{"id":28951,"date":"2016-02-11T11:46:48","date_gmt":"2016-02-11T17:46:48","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=28951"},"modified":"2016-02-11T11:46:48","modified_gmt":"2016-02-11T17:46:48","slug":"acco-shares-jump-on-fourth-quarter-results","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/acco-shares-jump-on-fourth-quarter-results\/","title":{"rendered":"Acco shares jump on fourth-quarter results"},"content":{"rendered":"

By Yi Gu<\/strong><\/p>\n

ACCO Brands Corp. shares climbed after the company, helped by a rebound in its U.S. market, released a better-than-expected fourth quarter earnings results on Wednesday.\n<\/p>\n

In the latest quarter, the Lake Zurich, Illinois-based office products supplier\u2019s net income dropped 28 percent to $31.4 million, or 29 cents a diluted share, from $43.9 million, or 38 cents per share in the year-ago quarter.
\n
\nSales decreased 10 percent to $412.1 million from $459.9 million in the year-ago quarter. <\/p>\n

Excluding one-time items, ACCO said, \u201cadjusted earnings\u201d were 30 cents a share, comparing with 36 cents in the year-ago quarter. The latest quarter\u2019s per-share results landed two pennies above the 28 cents analysts surveyed by Yahoo Finance had been expecting. <\/p>\n

In Nasdaq trading Wednesday, ACCO shares closed up 84 cents, or 14 percent at $6.70.<\/p>\n

\u201cI’m pleased with our overall operational performance in the fourth quarter, and especially pleased that we grew sales in the U.S.,\u201d Boris Elisman, ACCO\u2019s president and Chief Executive Officer, said in a press release.<\/p>\n

\u201cFor the year, we grew market share in the mass and e-tail channels, increased our operating margins, grew underlying EPS before currency,\u201d Elisman added.<\/p>\n

According to Elisman, U.S. sales in the fourth quarter \u201cgrew year-on-year for the first time in five quarters.\u201d<\/p>\n

However, ACCO\u2019s business was weak in Latin America, especially in Brazil. \u201cWe expect overall business conditions in our international markets to remain challenging in 2016,\u201d Elisman said during a conference call.<\/p>\n

Analyst said that mass and e-tail channels help ACCO\u2019s growth in the U.S., but sales in North America were down due to significant drag from consumer exchange in Canada. And the strong drag is likely to cause the decline for international market in 2016.<\/p>\n

ACCO Brands expects that in 2016, currency will continue to be a headwind given that 40 percent of their sales come from outside the U.S.<\/p>\n

\u201cWe do hedge our inventory purchases in order to allow time to adjust our selling prices in international markets to largely offset the currency impact on margins, but we cannot hedge against the translation effect on our results,\u201d Neil Fenwick, ACCO\u2019s Chief Financial Officer and Executive Vice President, said in the conference call.<\/p>\n

\u201cWhile we do not provide quarterly guidance, I would like to point out that we expect a similar seasonal pattern to last year where our first quarter will have negative earnings,\u201d Fenwick added.<\/p>\n

In 2015, ACCO Brands reported net income of $85.9 million, or 78 cents a diluted share, a 6 percent decline from $91.6 million, or 79 cents per share the previous year. Sales decreased 11 percent to $1.51 billion from $1.7 billion.<\/p>\n

Photo at top: ACCO Brands products on sale in a Chicago Walgreens. (Yi Gu\/MEDILL)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Yi Gu ACCO Brands Corp. shares climbed after the company, helped by a rebound in its U.S. market, released a better-than-expected fourth quarter earnings results on Wednesday. In the latest quarter, the Lake Zurich, Illinois-based office products supplier\u2019s net income dropped 28 percent to $31.4 million, or 29 cents a diluted share, from $43.9 […]<\/p>\n","protected":false},"author":278,"featured_media":28958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,585],"tags":[1289,1290,145],"class_list":["post-28951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-winter-2016","tag-acco-brands","tag-office-supplies","tag-quarterly-earnings"],"yoast_head":"\nAcco shares jump on fourth-quarter results - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/acco-shares-jump-on-fourth-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Acco shares jump on fourth-quarter results - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Yi Gu ACCO Brands Corp. shares climbed after the company, helped by a rebound in its U.S. market, released a better-than-expected fourth quarter earnings results on Wednesday. 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