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By segment, the label and graphic materials segment of the company reported sales increase of 1.7 per cent. On an organic basis, sales grew 4.7 per cent said a press release by Avery Dennison. Retail branding and information solutions reported sales increase of 4.2 per cent; on an organic basis, sales grew 6.9 per cent, driven by strength in both the base business and RFID. Industrial and healthcare materials reported sales decline of 1.6 per cent. On an organic basis, sales grew 0.7 per cent, driven by solid growth in industrial categories in North America and Europe and healthcare globally, largely offset by a decline in industrial products for the North Asia market.
“2018 marked the company’s seventh consecutive year of strong top-line growth, margin expansion, and double-digit adjusted EPS growth,” said Mitch Butier, president and CEO, Avery. “Organic growth for the year was largely driven by volume, as we continue to benefit from our focus on high value categories and leadership position in faster-growing emerging markets.”
“Label and graphic materials delivered strong organic growth, while maintaining strong operating margins in the face of significant raw material inflation. Retail branding and information solutions’ operating income once again rose significantly, reflecting outstanding performance in both top-line growth and margin expansion. And, in a challenging year, industrial and healthcare materials made progress with its margin turnaround.”
“2018 marked an important milestone for the company, as the final year of measurement for the five-year financial targets we communicated in early 2014,” added Butier. “I’m pleased to report that we achieved all of our long-term goals for this period.”
In its supplemental presentation materials, ‘Fourth quarter and full year 2018 financial review and analysis,’ the company provided a list of factors that it believes will contribute to its 2019 financial results. Based on that, the company expects 2019 reported earnings per share of $2.70 to $2.95. Excluding an estimated $3.75 per share related to pension settlement charges, restructuring charges and other items, the company expects adjusted earnings per share of $6.45 to $6.70.
“For 2019, we are targeting continued progress towards our 2021 goals,” said Butier. “Notwithstanding a significant headwind from currency translation and an uncertain economic climate, we expect to deliver solid top- and bottom-line growth.” (PC)
Fibre2Fashion News Desk – India
| On 30th Nov 2020
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