ACCO - Earnings call transcript Q3 2017

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Operator

Good day ladies and gentlemen and welcome to the ACCO Brands Third Quarter 2017 Earnings conference call. At this time, all participants are in a listen-only mode. Later, there will be a question and answer session and instructions will follow at that time.

If you require any assistance during today’s call, you may press star then zero on your touchtone telephone.

As a reminder, this conference call is being recorded. to Investor conference Relations. like Rice, to now President, Vice would turn over the Jennifer I Ma’am, may you begin.

Jennifer Rice

Good morning call. quarter XXXX and welcome to our third conference

rate and President accompany of rate of the comparable are in Chief President and results call. Neal and on call Officer. are measures a earnings have and Vice adjusted Elisman, and forecasting ACCOBrands.com. XX% Speaking adjusted Slides reconcile reconciliation certain release been posted Financial that to this difficulty integration financing-related of today refer morning’s GAAP quarterly Fenwich, slides to results. accompany of measures results, Executive the Executive normalized results earnings share to to and effective call in Brands that directly per to and current or the our Investor Schedules the ACCO Chairman, these inherent do Officer other Chief in costs, restructuring Due tax most amounts, When financial year. Relations and guidance. not a apply we speaking adjusted section Corporation, transaction, we Adjusted quantifying this and non-GAAP this Boris of effective exclude measures tax the and the may

this more For see morning’s information, release. press

made of an and assumptions. and refer statements to for press these certain our the our results filings on during differ of uncertainties, Forward-looking explanation Please materially. call and risk actual and and risks based are could plans, actions certain release factors SEC

today’s Our update we going assume forward-looking and no date to of them as made obligation forward. statements are

hold a will session. remarks, prepared our we Following Q&A

Elisman. turn to is Boris my Now, the call pleasure over it to

Boris Elisman

very quarter both We months. everyone. Thank first this and you and performance for third good our morning with our Jennifer, results nine pleased the and earlier the quarter reported morning I’m

expected per income XX% the our a rate, per per met to to interest in acquisition. and higher to combination adjusted tax Net share savings. from the cost grew margin. improved by of $X.XX thanks estimate profit driven share further net from lower we share exceeded share, grew stronger the Esselte quarter, and and acquisition, as lower result goals sales income of our gross margins $X.XX gross expense and internal America, North than Sales the For effective XX% $X.XX $X.XX per Esselte

While Pelikan of the the developments, in the have underlying company important acquisitions Europe continues performance of Esselte as improve in and Artline to been well. Australia

quarter back-to-school Our North last similar results America season. a that extraordinary good season strong driven segment delivered a had to by year’s

the Five with that products, to label sales outpacing and primarily year private our sales value premium-branded product favorable We was last brands are product. of the encouraged Star brand, of

was season, performed superstore mass the sales channel. the and as we expected, but lower channels offset, During in e-tail office back-to-school the well in that by

due are that and demand In EMEA strong channel demonstrate increased for managing acquisition continue we because region, Esselte We exchange. The transition market penetration. and favorable our brands to to substantially the that former the across pleased expanded is ways making smoothly the ACCO identifying EMEA progress and organizations good Europe cross-sell sales in the businesses can of Esselte Brands portfolio and Brands ACCO in proceeding integration brands well foreign of of the the because premier our marketing footprint. our also sales of I’m broad are we

foreign acquisition segment re-establishing EMEA we market, We’re the sales was team management during in improvements also and U.K. in third the will both and on despite line top execution and incremental flat growth opportunities. from optimistic The their exchange. efforts challenged The sales modest international in quarter. the that saw sales positive the bring our is favorable on Esselte contributions focused

visibility shift now would in is are now sales complete $X.XX. QX and from are Mexico adjusted and our Australia per profitability of and of and to lower EPS. sales expectations. from Sales a than back-to-school improvement of year-over-year for in Artline optimizing increase and Our performed we a orders in to EPS businesses. in sales efficiency Australia improving very $X.XX largely the were and the to ACCO QX. adjusted quarter, $X.XX combined raising revenue The adjusted of we to in nine-month integration liked our at With Brazil share, the to Pelikan hard of well businesses XXXX beating and to QX better because we have work EPS expectations XX% expect $X.XX We XX

Neal the Now to of Neal? and results. take you through I’ll ask nine-month specifics the quarter

