Avery Dennison reports Q4 adjusted EPS $2.16, consensus $2.17

Reports Q4 revenue $2.1B, consensus $2.1B. “Earnings per share were in line with our expectations for the fourth quarter, increasing sequentially for the fourth consecutive quarter,” said Deon Stander, president and CEO. “Volume in both Label Materials and Apparel Solutions improved sequentially, continuing to recover from slow market conditions, largely due to inventory destocking, while our Intelligent Labels platform continues to accelerate. “In Intelligent Labels, we are targeting to deliver significant growth in 2024, as apparel rebounds and we accelerate the adoption of our solutions that help address key industry challenges in logistics, food and general retail, further advancing our leadership position at the intersection of the physical and digital. “Following a challenging 2023 which included significant inventory destocking downstream from us, we expect to deliver strong earnings growth in 2024 and make progress toward our 2025 goals,” added Stander. “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. “Once again, I want to thank our entire team for their continued resilience, focus on excellence and commitment to addressing the unique challenges at hand.”