* Sees 2012 adj. EPS $0.82-$0.85 vs prev. $1.06
* Sees 2012 revenue $1.90 bln-$1.95 bln
* Second-quarter adj. EPS $0.26 vs est $0.20
* Second-quarter revenue $438.7 mln vs est $468.3 mln
* Shares fall 14 percent
Aug 9 Office products maker Acco Brands Corp
cut its 2012 forecast due to a fall in demand in
Europe, sending its shares down as much as 14 percent.
Acco Brands lowered its full-year adjusted earnings forecast
to between 82 and 85 cents per share from $1.06 per share.
Analysts on average were expecting $1.00 per share,
according to Thomson Reuters I/B/E/S.
The stock was one of the biggest percentage losers on the
New York Stock Exchange on Thursday morning.
The company also cut its full-year sales estimate to between
$1.90 billion and $1.95 billion. It had earlier forecast sales
to be flat over 2011 levels at about $2.06 billion. The new
forecast is also below analysts' average estimate of $2.00
Acco makes computer-related office products, supplies and
laminating and binding equipment for markets in North America,
Europe and Australia.
"Two-thirds of the reduction in the sales guidance is due to
the further softening in Europe," Chief Executive Robert Keller
told analysts on a conference call.
For the second quarter, net income from continuing
operations rose to $94.2 million, or 98 cents per share 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
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.
Acco International, which accounts for the company's
business in Europe and Australia, reported a 7 percent decline
in net sales on planned exits of low margin products and weak
The company walked away from about $40 million of revenue in
Europe during the quarter, Keller said.
Shares of the Lincolnshire, Illinois-based company, which
have fallen about 40 percent in the last four months, were
trading down 12 percent at $7.75 at midday on Thursday on the
New York Stock Exchange.