Avery Dennison Announces Third Quarter 2023 Results

Avery Dennison Corporation (NYSE:AVY) today announced preliminary, unaudited results for its third quarter ended September 30, 2023. 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.

“Earnings per share were in line with our expectations for the third quarter, again increasing sequentially,” said Deon Stander, president and CEO. “Volume in both Label Materials and Apparel Solutions improved sequentially, continuing to recover from slow market conditions, largely inventory destocking, while our Intelligent Labels platform continued to accelerate adoption into new categories.

“We expect further sequential improvement in the fourth quarter, as the pace of inventory destocking continues to moderate and non-apparel intelligent label programs accelerate.

“In Intelligent Labels, we expect to deliver more than twenty percent growth annually in the coming years, as adoption accelerates in logistics, food, and general retail, and apparel rebounds, further advancing our leadership position at the intersection of the physical and digital,” added Stander.

Highlights:
*3Q23 Net sales of $2.1 billion
-Sales change ex. currency (non-GAAP) down 10%
-Organic sales change (non-GAAP) down 11%
*3Q23 Reported EPS of $1.71
-Adjusted EPS (non-GAAP) of $2.10, up 9% sequentially
details at: https://www.investors.averydennison.com/news-releases/news-release-details/avery-dennison-announces-third-quarter-2023-results

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