ACCO Brands Q2 net sales down 11.2% to $438M; adjusted EPS $0.37 beats outlook

ACCO BRANDS Corp

2024-Q2 EPS reported -$1.37 revenue$797,200,000

Operating loss of $111.2M includes $165.2M non-cash goodwill/intangible impairment in Americas.
Adjusted operating income $64.6M vs $66.2M; adjusted EPS $0.37 vs $0.38 prior year.
Full-year 2024 outlook: reported sales down 8%-9%, adjusted EPS $1.04-$1.09, FCF ~$130M.
Leverage ratio improved to 3.7x from 4.3x; quarterly dividend of $0.075/share declared.
Cost savings program on track to deliver >$20M in 2024; sales decline partly from exit of lower-margin business.

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