American firm Avery Dennison posts sales growth of 7.5% in FY22

In the fourth quarter (Q4) of FY22, net sales declined 7.2 per cent YoY to $2 billion, while the EPS was $1.51, Avery Dennison said in a press release.

For the materials group, reported sales in Q4 FY22 decreased 5 per cent YoY to $1.4 billion. Sales were up 2 per cent excluding currency and 2 per cent on an organic basis.

For the solutions group, reported sales in Q4 FY22 decreased 11 per cent YoY to $585 million. Sales were down 7 per cent excluding currency and 8 per cent on an organic basis.

The company expects FY23 earnings per share of $8.85 to $9.25. Excluding an estimated $0.30 per share impact of restructuring charges and other items, adjusted earnings per share in FY23 are expected to be around $9.15 to $9.55.

Mitch Butier, chairman and CEO, said: “We delivered impressive results in 2022, once again achieving double-digit earnings growth on a constant currency basis. Both our materials and solutions groups delivered strong top-and bottom-line results while accelerating adoption of intelligent labels.

“Our strong performance came amidst a very challenging environment that was capped by volume declines in the fourth quarter due to significant inventory reductions downstream. Recent volume trends are indicative of patterns in previous slowdowns; we have been activating countermeasures accordingly.”

Fibre2Fashion News Desk (DP)