Monday, November 04, 2024
ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Green Shoots. In the third quarter, ACCO experienced growth across each of its segments. This was the second consecutive quarter of growth in computer accessories, which can be attributed to an improving demand environment as well as new product launches in gaming accessories. Growth was fueled by the successful rollout of new products as well as international expansion efforts.
Cash Flow. Following the historic pattern, ACCO generated significant cash flow in the quarter. CFFO in the quarter totaled $95.5 million, with CFFO for the nine month period totaling $96 million. On a year-to-date basis, CFFO is up $25 million. Free cash flow for the quarter totaled $89 million and is $87 million year-to-date. Free cash flow is up $26 million from the same period last year, reflecting improved working capital. Management continues to project full year free to be approximately $130 million.
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