Avery Dennison Announces First Quarter 2023 Results

Lower volume, driven by inventory destocking, was partially offset by pricing actions.

Reported operating margin decreased 230 basis points to 11.0%. Adjusted EBITDA margin (non-GAAP) decreased 100 basis points to 14.2% driven by lower volume/mix, partially offset by benefits from the net impact of pricing and raw material input costs, and productivity. Adjusted EBITDA margin increased 140 basis points sequentially.