ACCO Brands lowers FY22 guidance; expects Q3 goodwill impairment

ACCO BRANDS Corp

2022-Q3 EPS reported -$0.33 revenue$1,448,200,000

FY22 net sales outlook cut to $1.94-1.98B from $2.015-2.055B; adjusted EPS to $1.05-1.10 from $1.39-1.44.
Q3 net sales estimated at $480-490M; comparable sales growth (3%) to (2%).
Anticipates non-cash goodwill impairment charge in Q3 2022, not yet finalized.
Actions: curtail hiring, reduce inventory, limit capex; evaluating pricing and cost reductions.
No debt maturities until 2026; near-term capital priorities: dividend and debt reduction.

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