ACCO Brands Corp (NYSE:ACCO)
$ 5.81 0.25 (4.5%) Market Cap: 539.64 Mil Enterprise Value: 1.42 Bil PE Ratio: 0 PB Ratio: 0.88 GF Score: 70/100
Back to the Transcripts List

Q2 2024 ACCO Brands Corp Earnings Call Transcript

Aug 02, 2024 / 12:30PM GMT
Release Date Price: $4.65 (-6.63%)

Key Points

Positve
  • ACCO Brands Corp (ACCO) reported adjusted EPS above their outlook range for the second quarter of 2024.
  • The company achieved a gross margin expansion of 150 basis points and reduced SG&A expenses by 10% for the quarter.
  • ACCO Brands Corp (ACCO) successfully reduced inventory levels by 17% compared to the prior year, improving cash flow and balance sheet strength.
  • The company's net debt position improved, with a 13% reduction compared to last year, and they expect to end 2024 with a leverage ratio of about 3 times.
  • ACCO Brands Corp (ACCO) is strategically investing in new product development and strengthening partnerships to gain market share.
Negative
  • Reported sales for the second quarter of 2024 decreased by 11% compared to the prior year, with comparable sales down 10%.
  • The company took a noncash impairment charge of $165 million related to goodwill and intangible assets due to market capitalization declines and reduced volumes.
  • Demand for office product categories remained below expectations, contributing to a sales shortfall versus outlook.
  • The Americas segment experienced a 13% decline in comparable sales, primarily due to lower business and consumer spending.
  • ACCO Brands Corp (ACCO) anticipates continued challenges in the back-to-school market, with industry experts forecasting sales to be down compared to the prior year.
Operator

Hello, everyone, and welcome to the ACCO Brands Second Quarter 2024 Earnings Conference Call. My name is Nadia, and I'll be coordinating the call today. (Operator Instructions)

I will now hand over to your host Chris McGinnis, Senior Director of Investor Relations to begin. Chris, please go ahead.

Christopher Mcginnis
ACCO Brands Corp - Senior Director, Investor Relations

Good morning, and welcome to the ACCO Brands second quarter 2024 conference call. This is Chris McGinnis, Senior Director of Investor Relations. Speaking on the call today is Tom Tedford, President and Chief Executive Officer of ACCO Brands Corporation. Tom will provide an overview of our second quarter results and update you on our 2024 priorities.

Also speaking today is Deborah O' Connor, Executive Vice President and Chief Financial Officer, who will provide greater detail on our second quarter results and update you on our outlook for the full-year 2024 and the third quarter. We will then open the line for questions. Slides that accompany this call have been posted to

Already have an account? Log in
Get the full story
Start 7-Day Free Trial
Access to All Earning Calls and Stock Analysis
30-Year Financial on one screen
All-in-one Stock Screener with unlimited filters
Customizable Stock Dashboard
Real Time Insider Trading Transactions
8,000+ Institutional investors’ 13F holdings
Powerful Excel Add-in and Google sheets Add-on
All data downloadable
Quick customer support
And much more...
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent
4.6 out of 5 Trustpilot
Research Tools
All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board
Product
Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App 中文
Education
Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation
Company
About GuruFocus Career Contact Us Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program
Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey
Follow Us
download GuruFocus on Apple store download GuruFocus on Google Play
Disclaimers
GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.
© 2004-2024 GuruFocus.com, LLC. All Rights Reserved.