Avery Dennison’s Q2 net sales up 11.7%

Avery Dennison Corporation, a US-based materials science company specialising in the design and manufacture of a wide variety of labelling and functional materials, has reported that its net sales increased by 11.7 per cent to reach $2.3 billion in the second quarter (Q2) ended July 2, 2022, compared to the same period last year.

The company’s sales growth ex. currency (non-GAAP) in Q2 2022 was 16.7 per cent, while its organic sales growth (non-GAAP) was 11.3 per cent, Avery Dennison said in a media release.

Mitch Butier, chairman and CEO, said: “We once again delivered strong financial results amidst a dynamic environment, with earnings above expectations. LGM and RBIS delivered impressive earnings growth and momentum in Intelligent Labels is further accelerating.

“Our strong performance comes at a challenging time as supply chains remain tight, inflationary pressures are significant, and Covid-19 continues. Despite these challenges and a significant currency translation headwind, we have raised our guidance for the year. The strategic foundations we have laid enable us to generate superior value creation through a balance of GDP-plus growth and top-quartile returns over the long-term.

Based on the factors listed and other assumptions, the company has raised its guidance range for fiscal 2022 reported earnings per share from $9.35 to $9.75 to $9.60 to $9.90. Excluding an estimated $0.10 per share related to restructuring charges and other items, the company raised its guidance range for adjusted earnings per share from $9.45 to $9.85 to $9.70 to $10.00.