ACCO Brands Corporation Reports Second Quarter 2023 Results
Strong Sales Growth and Margin Expansion Drive Double-Digit Earnings Per Share Increase
LAKE ZURICH, Ill., August 10, 2023
ACCO Brands Corporation (NYSE: ACCO) today announced its financial results for the second quarter ended June 30, 2023. Sales for the quarter were $1.1 billion, an increase of 4.5% compared to the same period last year. Net income was $78.3 million, or $0.89 per diluted share, an increase of 12.5% compared to the second quarter of 2022.
"We are pleased to report strong second quarter results, driven by continued sales growth and margin expansion," said Boris Elisman, Chairman and CEO of ACCO Brands. "Our performance reflects the strength of our diversified portfolio of brands and products, as well as our ongoing focus on operational excellence. We remain confident in our ability to drive sustainable growth and value creation for our shareholders."
The company's Americas segment reported net sales of $292.3 million in the second quarter, an increase of 3.4% compared to the same period last year. Sales growth was driven by strong demand for the company's Mead, Five Star, and Swingline brands.
ACCO Brands' International segment reported net sales of $807.7 million, an increase of 5.3% compared to the second quarter of 2022. Sales growth was driven by strong demand for the company's Rexel, Leitz, and Esselte brands.
The company's gross margin for the second quarter was 38.7%, an increase of 110 basis points compared to the same period last year. The improvement in gross margin was driven by a favorable product mix and cost-saving initiatives.
ACCO Brands' operating income for the second quarter was $114.1 million, an increase of 10.2% compared to the second quarter of 2022. The improvement in operating income was driven by higher sales, gross margin expansion, and cost control.
The company's net income for the second quarter was $78.3 million, an increase of 12.5% compared to the second quarter of 2022. The improvement in net income was driven by higher operating income, partially offset by higher interest expense.
ACCO Brands' diluted earnings per share for the second quarter was $0.89, an increase of 12.5% compared to the second quarter of 2022.
The company's financial position remains strong. As of June 30, 2023, ACCO Brands had $254.3 million in cash and cash equivalents and $938.2 million in total debt.
ACCO Brands is a leading global provider of branded office products, including stationery, writing instruments, technology accessories, and business essentials. The company's products are sold in more than 100 countries around the world.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Please refer to ACCO Brands' SEC filings for a detailed discussion of the risks and uncertainties associated with its business.
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