Avery Dennison Announces Fourth Quarter and Full Year 2020 Results
Fourth Quarter 2020 Results: Net sales were $1.99 billion, up 12.3%. The extra week in 2020 increased sales 4.9%. Sales were up 5.2% ex. currency, and up 3.2% on an organic basis. Reported operating margin increased 350 basis points to 13.7%. Adjusted EBITDA margin increased 180 basis points to 16.3%, while adjusted operating margin increased 160 basis points to 13.5%. Reported net income was $2.28 per share, up 19% and adjusted net income was $2.27 per share, up 31%, both of which were above the company’s expectations. Year-to-date free cash flow was $548 million, up 6.9% compared to last year.