Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 129

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 129
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0 million in 2024 compared to operating income of $44.7 million in 2023. The decrease was primarily due to higher non-cash goodwill and intangible asset impairment charges compared to the prior year, partly offset by lower restructuring charges.

We reported a net loss of $101.6 million, or $(1.06) per share, compared to a net loss of $21.8 million, or $(0.23) per share in the prior year. The reported net loss reflects higher non-cash goodwill and intangible asset impairment charges and lower benefits from discrete tax items.

Operating cash flows for the year provided cash of $148.2 million and $128.7 million in 2024 and 2023, respectively. Our seasonal operating cash flow followed our historic pattern of outflow in the first half followed by strong inflows in both quarters of the second half.

Consolidated Results of Operations for the Years Ended December 31, 2024 and 2023

    Year EndedDecember 31,
     
    Amount of Change

    (in millions, except per share data)
     
    2024
     
    2023
     
    $
     
    %/pts

    Net sales
     
    $1,666.2
     
    $1,832.8
     
    $(166.6)
     
    (9.1)%

    Cost of products sold
     
    1,110.8
     
    1,234.5
     
    (123.7)
     
    (10.0)%

    Gross profit
     
    555.4
     
    598.3
     
    (42.9)
     
    (7.2)%

    Gross profit margin
     
    33.3 %
     
    32.6 %

    0.7
     pts

    Selling, general and administrative expenses
     
    365.7
     
    393.5
     
    (27.8)
     
    (7.1)%

    SG&A% to net sales
     
    21.9 %
     
    21.5 %

    0.4
     pts

    Amortization of intangibles
     
    44.7
     
    43.4
     
    1.3