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- Avery Dennison Corp (NYSE:AVY) reported second-quarter FY21 sales growth of 37.5% year-on-year, to $2.10 billion, beating the analyst consensus of $1.88 billion. Revenue was up 28% organically Y/Y and up 11% compared to 2019.
- Reported sales for the Label and Graphic Materials segment increased 25% to $1.4 billion; Retail Branding and Information Solutions surged 80% to $529 million; Industrial and Healthcare Materials rose 49% to $197 million.
- Gross profit rose 50.5% Y/Y to $576.3 million.
- Marketing, general and administrative expenses rose 40% Y/Y to $307 million.
- It reported an operating margin of 12.8%, with operating income growing 119% to $269.9 million.
- The company held $344.8 million in cash and equivalents as of July 3, 2021.
- Net cash provided by operating activities for the six months ended July 3, 2021, rose 159% to $476.8 million.
- Adjusted EPS of $2.25 beat the analyst consensus of $2.05.
- "Our strong performance comes at a time when supply chains remain tight, inflation persists and the global health crisis continues," said CEO Mitch Butier.
- It also announced an agreement to acquire privately-held Vestcom for $1.45 billion.
- Outlook: Avery raised the FY21 adjusted EPS outlook to $8.65 - $8.95 from the prior view of $8.40 - $8.80, versus the consensus of $8.69.
- It also raised the outlook for reported EPS to $8.50 - $8.80 from previously guided $8.25 - $8.65.
- Price action: AVY shares are trading higher by 3.20% at $211.62 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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