Avery Dennison Announces Second Quarter 2022 Results

Avery Dennison Corporation (NYSE:AVY) today announced preliminary, unaudited results for its second quarter ended July 2, 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.

“We once again delivered strong financial results amidst a dynamic environment, with earnings above expectations,” said Mitch Butier, Avery Dennison chairman and CEO. “LGM and RBIS delivered impressive earnings growth and momentum in Intelligent Labels is further accelerating.

“Our strong performance comes at a challenging time as supply chains remain tight, inflationary pressures are significant and COVID-19 continues. Despite these challenges and a significant currency translation headwind, we have raised our guidance for the year,” said Butier. “The strategic foundations we have laid enable us to generate superior value creation through a balance of GDP-plus growth and top-quartile returns over the long-term.

“Once again, I want to thank our entire team for their tireless efforts to keep one another safe while continuing to deliver for our customers during this challenging period. The team continues to raise their game each quarter to address the unique challenges at hand.”

Label and Graphic Materials – Reported sales increased 8% to $1.5 billion. Sales were up 14% ex. currency and 15% on an organic basis.

Retail Branding and Information Solutions – Reported sales increased 24% to $658 million. Sales were up 27% ex. currency and 5% on an organic basis.

Industrial and Healthcare Materials – Reported sales increased 1% to $198 million. Sales were up 5% ex. currency and 7% on an organic basis reflecting a mid-single digit increase in industrial categories and a high teens increase in healthcare categories.
details at: https://www.investors.averydennison.com/news-releases/news-release-details/avery-dennison-announces-second-quarter-2022-results

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