Neal Fenwich

and good morning Boris, everyone. you Thank

year the of the by was Australia XX% constant This per compared interest with lower acquisitions, share income back-to-school income income primarily net legacy a the Third timing lower shipments from of at currency $XX.X sales Adjusted driven in the to coming and reported decreased $XX.X quarter sales X%, effective $XX.X sales of Net lower $X.XX later net last was share. or versus Esselte acquisition. or improvement million charges, ACCO $X.XX $X.XX Comparable tax or result million year. per prior $X.XX increased Europe. the per in up in rate. and share, million

price repurchased During price million an $XX.XX shares the stock of of at $XX.XX repurchased per we million per share. at an Year-to-date, average shares quarter, X.X X.X of have average share. we

adjusted and and Reported prior points X year Slide quarter, specifics margin reported gross margin deck. as basis margin the XX.X%. of XX at was were detailed down flat gross to of Looking on versus our adjusted the

XX were it business better drove so the margin was savings the America. gross the improvement, gross second quarter during to from margin to Excluding mix margin is acquisitions, expenses margin points. less seasonal favorable due up detracts gross adjusted the acquisition. which primarily SG&A half. ACCO, Cost North expected in mainly in due back-to-school in than Esselte basis and adds improved to Overall, HX than

volume, and XXX on increased adjusted up As lower and acquisition. The points adjusted to severance, was on points compensation basis basis sales primarily a due percent expense, SG&A was basis. reported increase a of SG&A XXX sales, an incentive basis in to the

America decline broad market, for North which than and in segments were less sales acquisitions The X% of the U.S. than strong sales met overview Five margin and America favorable together segment, product lower of marketing legacy by businesses to production In sales quarter. branded XXX% and and both distribution sales Canada the of sales two quarter, the margin expectations X%. higher the enable million in cost as was are of $XXX customer rebates, and cost excluding product. the and decreased shipments. in commodity operating down. our resulting lower was transition Star lower income primarily up in sales the the better functions and underlying an of due Back-to-school EMEA some were manufacturing increased to North items to Turning school partially our due the the to QX, quarter customer a we sales beginning gross of back-to-school have acquisition In with consolidated reductions. our added Esselte from largely mix completed and the integration to and offset sales capabilities increased

effect Excluding legacy acquisition. the million lower acquisition $X loss of the decreased Europe due the income increased and share currency, sales comparable due volume. to ACCO and operating to and margins EMEA

the $X.X International Acquisitions with profit slightly cost year-to-date to We with were million. the sales due performance reduction. be added Full pleased up to from flat Esselte roughly acquisition. continue were sales flat.

in The translation, Brazil we to shipments primarily saw and International part their and back-to-school in sales America. QX; growth from sales in acquisitions costs as and to primarily was otherwise, million. several moved operating decreased $X sales Latin by mitigated Australia currency well QX footprint The as profitability income decreased distribution due Excluding Mexico. temporarily consolidation in decline improved customers associated the in Australia. lower higher with was IT decrease where

As detailed X of our tax on and modeling provided FX related slide deck, updated mainly we to assumptions changes. Page have

$XXX in cash sheet, the quarter. flow and Turning was our now million flow to cash balance free

free fourth For strong generation of expect year, approximately with $XXX the cash million full we quarter. the still cash in flow our

point This is interest cash flow be in to and reported, anticipated EBITDA, our has the for a our from bank to As saving net reduction our notable impact leverage times. $XX LIBOR-based our to below final not of led acquisition previously going three us adjusted quarter. per rate $XXX,XXX improvement free which for in the XX strong gave is the covenant approximately basis One forward, point drop QX year-to-date significant. million Esselte full-year

I’ll that, Boris onto and will with my remarks happy questions. Q&A, where be your take conclude Operator? and to Now I move

Operator

[Operator instructions] Capital. Our first question Keybanc comes from Thomas Brad with

may begin. You

Brad Thomas

and and on Boris Jennifer, quarter the congratulations Neal, morning good strong here. Hi,

Boris Elisman

Good morning, Brad.

