ACCO Brands Q4 Results Top Estimates

(RTTNews) - ACCO Brands Corp.(ACCO) reported that its net income for the fourth-quarter 2015 declined to $31.4 million or $0.29 per share, from $43.9 million, or $0.38 per share in the prior-year quarter.

Adjusted net income was $32.5 million, or $0.30 per share, compared to $41.5 million, or $0.36 per share, in the prior-year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Cost savings and productivity improvements were offset by the negative impact of foreign currency translation of $0.04 per share, and lower sales. During the quarter the company reduced its fully diluted shares by 1.6 million.

Operating income decreased to $56.9 million from $68.5 million in the prior year, primarily due to a $6.1 million impact from foreign currency translation.

Net sales decreased 10% to $412.1 million from $459.9 million in the prior-year quarter. On a constant currency basis, sales decreased 2%, driven primarily by the International segment. Wall Street expected revenues of $399.78 million.

The company expects 2016 sales to decline in the mid-to-high single digits, inclusive of a negative 4% impact from foreign currency translation. The company expects 2016 adjusted earnings per share of $0.73-$0.77, inclusive of a $0.03 negative impact from foreign currency translation. Analysts expect annual earnings of $0.77 per share.