Avery Dennison Announces First Quarter 2019 Results

  • Pension settlement charges of $3.13 per share, net of tax, drove a loss in reported income; reported EPS of ($1.74)
    • Adjusted EPS (non-GAAP) of $1.48
  • 1Q19 Net sales declined 2.0% to $1.74 billion
    • Organic sales change (non-GAAP) of 2.4%
  • FY19 reported EPS guidance increased to $3.10 to $3.35, due to lower-than-expected pension settlement charges
    • FY19 adjusted EPS guidance reaffirmed at $6.45 to $6.70

GLENDALE, Calif.--(BUSINESS WIRE)--Avery Dennison Corporation (NYSE:AVY) today announced preliminary, unaudited results for its first quarter ended March 30, 2019. All non-GAAP financial measures referenced in this document are reconciled to GAAP in the attached tables. Unless otherwise indicated, comparisons are to the same period in the prior year

“Our Q1 performance was solid, given a challenging start to the year, with adjusted earnings in line with our expectations,” said Mitch Butier, President and CEO.

“In the Label and Graphic Materials segment, organic growth slowed, while profitability was solid. We expect organic growth and operating margin to improve through the course of the year. Retail Branding and Information Solutions continues to deliver, with another quarter of strong sales growth for RFID products, solid growth in the base business, and significant margin expansion. And, despite a modest organic sales decline, Industrial and Healthcare Materials delivered strong margin expansion through increased productivity.

“We reaffirm our previous guidance for 2019 adjusted earnings per share, with organic growth improving over the balance of the year, along with continued margin expansion,” added Butier. “Our ongoing confidence in our ability to achieve our guidance and long-term targets reflects the resilience of our business and ability of our team to adapt under changing market conditions.”

First Quarter 2019 Results by Segment
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