LAKE ZURICH, Ill. (AP) — LAKE ZURICH, Ill. (AP) — Acco Brands Corp. (ACCO) on Thursday reported first-quarter net income of $19.4 million, after reporting a loss in the same period a year earlier.
The Lake Zurich, Illinois-based company said it had profit of 20 cents per share. Earnings, adjusted for one-time gains and costs, were 2 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
The maker of office supplies posted revenue of $343.7 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $319.9 million.
For the current quarter ending in June, Acco expects its per-share earnings to range from 24 cents to 28 cents.
The company expects full-year earnings in the range of 84 cents to 89 cents per share.
In the final minutes of trading on Thursday, the company’s shares hit $3.21. A year ago, they were trading at $3.86.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACCO at https://www.zacks.com/ap/ACCO