Stock Alert: ACCO Brands Soars 20% On Strength Of Earnings

(RTTNews) - Office products maker ACCO Brands Corporation (ACCO) is climbing more than 20% on Wednesday touching a new high of $11.37, followed by upbeat fourth-quarter earnings.

EPS in the fourth quarter jumped to $0.44 from $0.34 in the comparable quarter last year. Adjusted EPS of $0.46 beat the average estimate of analysts polled by Thomson Reuters by 5 cents.

Net sales increased 1.5% year-on-year to $537.4 million.

For the full-year, ACCO Brands expects adjusted EPS to be in the range of $1.20 to $1.30 and revenue growth to be in the range of negative 1% to positive 1%. Analysts foresee earnings of $1.31 on revenue growth of 0.70%.

Chief Executive Officer Boris Elisman said, "Our company enters a new decade as a growing, well-diversified, branded consumer, school, and office products business with a track record of product innovation, strong in-market execution, and efficient operations. In 2020, we are expecting another year of strong progress against our strategic imperatives."