Avery Dennison Corporation AVY reported third-quarter adjusted earnings per share of $2.33, beating the street view of $2.32. Quarterly revenues of $2.18 billion missed the analyst consensus of $2.20 billion.
In the Materials Group, reported sales increased by 3% to $1.5 billion, with an operating margin of 14.5% and an adjusted EBITDA margin of 17.0%, which is comparable to the prior year.
In the Solutions Group, reported sales rose by 7% to $686 million, achieving an operating margin of 9.7% and an adjusted EBITDA margin of 17.9%, up 150 basis points.
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During the first three quarters, the company returned $315 million in cash to shareholders through a combination of dividends and share repurchases.
The company said its balance sheet remains strong, with net debt to adjusted EBITDA (non-GAAP) of 2.1x at the end of the third quarter.
Outlook: The company has revised its guidance range for 2024 reported earnings per share from $8.75 – $8.95 to $8.75 – $8.90.
Excluding an estimated 60 cents per share impact of restructuring charges and other items, the company raised its guidance range for 2024 for adjusted earnings per share from $9.30 – $9.50 to $9.35 – $9.50 (estimate: $9.43).
Price Action: AVY shares are trading lower by 1.89% to $208.39 at last check Wednesday.
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