The growth of the company’s sales ex. currency (non-GAAP) in the second quarter of 2022 was 16.7%, while its organic (non-GAAP) sales growth was 11.3%, Avery Dennison said in a press release.
Mitch Butier, President and CEO of Avery Dennison, said: “We once again delivered strong financial results in a dynamic environment, with earnings exceeding expectations. LGM and RBIS have seen impressive earnings growth and the smart label momentum is accelerating further.
Avery Dennison Corporation, an American company specializing in the design and manufacture of a wide variety of labeling and functional materials, announced that its net sales rose 11.7% to $2.3 billion in the second quarter (Q2) ended July 2, 2022, compared to the second quarter of last year.
“Our strong performance comes at a difficult time as supply chains remain tight, inflationary pressures are significant and COVID-19 continues. Despite these challenges and a significant currency translation headwind, we have raised our guidance The strategic foundations we have laid allow us to generate superior value creation through a balance of above GDP growth and top quartile returns over the long term.
“Once again, I want to thank our entire team for their tireless efforts to protect each other while continuing to deliver for our customers during this challenging time. The team continues to elevate their game each quarter to meet the unique challenges to overcome.
Based on the factors listed and other assumptions, the company raised its guidance range for reported fiscal 2022 earnings per share from $9.35 to $9.75 to $9.60 to 9.90. $. Excluding an estimate of $0.10 per share related to restructuring charges and other items, the company raised its guidance range for adjusted earnings per share from $9.45 to $9.85 to $9.70 to $10.00.
Fibre2Fashion (KD) News Desk