Acco Brands Reports Q4 Earnings Miss
LAKE ZURICH, Ill. (AP) - Acco Brands Corp. (ACCO) reported a fourth-quarter net income of $20.6 million on Thursday, reversing a loss in the same period last year. On a per-share basis, the Lake Zurich, Illinois-based company reported net income of 21 cents. Adjusted earnings, excluding amortization and restructuring costs, were 39 cents per share.
These results fell short of Wall Street expectations, with three analysts polled by Zacks Investment Research forecasting earnings of 41 cents per share. The office supplies manufacturer also missed revenue estimates, with $448.1 million reported versus the $455.1 million expected by Zacks analysts.
For the full year, Acco reported a widened loss of $101.6 million, or $1.06 per share, on revenue of $1.67 billion. The company projects full-year earnings to range between $1 and $1.05 per share.
Despite the earnings miss, Acco shares have risen 5% year-to-date. In late trading Thursday, shares were down 14% year-over-year at $5.52.