Avery Dennison Corporation has announced preliminary, unaudited results for its third quarter ended October 1, 2022. Non-GAAP financial measures referenced in this document are reconciled from GAAP in the attached financial schedules. Unless otherwise indicated, comparisons are to the same period in the prior year.

Highlights from the quarter are as follows:

  • 3Q22 Reported EPS of $2.70, up 38%
    • Adjusted EPS (non-GAAP) of $2.46, up 15%
  • 3Q22 Net sales increased 11.8% to $2.3 billion
    • Sales growth ex. currency (non-GAAP) of 19.0%
    • Organic sales growth (non-GAAP) of 15.5%
  • Narrowed FY 2022 EPS guidance
    • Reported EPS of $9.65 to $9.80 (previously $9.60 to $9.90)
    • Adjusted EPS of $9.70 to $9.85 (previously $9.70 to $10.00)

“We once again delivered strong financial results amidst a dynamic environment,” said Mitch Butier, Avery Dennison chairman and CEO. “LGM and RBIS both delivered impressive top- and bottom-line growth in the quarter, while making great progress in driving further adoption of Intelligent Label solutions.

“The strategic foundations we have laid again position us to deliver double-digit EPS growth for the year, despite ongoing inflationary pressures, currency headwinds and increasing economic uncertainty,” said Butier. “We remain confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation through a balance of profitable growth and capital discipline.

To view the full results, visit the Avery Dennison Corporation website.

Source: Avery