Avery Dennison Announces Fourth Quarter and Full Year 2022 Results

Highlights:
*FY22 Reported EPS of $9.21, up 4% **Adjusted EPS (non-GAAP) of $9.15, up 3%, up 11% ex. currency
*FY22 Net sales increased 7.5% to $9.0 billion – Sales growth ex. currency (non-GAAP) of 13.1% – Organic sales growth (non-GAAP) of 9.5%
*4Q22 Reported EPS of $1.51 **Adjusted EPS (non-GAAP) of $1.65, down 23%
*4Q22 Net sales declined 7.2% to $2.0 billion – Sales change ex. currency (non-GAAP) of (0.8%) – Organic sales change (non-GAAP) of (0.9%)
*FY23 Reported EPS guidance of $8.85 to $9.25 **Adjusted EPS guidance of $9.15 to $9.55

Avery Dennison Corporation (NYSE:AVY) today announced preliminary, unaudited results for its fourth quarter and full year ended December 31, 2022. Non-GAAP financial measures referenced in this release are reconciled from GAAP in the attached financial schedules. Unless otherwise indicated, comparisons are to the same period in the prior year.

“We delivered impressive results in 2022, once again achieving double-digit earnings growth on a constant currency basis,” said Mitch Butier, Chairman and CEO. “Both our Materials and Solutions Groups delivered strong top-and bottom-line results while accelerating adoption of Intelligent Labels.

“Our strong performance came amidst a very challenging environment that was capped by volume declines in the fourth quarter due to significant inventory reductions downstream,” added Butier. “Recent volume trends are indicative of patterns in previous slowdowns; we have been activating countermeasures accordingly.

“Despite the challenges in the macro environment, we remain well-positioned to continue our long track record of earnings growth in 2023, including accelerating growth in Intelligent Labels,” said Butier.

“Once again, I want to thank our entire team for continuing to raise their game to address the unique challenges at hand and deliver value for all our stakeholders.”
https://www.investors.averydennison.com/news-releases/news-release-details/avery-dennison-announces-fourth-quarter-and-full-year-2022

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