Reported sales for the Label and Graphic Materials segmentincreased by 11.6% to $1.5 billion; Retail Branding and Information Solutions climbed 17.4% to $623.1 million; Industrial and Healthcare Materials fell by 1.9% to $191.5 million.
Gross profit rose 11.7% Y/Y to $619.2 million.
Marketing, general and administrative expenses rose 11.4% Y/Y to $330.8 million.
It reported an operating margin of 12.6%, with operating income growing 21% to $292.3 million.
The company held $128.2 million in cash and equivalents as of October 1, 2022. Net cash provided by operating activities for the nine months was $615.2 million.
Adjusted EPS of $2.46 was in-line with the Street view.
Outlook: Avery Dennison narrowed its FY22 adjusted EPS outlook to $9.70 – $9.85 (previously $9.70 – $10.00) versus the consensus of $9.88.
Price Action: AVY shares are trading lower by 0.29% at $176.50 on the last check Wednesday.
