Avery Dennison Announces Third Quarter 2021 Results
Label and Graphic Materials: Reported sales increased 18% to $1.3 billion. Compared to prior year, sales were up 15% ex. currency (12% vs. 2019) and 14% on an organic basis (11% vs. 2019). Label and Packaging Materials sales were up approximately 15% from prior year on an organic basis, with strong growth in both the high value product categories and the base business. Sales increased by approximately 11% organically in the combined Graphics and Reflective Solutions businesses. Reported operating margin decreased 140 basis points to 13.7%. Retail Branding and Information Solutions: Reported sales increased 25% to $531 million. Compared to prior year, sales were up 22% ex. currency (29% vs. 2019) and 14% on an organic basis (9% vs. 2019), reflecting strong growth in both the high value product categories and the base business. Intelligent Labels was up approximately 15% organically (40% vs. 2019). Reported operating margin was flat to prior year at 11.0%. The Vestcom acquisition closed on August 31, 2021. Industrial and Healthcare Materials: Reported sales increased 24% to $195 million. Compared to prior year, sales were up 20% ex. currency (11% vs. 2019) and 15% on an organic basis (6% vs. 2019). Reported operating margin increased 170 basis points to 9.6%.