Acco Brands reports Q2 adjusted EPS 37c, consensus 31c

Reports Q2 revenue $438M, consensus $452.73M. “Our prudent approach to cost management, as well as strategic improvements in our infrastructure and operational efficiencies delivered strong bottom-line results and improved cash flow and we achieved a lower leverage ratio this quarter. We’ve made significant headway with our multi-year $60 million cost reduction program and are on track to achieve more than $20 million in savings this year. While demand headwinds in certain markets persist, we expect to see a moderation in sales declines across many categories. Additionally, the second quarter was also impacted by our previously communicated exit of lower margin business primarily in our back-to-school categories. The impact of the exits will lessen throughout the remainder of 2024. With the softer than anticipated sales, we are reviewing our cost structure for additional cost reduction opportunities,” stated ACCO Brands’ President and CEO, Tom Tedford.