Brad Thomas

in to that of rest wanted about Could market ask takes first quarter. trends for some an know talk in as you back-to-school and that’s typically I about think I for and the puts important of and underlying we world? about XQ XQ the you and the other the maybe fourth Brazil. quarter

Boris Elisman

back-to-school be to and also important in for most only quarter, Australia driven business and is is Fourth in a our in sure. in season expected strong back quarter, our sales or you as Yes, season profitable Brazil us. sales most but is it by selling Europe, very very the to Europe. not quarter, selling It’s profitable said, back-to-school

the on Brazil. much on we prior because Brazil. if into at expecting fall Brazil year-to-date, plus reminder, a back-to-school expect in over January. just basis, predict season, But we’ve versus really Specifically overall have can’t we the into the also versus improvement shipments do given spill economic would QX good lot a look QX trends that are of a in improving back-to-school Brazil, how conditions I of in seen we But an an year the to as annual

Brad Thomas

a previously a in Great, and believe, very where million and all would latest add, years. each company would I flow Esselte had XXXX track add thinking free Could on how on then free free up, three about mentioned cash $XX Neal, just follow-up over believe your you for those that that could you the million and is $XX two million be this little and bit would think cash I to ramp come Pelikan year. flow, maybe on if talk could. could $XXX you XXXX that stated cash you for could helpful. flow I

Neal Fenwich

story Pelikan fundamentally having that’s We add - expected very the or saw pieces our items and zero to the because fact little left the free during will negative add was Obviously the was that we because in cash the to exhausted all that as flow taxes flow U.S. year-to-date, start to strong. pay expenses at been cash sheet, bit Offsetting flow. will the our we Esselte and year, addition to of fourth acquisition this we’re It balance of year Sure. the the U.S. that and of forecast quarter on added one the is cash the beginning and related the it’s NOLs. a zero. now that is of our of year.

so acquisition, in million we the two the increase Esselte obviously so to We ballpark time would free a I’ll cash question, let’s in being So million. your work of years forward that anticipate XXXX significant our flow go $XXX by will answer being $XXX as - see generation. through million, $XXX move we we forward, you anticipate the that

we’ll that I’m number but color, XXXX, issues which guidance on of it actually I As in be up for finalize give that a working February. this on will before significantly year. tax I’d give like to through

Brad Thomas

much. thank so Great, you

Neal Fenwich

Thanks Brad.

Operator

Thank you.

question next Our Steinke comes Barrington with Research. Kevin from

begin. You may

Kevin Steinke

to Good dig a into guidance. morning. bit Wanted little the increased

than gross stronger of that terms the guidance expect in margin? to the the we so quarter about expected the talked that gross that key stronger something driver continue of raise is into should margin, fourth and You

Boris Elisman

gross which is margins product key America and gross higher than The than expected. earnings yes, behind we gross it’s higher expected, raise by margin margin, better mix we dollars driven by driven in were North the primarily the

in what’s accretive dilutive half, in even that are our they half; largely are expectations, because the remarks, the of in quarter Esselte the in EPS to the versus to QX, some anticipate and we in margin first of driving gross As so raised a prior his margins they much less offset beat result guidance. Neal seasonal the dollars that’s positive the that mix mentioned as but second offsets of mix

Kevin Steinke

going on Okay, what Can that preference delve bit product you and little back-to-school. mix? branded into would to for there? about just further, products you and You a talked better attribute what’s the

Boris Elisman

superior environment on on of the every the teams, sales of part execution teams. I we our job part that range, done for being in the with to X% we with a attribute the superstore sales in and products been We’ve our in office difficult for X new though those it introduce - a up ’XX us to on year back-to-school nearly back-to-school, had of our phenomenal the count. marketing ’XX comped declining teams the sales store great in part even a a

job that it attribute with superior assortment and again I teams have So I’m very our pleased results, to and the the the done.

Kevin Steinke

Okay, great.

the Esselte ongoing, or expand when than more more you please. Are incremental seemed could revenue addition were you Just to about the synergies opportunities talk there before? incremental synergies. had that’s to think and in talking synergies comments, those for potential cross-selling I revenue about finding on integration those you if you cost you

Boris Elisman

Yes, Kevin.

if certainly teams to to was would we trying quantify sales Our synergies able synergies, especially continental is combination. nice them, of uncover in do have not is all something more a part very believe presence we’re but that. to the thesis, some us. get will This sell to a we priority the sales will leverage return we sales have legacy I to result are try that not I’m great XXX-plus XXXX on that of that working believe get acquisition incremental positive I continent, had of be do very, our for ready with it high the ACCO It Europe to products. over as - but the reps

Kevin Steinke

Okay, far? further what of on that in market you’re great. the Then seeing impact so that from the going for you lastly, your private Staples or planning read know, any -

Boris Elisman

term, Staples be really some are expect react are, anything likely We there those prepared did near continues able and much of a medium the but the term seen and haven’t we in way yet. operate they No, changes, they be change we’ll in be to don’t certainly whatever we’ll I’m changes. sure to to to before. the

Kevin Steinke

questions. Thanks great. Okay, the taking for

Boris Elisman

you, Thank Kevin.

