• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

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

07 Feb '23
2 min read
Pic: Shutterstock
Pic: Shutterstock

US-based global materials science company Avery Dennison has reported net sales growth of 7.5 per cent to $9 billion in the preliminary, unaudited results for fiscal 2022 (FY22). Organic sales in FY22 increased by 9.5 per cent, compared to FY22. The company’s earnings per share (EPS) in FY22 was $9.21, an increase of 4 per cent compared to the previous fiscal.

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)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search