Avery Dennison Half-Year Report 2023

Net sales of $2.1 billion

• Sales change ex. currency (non-GAAP) down 10%
• Organic sales change (non-GAAP) down 10%

Reported EPS of $1.24

• Increased accrual for legacy legal matter; preparing for appeal
• Adjusted EPS (non-GAAP) of $1.92, up 13% sequentially

“Earnings per share increased sequentially in the second quarter, a trend we expect to continue in coming quarters,” said Mitch Butier, Chairman and CEO. “Volumes in our Materials businesses continue to recover from slow market conditions, largely destocking, while our Intelligent Labels platform accelerates adoption into new categories.

“While it’s good to see the continuing sequential improvements in our Materials businesses and the building momentum in Intelligent Labels, the pace of our recovery is slower than anticipated. Our results for the quarter were below our expectation due to lower revenue, something the team was able to largely offset through cost reduction actions,”Butier added.