Operator

Thank you.

with Our comes Sidoti Company. McGinnis Chris question from & next

begin. may You

Chris McGinnis

my congratulations on and taking strong for questions, another thanks and morning quarter. Good

Boris Elisman

Thank you, Chris.

Chris McGinnis

few the North over thinking you year, growing have next I I just you’re on but do wondering--maybe bit how this digging you about it’s do performance, America, just you about go just strong know a business into was the market the more years? the expand how gains? little early, that year, last next When way share

Boris Elisman

You opportunity always know, improve. there’s to

business, but are good we presentations understood. and this areas be can We’re be but not of teams incremental year decisions end perfect, will lot now, many of we certainly right by really this directions get on those will it’s not working and where maybe we’re know because of a our made, and the

improve retain we we on efforts need promotion to and more, out what So more products to that we didn’t we to the have. on and to had need we need gain sell placement

whether ago, quarter not or decisions on it. As dollars whether win there’s attached to bid margins gross I mentioned with a make we a depending on

so have we or last Star think months had our that so value over brands. able we’ve to while and premium I do I be improved so to the with win structure, that six need still cost businesses, the placement believe that we’ll we Five Quartet more retaining

do opportunity that and there’s be next year, certainly I think So an do teams to trying do to will our that. more

Chris McGinnis

for there question, to talk that think and just Great. with synergies Then maybe final other - just on I you one Esselte over time? room that, comfortable Can is Thanks. cost feel up you $XX about the from million. how it’s go

Boris Elisman

in $XX I to time. achieving am point ready I number very know, the in in You this synergies. higher a million commit confident not to at feel

is We if will update it but certainly are opportunity, and and review you that on it monitor track. we there

are on to million. We confident activities the all with integration and in of track getting I’m $XX

Chris McGinnis

taking Great. questions, luck Thanks in my and QX. for good

Boris Elisman

Thank you, Chris.

Operator

you. Thank

from comes next with Chappell question SunTrust. Our Bill

begin. may You

Bill Chappell

morning. Thanks, good

Boris Elisman

morning, Bill. Good

Bill Chappell

of helped growth you had guess felt down, back-to-school category the a U.S. was win that? you just though well. across it outperform? Neal Can for all mentioned a said just us talk first, you about overall placement that signs kind did more little give even specifically more and had any the the Maybe Boris, Was of in couple mass? Were kind as or there was good things outperformed slightly you from what the a of channels, Where color even that bit on quarter. it category? quarter. you you concern I was there

Boris Elisman

I were in strong We products we our But Sure. we products, there. than the mass our which really channel channel growth, branded kind would We saw so had X%, well say, branded the and the a some - especially as also choppy Quartet did market of and in won channel in some in drugstore e-tail. where performance, That’s in Five Star down went season were towards in out private overall were sales net-net, down that were and the sales superstore label. for overall. was out office down, then more up, around better largely

Bill Chappell

was about anything to a whole tougher for the the thoughts Any but know category, it down? category being I concerned be about? else overall comparison

Boris Elisman

by XX driven significantly office That’s its No, way next it is going as mass nicely, way, bigger The the channel, XX%, of presence out back-to-school of very was over play That’s mean, majority well, then product drives performance the did other. about very, didn’t couple concerned the now market there. is and by--I’m growing is way seem far talking the we that of still really to online. good driven back-to-school order of and which one or the on was the I decline Bill. have the bigger overall, superstores. as but small to and significantly years shopping

So the I be we anything think to as look about. I mix, see concerned don’t overall at

Bill Chappell

or Got price incremental like the continuing war switching that that. is it. having category? least Is intense Australia, competition, stuff on grocery front, the to at here pretty office impact Then there on supplies you any

Boris Elisman

market. and an see forward last the perspective, seen a don’t XXXX, it’s of but accounts of tough has out couple where the play in This last of categories in starting into some order de-emphasized to on certainly I of and some have that improve couple really From the impact XXXX their much go change, profitability. the been mass years. incremental had years us We’ve then over

Bill Chappell

in thoughts other it’s any in about the repurchase of from terms using in cash, half, pretty share one of Okay. beyond now strong cash? use back me, acquisitions that coming or Last that

Boris Elisman

our think allocation is are the return I to Obviously yet, balance that looking at gets the board’s board as and including our capital I more at but board decision and ways our anything last sheet capital up quarter alternatives, stable, it’s on spoke the of we’re to decided the cleaned sales shareholders. looking all hasn’t all dividends.

