Acco: Q1 Earnings Snapshot
LAKE ZURICH, Ill. (AP) — LAKE ZURICH, Ill. (AP) — Acco Brands Corp. (ACCO) on Thursday reported a loss of $6.3 million in its first quarter.
On a per-share basis, the Lake Zurich, Illinois-based company said it had a loss of 7 cents. Earnings, adjusted for one-time gains and costs, came to 3 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The maker of office supplies posted revenue of $358.9 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $371.8 million.
For the current quarter ending in June, Acco expects its per-share earnings to range from 30 cents to 33 cents.
The company expects full-year earnings in the range of $1.02 to $1.07 per share.
In the final minutes of trading on Thursday, the company's shares hit $4.92. A year ago, they were trading at $4.41.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACCO at https://www.zacks.com/ap/ACCO