Improved Operating Structure Achieves EPS Outlook
Despite sales being slightly below expectations, the improved operating structure enabled ACCO Brands to meet their adjusted EPS outlook and improved gross margins by 50 basis points.
$100 Million Cost Reduction Program Progress
An additional $10 million in savings was realized in the third quarter, bringing the cumulative total to approximately $50 million.
Market Share Growth in Back-to-School Brands
Five Star and Mead brands grew market share during the U.S. back-to-school season, highlighting brand strength.
Positive Developments in Technology Accessories
Expectations of a return to growth in the technology accessories segment driven by new product launches and a more robust end-user pipeline.
Successful Integration of Buro Seating Acquisition
ACCO Brands successfully integrated Buro Seating and is evaluating geographic expansion opportunities beyond Australia and New Zealand.
Strong Cash Flow Management
Year-to-date adjusted free cash flow was $42 million, with a focus on paying down debt and a leverage ratio of 4.1x at quarter end.