Loading...
Loading...
- Avery Dennison Corp AVY reported second-quarter FY21 sales growth of 37.5% year-on-year, to $2.10 billion, beating the analyst consensus of $1.88 billion. Revenue was up 28% organically Y/Y and up 11% compared to 2019.
- Reported sales for the Label and Graphic Materials segment increased 25% to $1.4 billion; Retail Branding and Information Solutions surged 80% to $529 million; Industrial and Healthcare Materials rose 49% to $197 million.
- Gross profit rose 50.5% Y/Y to $576.3 million.
- Marketing, general and administrative expenses rose 40% Y/Y to $307 million.
- It reported an operating margin of 12.8%, with operating income growing 119% to $269.9 million.
- The company held $344.8 million in cash and equivalents as of July 3, 2021.
- Net cash provided by operating activities for the six months ended July 3, 2021, rose 159% to $476.8 million.
- Adjusted EPS of $2.25 beat the analyst consensus of $2.05.
- "Our strong performance comes at a time when supply chains remain tight, inflation persists and the global health crisis continues," said CEO Mitch Butier.
- It also announced an agreement to acquire privately-held Vestcom for $1.45 billion.
- Outlook: Avery raised the FY21 adjusted EPS outlook to $8.65 - $8.95 from the prior view of $8.40 - $8.80, versus the consensus of $8.69.
- It also raised the outlook for reported EPS to $8.50 - $8.80 from previously guided $8.25 - $8.65.
- Price action: AVY shares are trading higher by 3.20% at $211.62 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in