Key Developments: ACCO Brands Corp (ACCO.K)
18 Dec 2013
Latest Key Developments (Source: Significant Developments)
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
- Private equity firm KKR & Co LP said it would buy lifting equipment company Crosby Group and specialty material handling equipment maker Acco Material Handling Solutions from Melrose Industries Plc for about $1 billion.