Avery Dennison reports Q2 adjusted EPS $1.92, consensus $1.99

Reports Q2 revenue $2.1B, consensus $2.16B. “EPS increased sequentially in the Q2, 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.”