Stock Monitor: On Track Innovations Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 15, 2018 / If you want access to our free earnings report on Avery Dennison Corp. (NYSE: AVY), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AVY. The Company reported its financial results on April 25, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The global leader in labelling, packaging materials, and solutions exceeded market estimates for revenues and earnings in Q1 FY18. Additionally, the Company provided guidance for the full fiscal year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter of the fiscal year 2018, Avery Dennison's revenues increased 13% to $1.78 billion on a y-o-y basis compared to $1.57 billion in Q1 FY17. The Company's revenue numbers topped market estimates of $1.76 billion.
During Q1 FY18, the Company's gross profit increased 9.3% to $483.4 million compared to $442.4 million in the prior year's same quarter.
For Q1 FY18, Avery Dennison's net income rose 11.6% to $125.2 million compared to $112.2 million in Q1 FY17. Avery Dennison posted earnings per share (EPS) of $1.40 in Q1 FY18 versus $1.25 in the year ago comparable quarter. The Company's adjusted EPS were $1.44 in the reported quarter compared to $1.11 in Q1 FY17, increasing 30% on a y-o-y basis, and surpassing analysts' estimates of $1.34.
Avery Dennison operates through three segments, namely (i) Label and Graphic Materials; (ii) Retail Branding and Information Solutions; and (iii) Industrial and Healthcare Materials.
The Company's Label and Graphic Materials segment generated total revenues of $1.22 billion in Q1 FY18, up 12% compared to $1.09 billion in the prior year's corresponding quarter. The segment's operating income increased 8.7% to $149.7 million in Q1 FY18 from $137.7 million in Q1 FY17, primarily due to a favorable foreign currency translation, a higher volume/mix, and benefits from productivity initiatives.
During Q1 FY18, Avery Dennison's Retail Branding and Information Solutions segment's total revenues increased to $386.0 million from $366.8 million in Q1 FY17, primarily driven from sales of radio-frequency identification products. The segment's operating income increased 27% to $34.7 million in the reported quarter compared to $27.3 million in the prior year's same quarter. The segment's operating margin improved to 9% in Q1 FY18 from 7.4% in Q1 FY17, primarily due to benefits from productivity initiatives, reduced amortization expenses, and an increased volume.
The Company's Industrial and Healthcare Materials segment reported net sales of $172.2 million in Q1 FY18 compared to $115.7 million in Q1 FY17. The segment's operating income and operating margin decreased to $13.0 million and 7.5%, respectively, in the reported quarter from $13.2 million and 11.4%, respectively, in Q1 FY17, mainly due to the impact of pricing and raw material costs.
As of March 31, 2018, Avery Dennison's cash and cash equivalents stood at $187.5 million compared to $294.9 million as of April 01, 2017. The Company's long-term debt increased to $1.34 billion as of March 31, 2018, versus $1.25 billion as of April 01, 2017.
Avery Dennison's net cash inflow from operating activities was $16.0 million in the reported quarter compared to $13.9 million in Q1 FY17. The Company repurchased 0.4 million shares at a cost of $51.6 million in the reported quarter.
For the full fiscal year 2018, Avery Dennison is forecasting total sales to increase by approximately 9.5%. The Company anticipates EPS to be in the range of $4.90 to $5.10, and adjusted EPS to be in the band of $5.85 to $6.05 for FY18.
Stock Performance Snapshot
May 14, 2018 - At Monday's closing bell, Avery Dennison's stock slightly advanced 0.48%, ending the trading session at $108.19.
Volume traded for the day: 633.40 thousand shares.
Stock performance in the last month – up 3.23%; previous six-month period – up 2.30%; and past twelve-month period – up 29.80%
After yesterday's close, Avery Dennison's market cap was at $9.52 billion.
Price to Earnings (P/E) ratio was at 21.03.
The stock has a dividend yield of 1.66%.
The stock is part of the Consumer Goods sector, categorized under the Business Equipment industry.
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