Avery Dennison reports Q1 adjusted EPS $1.70, consensus $1.66

Reports Q1 revenue $2.1B, consensus $2.18B. "Earnings per share were in line with our expectations for the first quarter, despite lower revenue due to higher-than-anticipated inventory destocking," said Mitch Butier, Chairman and CEO. "We continue to expect a strong second half as the pace of destocking moderates and intelligent label programs accelerate. We have revised our guidance range for 2023 earnings per share to reflect a softer outlook for the second quarter. We remain confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation through a balance of profitable growth and capital discipline," added Butier.