ACCO Q3 Profit Up; Raises Annual Guidance

(RTTNews) - ACCO Brands Corp. (ACCO) Wednesday said its third-quarter profit increased, due primarily to cost savings and productivity improvements. It also increased its annual guidance for adjusted earnings, and revenues.

Net profit increased to $34.2 million or $0.29 per share, from $26.4 million or $0.23 per share last year. Excluding certain items, the company recorded a profit of $35.2 million or $0.30 per share.

On average, seven analysts polled by Thomson-Reuters estimated earnings to be $0.24. Analysts' estimates typically exclude one-time items.

ACCO's revenues rose slightly to $472.2 million from $469.2 million in the previous year. Analysts projected revenues to be $450.62 million.

The company now expects adjusted earnings of $0.79 or $0.80 per share, up from previous guidance of $0.70-$0.76 per share. Revenues are expected to decline at a rate of 3-5 percent compared with its earlier view of a decline in mid-single digits.