Reuters: Regulatory News: UPDATE 1-Acco Brands loss widens on higher costs, European weakness

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UPDATE 1-Acco Brands loss widens on higher costs, European weakness May 10th 2012, 12:10 Thu May 10, 2012 8:10am EDT May 10 (Reuters) - Office products maker Acco Brands posted a wider-than-expected quarterly loss and forecast full-year revenue below analysts' estimates as it grapples with higher commodity costs and a weak European economy. The company said it expects 2012 revenue to remain flat from the $1.32 billion it posted in 2011. Analysts on average were expecting revenue of $1.46 billion, according to Thomson Reuters I/B/E/S. For the first quarter, Acco Brands reported a net loss from continuing operations of $17.3 million, or 31 cents per share, compared with a year-ago loss of $9.0 million, or 16 cents per share. Excluding items, it posted a loss of 5 cents per share. Revenue fell 3 percent to $288.9 million. International revenue fell 10 percent to $94.5 million on a 13 percent decline in volume as it stopped making low-margin products and a weak economy in Europe hurt business, the company said. Analysts on average were expecting a loss of 4 cents a share on revenue of $292.7 million, according to Thomson Reuters I/B/E/S. Acco Brands shares, which have shed 11 percent of their value in the last three months, closed at $10.10 on Wednesday on the Nasdaq.

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