Avery Dennison Corporation AVY reported mixed results for the third quarter on Wednesday.
The company posted 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.
“We delivered a strong third quarter with strong earnings growth, above expectations, driven by higher volume and productivity gains,” said Deon Stander, president and CEO. “Both our Materials and Solutions Groups delivered strong bottom-line growth.”
“In Intelligent Labels, we are delivering another year of strong growth and continue to see significant opportunity ahead. Adoption of our solutions in new categories is increasing, particularly in Food, as the value of our technology in helping address key industry challenges continues to resonate with customers,” Stander added.
The company 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).
Avery Dennison shares fell 2.2% to close at $207.65 on Wednesday.
These analysts made changes to their price targets on Avery Dennison following earnings announcement.
- JP Morgan analyst Jeffrey Zekauskas downgraded Avery Dennison from Overweight to Neutral and lowered the price target from $230 to $210.
- BMO Capital analyst John McNulty maintained Avery Dennison with an Outperform and slashed the price target from $252 to $247.
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