US' Avery Dennison's Q2 FY22 net sales up 11.7% to $2.3 bn

The company’s sales growth ex. currency (non-GAAP) in Q2 2022 was 16.7 per cent, while its organic sales growth (non-GAAP) was 11.3 per cent, Avery Dennison said in a media release.

Mitch Butier, Avery Dennison chairman and CEO, said: “We once again delivered strong financial results amidst a dynamic environment, with earnings above expectations. LGM and RBIS delivered impressive earnings growth and momentum in Intelligent Labels is further accelerating.

“Our strong performance comes at a challenging time as supply chains remain tight, inflationary pressures are significant, and COVID-19 continues. Despite these challenges and a significant currency translation headwind, we have raised our guidance for the year. The strategic foundations we have laid enable us to generate superior value creation through a balance of GDP-plus growth and top-quartile returns over the long-term.

“Once again, I want to thank our entire team for their tireless efforts to keep one another safe while continuing to deliver for our customers during this challenging period. The team continues to raise their game each quarter to address the unique challenges at hand.”

Based on the factors listed and other assumptions, the company has raised its guidance range for fiscal 2022 reported earnings per share from $9.35 to $9.75 to $9.60 to $9.90. Excluding an estimated $0.10 per share related to restructuring charges and other items, the company raised its guidance range for adjusted earnings per share from $9.45 to $9.85 to $9.70 to $10.00.

Fibre2Fashion News Desk (KD)