ACCO(US:ACCO)2024-08-02 16:40Financial Performance - Net sales decreased by 11.2% to $438.3 million in Q2 2024 compared to $493.6 million in Q2 2023[19] - For the first six months of 2024, net sales decreased by 11.0% to $797.2 million compared to $896.2 million in the same period of 2023[19] - Adjusted earnings per share (EPS) decreased by 2.6% to $0.37 in Q2 2024 compared to $0.38 in Q2 2023[19] - Adjusted EPS for the first six months of 2024 decreased by 14.9% to $0.40 compared to $0.47 in the same period of 2023[19] - The company expects to generate approximately $130 million in free cash flow in 2024[15] Segment Performance - ACCO Brands Americas sales decreased by 13.1% to $292.3 million in Q2 2024 compared to $336.4 million in Q2 2023[20] - ACCO Brands International sales decreased by 7.1% to $146.0 million in Q2 2024 compared to $157.2 million in Q2 2023[20] Cost Savings and Leverage - The company is executing a multi-year cost reduction program targeting at least $60 million in savings[15, 17] - The company realized $10 million in cost savings year-to-date and is on track to deliver more than $20 million in cost savings for FY24[17] - The consolidated leverage ratio was 3.7x at the end of Q2 2024, compared to 4.3x in the previous year[15]