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Tuesday, Nov 5, 2024

Avery Dennison Reports Higher Than Expected Q4

Avery Dennison Corp. barely beat Wall Street estimates on earnings and revenue for the fourth quarter.

The Glendale labels and packing materials manufacturer reported on Wednesday adjusted net income of $178 million ($2.13 a share) for the quarter ending Jan. 1, compared with adjusted net income of $191 million ($2.27) in the same period a year earlier. Revenue increased by 10 percent to $2.2 billion.

Analysts on average expected earnings of $2.12 on revenue of $2.1 billion, according to Thomson Financial Network.

Mitch Butier, chief executive of Avery Dennison, said the company’s performance was strong during the quarter and the entire year and comes at a challenging time as the pandemic continues, supply chains are tight and significant inflationary pressures persist.

“For 2022, we expect to again deliver strong top- and bottom-line growth and are targeting continued progress toward our 2025 goals,” Butier said in a statement “Once again, I want to thank our entire team for their tireless efforts to keep one another safe while delivering for all our stakeholders.”

Shares in Avery Dennison (AVY) closed down $5.69, or nearly 2.8 percent, to $200.70 on the New York Stock Exchange, on a day when the Dow Jones closed up a fraction of a percent.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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