Acco Brands has revealed a drop in earnings in its Q3 results, due to restructuring charges from its merger with GBC. Net income fell to $3.6 million, or EPS of $0.08, from $38.5 million, or EPS of $1.10, a year earlier.
However, operating income before restructuring and other charges was flat at $38 million.
Sales rose 39 per cent to hit $421.7 million.
The company said that the integration of Fortune Brands’ Acco World with GBC in August was still on track, and it expects to meet its annual target of $40 million in cost savings over the next three years.
Acco also revealed that it expects operating income and earnings growth to be below its long-term targets this year and the next, due to "negative synergies" from its major spin-off from Fortune Brands and the GBC merger.
