ACCO Brands Corporation has announced its second quarter results for the period ended June 30, 2021. Highlights are as follows:

• EPS was $0.50 versus $0.06 in prior year

• Adjusted EPS was $0.43 versus $0.18 in 2020

• Net sales were $518 million, up 41% from 2020

• All segments posted sales and profit increases

• Strong rebound in commercial products

• Gross margin improved 170 bps

“Our second quarter results continued to reflect the market recovery. We posted a strong overall sales increase, with organic growth in all segments. Our strategy of transforming our company toward a more consumer-centric business continued to pay dividends as PowerA had another strong sales increase. Overall, I am very pleased with our execution. We have better visibility for the second half, and our momentum gives us confidence that we will be able to deliver record sales and strong profit performance in 2021,” said Boris Elisman, Chairman, president and chief executive officer of ACCO Brands. 

ACCO Brands North America – Sales of $295.1 million increased 27.4% from $231.7 million in 2020, primarily due to the PowerA acquisition, which added $40.5 million. Favorable foreign exchange added $3.9 million, or 1.7%. Comparable sales of $250.7 million increased 8.2% due to higher demand, particularly for commercial office products, as many offices began to reopen.

The segment operating income was $53.8 million versus $37.4 million in 2020. The increase primarily was due to higher sales, $5.1 million of lower restructuring charges, $4.8 million in lower expense for inventory reserves, and $4.8 million from PowerA. (The change in the fair value of the contingent consideration is not allocated against segment results.) Adjusted operating income of $59.9 million increased from $45.3 million in 2020, primarily for the reasons cited above.

To read the full press release, click here.

Source: ACCO Brands