ACCO Brands Expects Q3 Profit, Sales To Fall, Revises Down FY22 Outlook; Stock Down In Pre-Market

(RTTNews) - ACCO Brands Corporation (ACCO) said on Thursday that it expects a decline in earnings and net sales for the third quarter, amidst challenging market environment and current macro-economic trends. In addition, the company has also revised down its guidance for the full-year.

The company's newly issued third-quarter outlook and revised full-year guidance are below the Street view.

For the three-month period to September 30, the company expects its adjusted EPS to be in the range of $0.23 to $0.25, on sales of $480 million to $490 million. For the third quarter of 2021, ACCO had posted adjusted EPS of $0.33, on net sales of $526.7 million.

Analysts, on average, polled by the Thomson Reuters expect the firm to report income per share of $0.40, on sales of $519.52 million.

For the full-year, the office products maker now expects its adjusted EPS to be in the range of $1.05 - $1.10, lesser than the previous outlook of $1.39 to $1.44. Analysts, on average, expect the firm to report income per share of $1.4.

For the fiscal 2022, the company now forecasts net sales of $1.940 billion to $1.980 billion, versus its previous guidance of $2.015 billion to $2.055 billion. Analysts, on average, expect the firm to post net sales of $2.03 billion.

ACCO is trading down by 6.37 percent at $4.70 per share in pre-market on the New York Stock Exchange.