Key Developments: ACCO Brands Corp (ACCO.K)
7.41USD
21 May 2013
$-0.10 (-1.33%)
$7.34
$7.50
$7.53
$7.36
476,072
1,061,473
$10.94
$5.80
Latest Key Developments (Source: Significant Developments)
ACCO Brands Corp Reaffirms FY 2013 Guidance
ACCO Brands Corp reaffirmed fiscal 2013 guidance and expects adjusted earnings per share (EPS) growth of 16% to 28%, resulting in a range of $0.95-$1.05. The company expects pro forma sales to be roughly even with the prior year. The Company reported revenue of $1.758 billion in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.00 for fiscal 2013. Full Article
ACCO Brands Corp Issues FY 2013 EPS Guidance In Line With Analysts' Estimates; Comments On FY 2013 Revenue Guidance
ACCO Brands Corp announced that for fiscal 2013, it expects adjusted earnings per share (EPS) growth of 16% to 28%, resulting in a range of $0.95-$1.05. The mid-point of the range assumes modest pro forma revenue growth, including sales synergies, and earnings improvement that is primarily driven by the realization of cost synergies and productivity improvements. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.01 on revenue of $1.92 billion for fiscal 2013. Full Article
ACCO Brands Corp Announces Senior Management Changes
ACCO Brands Corp announced that Boris Elisman will succeed Robert J. Keller as Chief Executive Officer (CEO)effective March 31, 2013. Mr. Keller will remain as Executive Chairman of the Company's Board of Directors. Mr. Elisman will also join the Company's Board of Directors when he becomes CEO. Full Article
ACCO Brands Corp Reaffirms FY 2012 Guidance
ACCO Brands Corp reaffirmed fiscal 2012 guidance and expects pro forma sales, including Mead C&OP for the entire 12 month period, to be $1.90-$1.95 billion, compared to $2.1 billion in the comparable 2011 year period, and adjusted pro forma earnings per share (EPS) in the range of $0.82-$0.85. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of 1.94 billion and EPS of $0.82 for fiscal 2012. Full Article
ACCO Brands Corp Lowers FY 2012 Guidance; Raises FY 2013 EPS Guidance
ACCO Brands Corp announced that for fiscal 2012, it expects pro forma sales, including Mead C&OP for the entire 12-month period, to be $1.90-$1.95 billion, compared to $2.1 billion in the comparable 2011 year period. Adjusted pro forma earnings per share are expected to be $0.82-$0.85. For fiscal 2013 the company expects an increase in adjusted pro forma earnings per share of approximately $0.20, primarily driven by cost synergies. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of revenue of $1.99 billion and EPS of $1.00 for fiscal 2012; EPS of $1.15 for fiscal 2013. Full Article
ACCO Brands Corp Reaffirms FY 2012 Revenue Guidance; Issues FY 2012 And FY 2013 EPS Guidance
ACCO Brands Corp announced that as previously stated on April 17, 2012, assuming the Mead Consumer & Office Products business was owned for all of 2012, combined sales are expected to be flat in fiscal 2012, compared to $2.1 billion in the comparable prior-year period, with modest growth at constant currency offset by negative impacts of foreign currency translation. The Company expects fiscal 2012 adjusted combined earnings per share (EPS) of approximately $1.06. The fiscal 2012 estimate assumes $0.02 of dilution due to higher share count, a $0.04 impact from adverse currency and does not assume any benefit from cost synergies. The benefits from the refinancing are included in both years. For fiscal 2013 the Company expects adjusted combined earnings per share to be around $1.25 per share, including cost synergies. Full Article
Meadwestvaco Corp Completes Spin-Off and Merger of Consumer & Office Products Business with ACCO Brands Corp
Meadwestvaco Corp announced that it has completed the spin-off and merger of its Consumer & Office Products business with ACCO Brands Corp As a result of the transaction, in addition to retaining the shares of MeadWestvaco Corporation common stock they own, MeadWestvaco Corporation stockholders received 0.32986547 shares of ACCO Brands for each share of MeadWestvaco Corporation they owned of record as of April 24, 2012. No fractional shares of ACCO Brands Corporation were issued, and MeadWestvaco Corporation stockholders received cash in lieu of any fractional shares. Under the terms of the transaction, including a working capital adjustment, MeadWestvaco received $433 million on a tax-free basis. Full Article
ACCO Brands Corporation Announces Pricing Of $500 Million Of Senior Notes
ACCO Brands Corporation announced the pricing at par of the offering of $500 million aggregate principal amount of 6.75% percent senior notes due 2020 (the "Notes"). The Notes were offered by Monaco SpinCo, Inc. ("SpinCo"), which is currently a subsidiary of MeadWestvaco Corporation ("MWV"), and certain selling security holders. SpinCo will be the new holding company for MWV's Consumer and Office Products business, which, as previously announced, MWV intends to distribute to its shareholders in a tax-free spin-off. The sale of the Notes is expected to settle on May 1, 2012, immediately prior to the merger of SpinCo with a wholly owned subsidiary of ACCO Brands, with SpinCo continuing as the surviving corporation, which is subject to certain conditions, as previously announced. At the effective time of the merger, SpinCo will become a wholly owned subsidiary of the Company, which will unconditionally guarantee the Notes along with certain of its other subsidiaries. Full Article
ACCO Brands Corp Reaffirms Q1 2012 EPS Guidance; Reaffirms FY 2012 Guidance; Comments On Q1, FY 2012 Charge Guidance
ACCO Brands Corp announced that for fiscal 2012, it reiterated its guidance and expects sales to be flat, with modest growth at constant currency offset by negative impacts of foreign currency translation. Based on continued productivity improvements, the Company expects to grow adjusted earnings per share by approximately 30%, excluding business restructuring and refinancing costs. Targeted free cash flow, after interest, taxes, and capital expenditures, and excluding transaction-related cash expenses, is expected to be approximately $50-60 million. For the first quarter, of 2012, it expects adjusted earnings per share, excluding restructuring and transaction-related costs, to be a loss of approximately $(0.05). The Company reported revenue of $1.32 billion and $EPS of $0.47 in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.32 billion and EPS of $0.93 for fiscal 2012; EPS of $0.01 for the first quarter of 2012. Full Article
ACCO Brands Corporation Issues Q1 2012 Charge Guidance; Issues FY 2012 Guidance Below Analysts' Estimates
ACCO Brands Corporation announced that it expects to incur $5-$7 million of restructuring charges in the first quarter of 2012 for severance and related expenses, as it streamlines its sales and operations functions in the U.S. and Europe. Savings associated with these actions are expected to be between $5-$7 million in 2012, growing to $8 million on a full-year annualized basis thereafter. For fiscal 2012, it expects sales to be flat, with modest growth at constant currency offset by negative impacts of foreign currency translation. Based on continued productivity improvements, the company expects to grow diluted earnings per share (EPS) by approximately 30% on a normalized 30% tax rate basis. The Company reported revenue of $1.32 billion and $EPS of $0.47 in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.36 billion and EPS of $0.91 for fiscal 2012. Full Article
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