Avery Dennison Full-Year Report 2023

Today announced preliminary, unaudited results for its fourth quarter and full year ended December 30, 2023. Non-GAAP financial measures referenced in this release are reconciled from GAAP in the attached financial schedules. Unless otherwise indicated, comparisons are to the same period in the prior year.

“Earnings per share were in line with our expectations for the fourth quarter, increasing sequentially for the fourth consecutive quarter,” said Deon Stander, president and CEO. “Volume in both Label Materials and Apparel Solutions improved sequentially, continuing to recover from slow market conditions, largely due to inventory destocking”.

Highlights:

• Reported EPS of $1.77
  • 4Q23 Adjusted EPS (non-GAAP) of $2.16, up 31%
• Net sales of $2.1 billion, up 4%
  • Sales change ex. currency (non-GAAP) up 3%
  • Organic sales change (non-GAAP) up 1%
• Reported EPS of $6.20
  • FY23 Adjusted EPS of $7.90
• Net sales of $8.4 billion, down 8%
  • Sales change ex. currency down 7%
  • Organic sales change down 8%
• Reported EPS guidance of $8.65 to $9.15
  • Adjusted EPS guidance of $9.00 to $9.50