brands generates nearly $1.8 billion in annual revenue and markets its products in over 100 countries. The company operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International, offering a wide range of products including school notebooks, janitorial supplies, whiteboards, storage and organization products, and computer accessories.
Recent achievements include the launch of innovative Kensington docking stations that support the latest USB-C laptops, a multi-year cost savings program projected to save $60 million annually, and the introduction of the PowerA Lumectra RGB technology for Nintendo Switch controllers. Acco Brands is committed to enhancing shareholder value through continuous innovation, strategic cost reductions, and a strong focus on new product development.
Acco Brands is also dedicated to building a winning culture for its employees, providing global career opportunities in a dynamic and results-oriented environment. The company's financial health is reinforced by a significant improvement in operating cash flow and a reduced debt leverage ratio, demonstrating its resilience in overcoming market challenges.
For more information, visit www.accobrands.com or follow the company on their social media platforms.
ACCO Brands (NYSE: ACCO) reported Q2 2024 results. Net sales were $438.3 million, down 11.2% YoY. Gross margin expanded by 150 basis points. The company made significant progress on a $60 million cost reduction program, expecting over $20 million in savings this year. Operating loss was $111.2 million due to $165.2 million in impairment charges. Adjusted EPS was $0.37, above outlook. Net operating cash flow improved $42 million; free cash flow anticipated at $130 million for 2024. Consolidated leverage ratio at 3.7x; net debt reduced by $130 million. For the full year, ACCO expects sales to decline 8-9% and adjusted EPS of $1.04-$1.09. The Q3 outlook projects a sales decline of 5-7% and adjusted EPS of $0.21-$0.24.
AT-A-GLANCE, a leading paper planning product company, has introduced the FOUNDATION Planner, designed to help users achieve their goals and dreams. This undated, 12-month planner features a three-step system for goal-setting and habit tracking. Measuring 5 1/2" x 8 1/2", it includes weekly and monthly pages, a vision board, and mind map tools.
The planner is designed for durability with a soft-touch faux leather cover, magnetic closure, and high-quality, ink-resistant paper. Available in blue, green, or black, it comes with additional features like a built-in pocket, ribbon marker, pen loops, and sticker sheets. AT-A-GLANCE offers a one-year replacement guarantee for defective planners.
ACCO Brands (NYSE: ACCO) has declared a quarterly cash dividend of $0.075 per share, payable on September 4, 2024, to stockholders of record as of August 16, 2024. This marks the company's 27th quarterly dividend since initiating dividend payments in 2018. CEO Tom Tedford emphasized the dividend's significance in ACCO's capital allocation strategy, highlighting its support through robust free cash flow. At the current stock price, shareholders are receiving an approximate 6% annualized yield on their investment. The consistent dividend payments underscore ACCO Brands' commitment to delivering value to its shareholders while maintaining financial stability.
ACCO Brands (NYSE: ACCO) has announced its upcoming second quarter 2024 earnings release and webcast schedule. The company will release its Q2 2024 earnings after market close on August 1, 2024. Following this, ACCO Brands will host a conference call and webcast on August 2, 2024, at 8:30 a.m. EST to discuss the results. Investors and interested parties can access the webcast through the Investor Relations section of the company's website at www.accobrands.com. The webcast will also be available for replay, allowing those unable to attend the live event to review the discussion at their convenience.
Five Star®, a leading student-focused school products company, has expanded its Five Star Study App compatibility to include wide ruled notebooks, composition books, and filler paper. This expansion aims to enhance learning for younger students by combining handwritten notes with digital studying and organization.
The app allows students to convert handwritten notes into digital flashcards, organize them in digital folders, and access study materials on-the-go. It also integrates with student planners, enabling task prioritization and syncing with digital calendars. This initiative aligns with schools' approach of blending paper learning with digital tools to improve academic experiences.
Kensington has announced the launch of the Pro Fit® Ergo KB675 EQ TKL Rechargeable Keyboard, a new product designed to reduce wrist and hand strain. The keyboard is compatible with Windows and macOS, featuring an ergonomic tenkeyless (TKL) design and secure connectivity for up to three devices. It has won the 2024 Red Dot Design award for product design. The keyboard includes video conferencing keys, customizable options with Kensington Konnect software, and a long-lasting rechargeable battery. Additionally, it has a sustainability focus, with 65% of its outer casing and keycaps made from post-consumer recycled content.
Kensington has launched the Elevated Stand for Surface, designed exclusively for the Microsoft Surface Pro and Surface Go. This sleek, portable riser enhances ergonomics, security, and productivity. It elevates the screen to eye level, supports tilt options for optimal viewing angles, and includes security features. Kensington's range of Designed for Surface (DfS) products also includes docking stations and other accessories that expand the capabilities of Surface devices. The Elevated Stand aims to reduce desktop clutter with magnetic storage and cable management. These accessories are available in North America through Kensington's store and partner sites.
ACCO Brands reported net sales of $359 million with a gross margin expanding 120 basis points in the first quarter of 2024. The company is on track to achieve over $20 million in cost savings from their cost reduction program. Net operating cash flow improved by $51 million, generating free cash flow of $26 million. The consolidated net leverage ratio stood at 3.5x. However, the company reported a loss per share of $(0.07), but adjusted EPS was $0.03, in line with expectations.
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