Avery Dennison Announces Fourth Quarter and Full Year 2021 Results

Highlights:
*4Q21 Reported EPS of $2.19, down 4% driven by impact of extra week in prior year
*Adjusted EPS (non-GAAP) of $2.13, down 6%; up 23% vs. 2019
*4Q21 Net sales increased 9.7% to $2.2 billion
*Sales growth ex. currency (non-GAAP) of 18.5%
*Organic sales growth (non-GAAP) of 12.8%
*FY21 Reported EPS of $8.83, up 34%
*Adjusted EPS (non-GAAP) of $8.91, up 25%
*FY21 Net sales increased 20.6% to $8.4 billion
*Sales growth ex. currency (non-GAAP) of 18.6%
*Organic sales growth (non-GAAP) of 15.6%
*FY22 Reported EPS guidance of $9.25 to $9.65 – Adjusted EPS guidance of $9.35 to $9.75

Avery Dennison Corporation (NYSE:AVY) today announced preliminary, unaudited results for its fourth quarter and full year ended January 1, 2022. Non-GAAP financial measures referenced in this document are reconciled to GAAP in the attached financial schedules. Unless otherwise indicated, comparisons are to the same period in the prior year.

“2021 marked the company’s tenth consecutive year of strong top- and bottom-line growth,” said Mitch Butier, chairman, president and CEO. “We delivered 19 percent revenue growth on a constant currency basis and 25 percent adjusted earnings per share growth, while generating record free cash flow.

“Our strong performance comes at a challenging time as the global health crisis continues, supply chains are tight and significant inflationary pressures persist.

“2021 marked an important milestone for the company, as the final year of measurement for the five-year financial targets we communicated in early 2017,” added Butier. “ I’m pleased to report that we achieved our long-term goals for this period.”

“For 2022, we expect to again deliver strong top- and bottom-line growth and are targeting continued progress toward our 2025 goals,” said Butier.

“Once again, I want to thank our entire team for their tireless efforts to keep one another safe while delivering for all our stakeholders.”
https://www.investors.averydennison.com/news-releases/news-release-details/avery-dennison-announces-fourth-quarter-and-full-year-2021

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