Q3 2024 ACCO Brands Corp Earnings Call Transcript
Key Points
- ACCO Brands Corp (ACCO) reported third quarter results with revenue and adjusted EPS in line with their outlook.
- The company is on track to realize over $20 million in savings from their multiyear cost reduction program.
- ACCO Brands Corp successfully refinanced their credit facilities, extending the maturity date from 2026 to 2029, providing financial flexibility.
- The company reduced its leverage ratio to 3.5 times, down from the same period last year, indicating an improving balance sheet.
- ACCO Brands Corp experienced growth in technology accessories, particularly in computer and gaming accessories, for the second consecutive quarter.
- The back-to-school season in North America was down year over year, with lower than expected replenishment orders from retailers.
- Sales in Brazil, a key back-to-school market, have been softer than anticipated, with later customer orders compared to the prior year.
- The demand environment for both consumers and businesses remains muted, impacting overall sales.
- The company experienced a 6% decrease in reported sales for the third quarter compared to the prior year.
- Foreign currency headwinds negatively impacted sales, with comparable sales excluding foreign exchange down 5% versus the prior year.
Hello and welcome to the ACCO brands third quarter, 2024 earnings conference call. My name is Elliot and I'll be coordinating your call today.
(Operator Instruction)
I would now like to hand over to Christopher McGinnis , Senior Director of Investor Relations. Please go ahead.
Good morning and welcome to the ACCO brands third quarter, 2024 conference call. This is Christopher 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 third quarter results and update you on our 2024 priorities.
Also speaking today is Deborah O'Connor, Executive Vice President and Chief Financial Officer who provide greater detail on our third quarter results and update you on our outlook for full year 2024.
We will then open the line for questions slides that accompany this call have been posted to the industrial relations
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