Reports Q4 revenue $2.0B, consensus $2.17B. "We delivered impressive results in 2022, once again achieving double-digit earnings growth on a constant currency basis," said CEO Mitch Butier. "Both our Materials and Solutions Groups delivered strong top-and bottom-line results while accelerating adoption of Intelligent Labels. Our strong performance came amidst a very challenging environment that was capped by volume declines in the fourth quarter due to significant inventory reductions downstream," added Butier. "Recent volume trends are indicative of patterns in previous slowdowns; we have been activating countermeasures accordingly. Despite the challenges in the macro environment, we remain well-positioned to continue our long track record of earnings growth in 2023, including accelerating growth in Intelligent Labels".
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on AVY:
- Avery Dennison price target raised to $216 from $204 at Citi
- Avery Dennison upgraded to Buy at BofA in packaging, paper and forest shake-up
- Avery Dennison upgraded to Buy from Neutral at BofA
- Packaging sector seeing ‘rapid inventory destocking,’ says KeyBanc
- Avery Dennison experiencing ‘challenging’ finish to the year, says CEO
