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Tuesday, May 24, 2022

Avery Dennison Beats Expectations

Avery Dennison Corp. beat Wall Street estimates on earnings and matched on revenue for the first quarter.

Avery Dennison Corp. beat Wall Street estimates on earnings and matched on revenue for the first quarter.

 

The Glendale manufacturer of pressure-sensitive materials, tickets, tags and labels reported on Tuesday an adjusted net income of $200 million ($2.40 a share) for the quarter ending April 2, compared to an adjusted net income of $201 million ($2.40) in the same period a year earlier. Revenue increased by 15 percent to $2.3 billion.

 

Analysts on average expected earnings of $2.17 on revenue of $2.3 billion, according to Thomson Financial Network.

 

Chief Executive Mitch Butier said the company had a strong quarter financially despite a challenging environment as supply chains remain tight and inflationary pressures persist.

 

“Despite these challenges, we have raised our outlook and we continue to expect strong top- and bottom-line growth for the year,” Butier said in a statement. “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.”

 

Shares of Avery Dennison (AVY) closed Tuesday up $5.53, or 3.3 percent, to $174.22 on the New York Stock Exchange, on a day when the Dow Jones closed down 2.4 percent.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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