Home / Knowledge / News / Information Technology / Avery Dennison sales for Q4 FY'13 rises nearly 7%
Avery Dennison sales for Q4 FY'13 rises nearly 7%
01
Feb '14
Avery Dennison Corporation announced preliminary, unaudited results for its fourth quarter and full year ended December 28, 2013. All non-GAAP financial measures referenced in this document are reconciled to GAAP in the attached tables. 
 
Unless otherwise indicated, the discussion of the company’s results is focused on its continuing operations, and comparisons are to the same period in the prior year. Results reflect classification of Office and Consumer Products (OCP) and Designed and Engineered Solutions (DES) businesses as discontinued operations.
 
Highlights: 
-4Q13 Reported EPS (including discontinued operations) of $0.43
-Adjusted EPS (non-GAAP, continuing operations) of $0.69
-4Q13 Net sales grew approximately 7 percent on reported and organic basis to $1.58 billion
-FY13 Reported EPS (including discontinued operations) of $2.16
-Adjusted EPS (non-GAAP, continuing operations) of $2.68
-FY13 Net sales grew approximately 5 percent on reported and organic basis to $6.14 billion
-Expect 2014 growth in adjusted EPS (non-GAAP, continuing operations) of 8 to 19 percent
 
“I’m happy to report another year of excellent progress toward our long-term goals,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “We delivered a solid finish to a strong year, with higher-than-expected top-line growth, a significant increase in earnings, and solid free cash flow.
 
“Both of our core businesses beat their sales targets through innovation and share gain,” Scarborough added. “At the same time, they delivered outstanding margin expansion, further strengthening their competitive positions. I thank all the members of our global team for their contributions to these results.
 
“We will continue to deliver on our long-term financial commitments through top-line growth, margin expansion, and disciplined capital management, while returning significant cash to shareholders through dividends and share repurchase,” Scarborough said.
 
Fourth Quarter 2013 Results by Segment
All references to sales reflect comparisons on an organic basis, which exclude the estimated impact of currency translation, product line exits, acquisitions and divestitures. Adjusted operating margin refers to earnings before interest expense and taxes, excluding restructuring costs and other items, as a percentage of sales.


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