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American company Avery Dennison's sales grow 4% in Q3 FY24

28 Oct '24

2 min read

US company Avery Dennison's sales grow 4% in Q3FY24

Pic: Avery Dennison

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Avery Dennison has reported net sales of $2.2 billion in the third quarter of fiscal 2024, a 4 per cent increase year-over-year. Earnings per share (EPS) rose 32 per cent to $2.25, with adjusted EPS up 9 per cent to $2.33.
The materials group saw sales of $1.5 billion (up 3 per cent), while the solutions group reported $686 million (up 7 per cent).

American global materials science company Avery Dennison has reported net sales of $2.2 billion in the third quarter of fiscal 2024 (Q3 FY24), registering a 4 per cent rise compared to the same period last year. Excluding currency impacts, sales were up 5 per cent on a non-GAAP basis, with organic sales also improving by 4 per cent.

The company reported a 32 per cent increase in reported EPS, reaching $2.25 for Q3FY24. The adjusted EPS (non-GAAP) also saw a rise, up 9 per cent to $2.33, the company said in a press release.

The materials group reported sales of $1.5 billion, showing a 3 per cent increase. On a currency-adjusted and organic basis, sales were up 4 per cent. The reported operating margin for this segment was 14.5 per cent. Adjusted EBITDA margin (non-GAAP) of 17.0 per cent, compared to prior year, as the benefits from higher volume/mix and productivity were partially offset by higher employee-related costs and the net impact of pricing and raw material input costs.

The solutions group experienced a 7 per cent increase in reported sales, reaching $686 million. Excluding currency impacts, sales were up 7 per cent, with organic sales growing by 6 per cent. The reported operating margin for this segment was 9.7 per cent, and the adjusted EBITDA margin rose by 150 basis points to 17.9 per cent.

We delivered a strong third quarter with strong earnings growth, above expectations, driven by higher volume and productivity gains,” said Deon Stander, president and CEO. “Both our materials and solutions groups delivered strong bottom-line growth.

“In Intelligent Labels, we are delivering another year of strong growth and continue to see significant opportunity ahead. Adoption of our solutions in new categories is increasing, particularly in food, as the value of our technology in helping address key industry challenges continues to resonate with customers. We have raised our full-year outlook for adjusted earnings per share. We continue to remain confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation for all our stakeholders,” added Stander.

“Once again, I want to thank our entire team for their continued resilience, focus on excellence and commitment to addressing the challenges at hand,” he concluded.

Fibre2Fashion News Desk (RR)

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