Acco Brands profit beats Street; co sees weak 2012 results
Aug 9 (Reuters) - Office products maker Acco Brands Corp's quarterly profit beat market estimates on higher sales in North America but it forecast lower-than-expected 2012 results.
The company said it expected 2012 adjusted earnings of 82-85 cents per share on sales of $1.90-$1.95 billion.
Analysts on average were expecting earnings of $1.00 on sales of $2 billion, according to Thomson Reuters I/B/E/S.
The company, which competes with Newell Rubbermaid, expects free cash flow of about $50 million in the year.
Net income from continuing operations rose to $94.2 million, or 98 cents per share, in the second quarter, from $6.3 million, or 11 cents per share, a year earlier.
On an adjusted basis, the company earned 26 cents per share.
Analysts on average had expected earnings of 20 cents per share.
Revenue rose 33 percent to $438.7 million, helped by its acquisition of MeadWestvaco Corp's consumer and office products business, but still missed estimates of $468.3 million.
Net sales in its North America unit jumped 76 percent to $279.8 million.
Shares of Acco Brands closed at $8.82 on Wednesday on the New York Stock Exchange.
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