Acco: 4Q Earnings Snapshot
LAKE ZURICH, Ill. (AP) _ Acco Brands Corp. (ACCO) on Wednesday reported fourth-quarter net income of $35 million.
On a per-share basis, the Lake Zurich, Illinois-based company said it had profit of 34 cents. Earnings, adjusted for non-recurring costs, were 41 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The maker of office supplies posted revenue of $529.3 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $552.2 million.
For the year, the company reported profit of $106.7 million, or $1 per share. Revenue was reported as $1.94 billion.
Acco expects full-year earnings in the range of $1.10 to $1.20 per share.
Acco shares have risen 35 percent since the beginning of the year. The stock has declined 18 percent in the last 12 months.