Bill Chappell

hadn’t remiss hear. I be asked. I to if would Great

Boris Elisman

Thanks Bill.

Bill Chappell

Talk soon. to you

Operator

you. Thank

question BWS Hamed next Financial. with comes Our from Khorsand

begin. may You

Hamed Khorsand

weak about just about Hi, a were big around mean, want the Last understand I and it? Australia it’s that good go a especially shift Which the talking time in quarter, as here this habits being commentary seeing morning. economy? you’re revenue. change on I you to as customer you out. your pushed the one Is are from weak is talking far spending it base? economy;

Boris Elisman

hasn’t end September, inventory but our back-to-school QX. Well, Last made end This of for why a they the for several which QX. forecast the is what so have will part year, it ordered QX, didn’t customers forecast of during end for hopefully can is the them at happen. changed, to weak order loading quarters season, it’s so Their large order still year, in be that’s happens and our shift, significantly so in of economy the by QX, back-to-school.

We’re quarter seasonal counting difficult on in that to to very the QX. it’ll what and order in back other happens a happen. A highly quarter back year to from predict now they’ll business. go maybe way It’s

Hamed Khorsand

this saw The usual? lower the than quarter, I from guess, product shift, is that them margin higher purchasing margin that products or you

Boris Elisman

slightly Typically you they I’m products fixed margin, offset are an margins when the seasons, it’s themselves, volume but so volume the have back-to-school our during the cost, know, helps up. gross why lower overall a--you of tend question, go at for from hesitating. distribution that some high the gross look a the that’s effect Typically interesting products to ordered

be So example, in should margin the Australia, in than QX. higher gross for in QX

Hamed Khorsand

follow-up that last My a just it. question on capital Got question. is

was EBITDA more, still your looking off been paying as debt expressed you acquisitions as is making Are the to earlier assume higher or that being debt this since could debt pay You down you’d we to hold haven’t the for much down year. might like? time than you on the

Boris Elisman

our months track this still most we’re and of seasonal with our plans. typically flow. on flow is get very No, when our pay we cash because we in you the the debt pay of four is cash down year, last debt--our the We know,

I rate. pay Now, the prepared anticipate remainder end we did Neal as the leverage of buy we in his expect in it debt we we the, than call of thought shares, remarks, a do little initially that to our do ratio the times still would, year, more year, but by the down mentioned net would in bit be and X.X

Hamed Khorsand

appreciate Okay, you. it. Thank

Boris Elisman

you, Hamed. Thank

Operator

you. Thank

with William question next Bank Our comes of America. from Reuter

may You begin.

William Reuter

Good morning.

of--you guys you sense dollars for in market I this about guys being U.S. terms have much how the U.S. was you Do have thought talked down the in you the quantify hear in how units market much the didn’t the In you either or a back-to-school down season? market down. may been think

Boris Elisman

dollars, the down. X% X range In in to

William Reuter

Can Okay. year goal, this budget Then are in out generally? out savings think haven’t of to plan cost you guys a are how year you but your where about and for achieving you that I laid next I opportunity for talk you million. know terms laid view of fully, $XX you going that guys probably

Boris Elisman

that on on track now to bit, are about year. the we’re XXX% a for target little of the right savings we so cost Yes, exceed

to next assure our set goal be is ’XX, higher haven’t we million that budgets for going year. $XX I for While than our can

William Reuter

Okay. on be hoping you the in Is update leverage us X X.X The last guys where your hope you time to times I guys be? were target, to still that had range. you to heard

Boris Elisman

yes. That’s target, still the

William Reuter

others. it to pass you. Thank I’ll great. Okay,

Boris Elisman

Thanks Bill.

Operator

Thank you.

comes question Barclays. Hale next Our with Holden from

may You begin.

