Avery Dennison reports Q3 FY20 sales of $1.73 bn

22 Oct '20

2 min read

Pic: Shutterstock

Avery Dennison Corporation, a US-based materials science company, has reported 1.8 per cent sales decline to $1.73 billion in its third quarter (Q3) FY20 ended on September 26, 2020, compared to the sales of $1.76 billion in the same period previous fiscal. Net income for the quarter grew to $150.5 million (Q3 FY19: $144.6 million).

“Revenue came in significantly better than we anticipated at the start of the quarter, which, combined with our cost reduction actions, enabled us to deliver strong earnings growth and free cash flow,” Mitch Butier, chairman, president and CEO at Avery Dennison, said in a press release.

“All three of our operating segments expanded their adjusted operating margins compared to last year, despite lower sales, as demand improved sequentially,” Butier said. “In particular, LGM delivered sequential improvement in sales across all regions except Europe, with faster-than-expected improvement in high value categories, such as graphics. RBIS likewise improved faster-than-expected, reflecting strong growth in both RFID and external embellishments, as well as a quicker rebound in the base.”

Label and graphic materials segment sales fell 3.3 per cent to $1.14 billion ($1.18 billion). Whereas, retail branding and information solutions segment grew 4.7 per cent to $426.1 million ($406.8 million). Industrial and healthcare materials sales slipped 7.0 per cent $157.6 million ($169.5 million).

Fibre2Fashion News Desk (JL)

More Avery Dennison News... More Textiles News - United States Of America...