Avery’s preliminary Q1’FY14 sales show 3% rise
April 24, 2014 - United States Of America
Avery Dennison Corporation announced preliminary, unaudited results for its first quarter ended March 29, 2014.
-1Q14 Reported EPS (including discontinued operations) of $0.73
-Adjusted EPS (non-GAAP, continuing operations) of $0.65
-1Q14 Net sales grew approximately 3 percent to $1.55 billion
-Net sales up approximately 5 percent on organic basis
-Returned $87 million of cash to shareholders in 1Q, including the repurchase of 1.2 million shares for $59 million
-Continue to expect 2014 growth in adjusted EPS (non-GAAP, continuing operations) of 8 to 19 percent
“I’m pleased to report a solid start to 2014, with earnings in line with our expectations,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “Sales were up nearly 5 percent on an organic basis, driven by strong volume growth in Pressure-sensitive Materials. Retail Branding and Information Solutions delivered another quarter of strong earnings growth, reflecting the successful execution of productivity initiatives across the business.”
“We are maintaining our guidance for full-year adjusted earnings per share growth in the range of 8 to 19 percent, and remain committed to our disciplined strategy for capital allocation,” Scarborough added. “I am confident that the consistent execution of our strategies for long-term value creation will continue to benefit our customers, employees, and shareholders.”
First Quarter 2014 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 and, where applicable, the extra week in the fiscal year. Adjusted operating margin refers to earnings before interest expense and taxes, excluding restructuring costs and other items, as a percentage of sales.