Hale Holden

how Good ones. morning. on quick you’ve taking go-forward wondering taxes, basis. the I was On I the just NOLs, cash call. for Thank you now a we exhausted think that had about should that two

Neal Fenwich

see a managed next sharply. will there what we discuss quite increase it, that give some be based year to had fundamentally significant taxes postpone declined on our at cash offsets ballpark, it. and acquisitions we’re increasing and Obviously during why that international of to some to in--just was U.S. cash Conversely, the We’ve So looking of obviously we you current make, U.S. the operations in we’ve instance delay looking I the year. just taxes to are can but concluded, $XX year. U.S. of had at the and each so NOLs U.S., that will add issues will of $XX and to year we other approximately just rate offset to that business, as free enjoying that have million next been of very taxes expecting this next a impact that, simplistic I earlier, so was going impact But year XX% we year. approximately flow and overall mentioned up million I’m in cash the be significantly negative our have to

Hale Holden

Great, was thank half the hoping or could clarify drag gross seasonal is you. the you just margin hit company. what I year on consolidated the of the with Esselte second for

Neal Fenwich

that It math half the dilution seasonal, seasonal It’s that second it itself very to the so has we drag. high just have effect. a doesn’t margins stable of underlying business have be in margins. very causes so It ACCO year, the gross and a it’s is slight

Hale Holden

Got the time. you it. much very Thank for

Boris Elisman

Thanks Hale.

Operator

you. Thank

from Jefferies. with Our Karru comes next Martinson question

begin. may You

Karru Martinson

Good morning.

at Amazon the of years? go think of that side back-to-school. being small, e-tail today--where Prime, business, is over where does was wondering, continuing you e-tail they’re you their they the couple the shipping, about that for especially next currently that to today, go and look When grow. I about talked Business business when guys You the where that does expanded

Boris Elisman

overall back-to-school, parents Business it’s purchases. XX% through is a stores, a in a relatively consumers for to than the Most of and it’s lot for The experiential business. So of a but and season consumer back-to-school XX% are e-tail specifically of then--e-tail business, and products part part also types it’s overall of small small back-to-school but purchases home our less shopping, the purchases is whereas growing the because still back-to-school over of our kids e-tail is is Amazon majority significant less today of season specifically smaller of of and individual for it’s XX is for businesses. the home becoming Amazon so of businesses. part the

Karru Martinson

much, Thank Appreciate you very guys. it.

Boris Elisman

you. Thank

Operator

Thank you.

comes Our next question Morgan. JP Casella with Carla from

You may begin.

Carla Casella

branded between brand the how could if much margins sense the or wondering I’m can a for channel. us differ how by private and differ you the Hi. much give retail products, they

Boris Elisman

us, your Is us the question how for margins the label? of private is and for branded between the different margin much

Carla Casella

Star greater Yes, because shift and you the helping. Five mentioned mix

Boris Elisman

XX and It premium XX XX It’s XX private about we’re Star to XX difference significant label. versus to points. brands branded, especially XX. XX XX could versus significant, between such to be XX%--I talking as the to It’s basis a so Five mean,

Neal Fenwich

between also our Carla, premium significant a brands, the significant was value difference we what and a our that premium And brands own back-to-school. and towards between our brands our had we brands, fact discussed during see shift so we

Boris Elisman

Right.

Carla Casella

great. year? follow accounts the going exiting been that have European, just annualized you’ve be this to up, the Then you At process, mentioned of or ongoing Okay, wanted large beyond that’s some is point there. that what to will we something

Boris Elisman

Carla, accounts? what again? missed the--we’ve say it I been in the larger

Carla Casella

Exiting of some of the lower margin accounts in Europe.

Boris Elisman

Oh, I yes. see,

Carla Casella

see to that with this continue that numbers? is Yes. we’ll be or in something finished the Will you year,

Boris Elisman

we expectation will year. that finished is my be this No,

all that we will we the during grow year, then in for think catalog that that made my to and hope most of the through I XXXX will again so season, the or we of certainly decisions this it’s of that is result QX that of XXXX. much begin last work

Carla Casella

you. Thank Okay, great.

Boris Elisman

Thanks Carla.

Operator

to Thank like no Boris Elisman, remarks. this I’m showing you. over turn time. call at the CEO, further to I’d Chairman for questions back and closing

Boris Elisman

and February. very you Once a much with solid for to North have in acquisition you finish Thank Shannon. our of in Esselte you, the reporting forward we’re being strong look quarter bolstered year back our in I and again, when day. a had to a again call Thank great on America season we back-to-school by Europe. a nice

Operator

for have a wonderful concludes day. participation Ladies your and and today’s Thanks this gentlemen, conference.

ACCO Brands (ACCO) 30 Oct 172017 Q3 Earnings call transcript