UPDATE 2-Acco Brands Q4 profit beats Street view; shares jump

venerdì 27 febbraio 2009 16:18
 

* Q4 adj EPS 37 cents vs est 34 cents

* Q4 rev falls 30 pct to $353.4 mln, lags Street

* Says will not provide any specific outlook for 2009

* Shares jump 42 pct (Adds conference call details, share movement)

Feb 27 (Reuters) - Office supply products maker Acco Brands Corp ABD.N posted an adjusted quarterly profit that beat market estimates, helped by lower costs, and said it expects to benefit from its cost-cutting measures in 2009, sending its shares up as much as 42 percent.

However, quarterly sales fell 30 percent as the global economic slowdown continued to weigh on all of its businesses and geographies.

"With the lowest level of consumer and business demand that we've seen all year, customers curtailed orders as they worked down existing inventories and chose not to make year-end rebate-related purchases," a company executive said on a conference call.

Sales volumes have been weak for the company, which has been hit by sagging demand for office products, falling white-collar employment and lower inventories by key customers.

To counter the falling sales, the company said it was taking a number of cost-cutting measures, including job cuts and salary reductions.   Continua...