Avery Dennison Registers 12% Top-Line Growth In Q3; Narrows FY22 EPS Forecast

• Avery Dennison Corp (NYSE: AVY) reported third-quarter FY22 sales growth of 11.8% year-on-year to $2.317 billion, marginally beating the consensus of $2.31 billion.

• Reported sales for the Label and Graphic Materials segment increased by 11.6% to $1.5 billion; Retail Branding and Information Solutions climbed 17.4% to $623.1 million; Industrial and Healthcare Materials fell by 1.9% to $191.5 million.

• Gross profit rose 11.7% Y/Y to $619.2 million.

• Marketing, general and administrative expenses rose 11.4% Y/Y to $330.8 million.

• It reported an operating margin of 12.6%, with operating income growing 21% to $292.3 million.

• The company held $128.2 million in cash and equivalents as of October 1, 2022. Net cash provided by operating activities for the nine months was $615.2 million.

• Adjusted EPS of $2.46 was in-line with the Street view.

• Outlook: Avery Dennison narrowed its FY22 adjusted EPS outlook to $9.70 - $9.85 (previously $9.70 - $10.00) versus the consensus of $9.88.

• Price Action: AVY shares are trading lower by 0.29% at $176.50 on the last check Wednesday.

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