ACCO Brands Q2 Profit Climbs, Beats View; Backs FY14 Forecast - Quick Facts

(RTTNews) - ACCO Brands Corp. (ACCO), a provider of branded school and office products, reported Wednesday that its second-quarter net income was $21.3 million or $0.18 per share, higher than last year's $9.5 million or $0.08 per share, including debt refinancing, restructuring and IT integration costs.

Adjusted income was $22.6 million or $0.19 per share, compared to $21.8 million or $0.19 per share in the prior-year quarter. The improvement was the result of lower operating and interest expenses.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 3 percent to $427.7 million from $440.2 million in the prior-year quarter. On a constant currency basis, sales declined 2 percent. Analysts projected sales of $407.01 million for the quarter. Boris Elisman, president and chief executive officer, said, "I am pleased with our overall performance in the second quarter, especially our expanded placements in back-to-school categories in North America, as well as our disciplined expense management and a continued focus on productivity initiatives. We remain on target to meet our revenue, adjusted earnings and cash flow guidance for the full year."

Looking ahead, the company reiterated its expectations for 2014 sales to decline in the mid-single digits and adjusted earnings per share of $0.70-$0.76. The company continues to expect free cash flow of approximately $140 million.

Analysts expect full-year earnings of $0.72 per share and sales of $1.67 billion.