ACCO - ACCO Brands (ACCO) - First Look: 2Q22

2Q22 Operating Results. ACCO reported 2Q22 revenue of $521 million, up 0.6% year-over-year and up 5.2% on a comparable basis, with all segments posting growth. ACCO has now recorded five consecutive quarters of comparable sales growth. We had forecast revenue of $545 million. Adjusted EPS was $0.37, compared to $0.43 last year. We had forecast adjusted EPS of $0.44.Forex, Economic Conditions Restrain Growth. Slower economic growth, increased inflation, and unfavorable foreign currency impacts resulted in a more challenging quarter than anticipated. Adverse foreign exchange reduced sales by $23.6 million in the quarter, while a lack of computer chips resulted in lower sales of gaming accessories. Operating income benefited from $9.4 million of contingent earnout income related to the PowerA acquisition. Read More >>