Acco: Q2 Earnings Snapshot
LAKE ZURICH, Ill. (AP) _ Acco Brands Corp. (ACCO) on Monday reported second-quarter earnings of $39.4 million.
The Lake Zurich, Illinois-based company said it had net income of 40 cents per share. Earnings, adjusted for one-time gains and costs, came to 37 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The maker of office supplies posted revenue of $521 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $538.2 million.
Acco expects full-year earnings in the range of $1.39 to $1.44 per share.
Acco shares have fallen 13% since the beginning of the year. In the final minutes of trading on Monday, shares hit $7.18, a decline of 20% in the last 12 months.