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- **Cost Savings Progress**: $50 million achieved toward $100 million target, improving gross margin to 33%.
- **Q4 Growth Drivers**: Technology accessories (Kensington pipeline, Switch 2 accessories) and delayed price realization expected to drive sales recovery.
- **Trade-Down Impact**: Global consumer trade-down trends impacting top line, but ACCO's broad portfolio mitigates cannibalization risk.
- **Brazil Recovery**: Soft start to back-to-school season, but improving trends observed with expanded product offering.
- **Financial Outlook**: Full-year adjusted EPS of $0.83-$0.90, with free cash flow of $90-$100 million.

**【Management Opening Remarks】**
Chris McGinnis provided an overview of the call, emphasizing the company's adjusted results and non-GAAP financial measures. He highlighted the importance of forward-looking statements and the risks associated with them.

**【CEO Summary Section】**
- **Third Quarter Results**: Sales were below outlook due to softer global demand and delayed tariff-related price increases. However, adjusted EPS met expectations, and gross margins improved by 50 basis points.
- **Cost Reduction Program**: Achieved $10 million in savings, bringing cumulative total to $50 million, with $100 million target by year-end.
- **Segment Performance**: 
  - **Americas**: Back-to-school sales in line with expectations, but Latin America underperformed due to trade-down trends.
  - **International**: Europe was soft, but Australia and Asia showed growth.
  - **Technology Accessories**: Kensington sales declined but expected to recover in Q4 with new product launches.
- **Fourth Quarter Outlook**: Confidence in improvement driven by delayed price realization, new product launches (e.g., Nintendo Switch 2 accessories), and timing of shipments.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Reported sales decreased 9% (8% excluding FX), with gross margin improving to 33%.
  - Adjusted operating income of $39 million, down from $45 million YoY due to lower volumes.
  - Free cash flow of $42 million year-to-date, with $17 million from asset sales.
- **Segment Results**: 
  - **Americas**: Comparable sales down 12%, but margin rate improved due to cost savings.
  - **International**: Comparable sales down 7%, with margin rate declining due to lower volume.
- **Outlook**: Full-year sales expected to decline 7%-8.5%, with adjusted EPS of $0.83-$0.90. Free cash flow projected at $90-$100 million.

**【Q&A Key Highlights】**
- **Fourth Quarter Confidence**: Driven by technology accessories growth (Kensington pipeline, Switch 2 accessories), delayed price realization, and new product launches.
- **Trade-Down Dynamics**: Consumer trading down globally, but ACCO's broad portfolio allows capture of lower-tier sales without significant cannibalization.
- **Brazil Back-to-School**: Sales timing delayed but improving trends observed; cautious optimism due to expanded product offering.
- **Strategic Acquisitions**: Evaluating accretive opportunities in faster-growing categories and geographies, such as ergonomic products and gaming seating.


ACCO Brands Corporation (ACCO) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ACCO

ACCO fundamentals

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