;
Home / Knowledge / News / Information Technology / Avery Dennison Q3 sales up 4%
Avery Dennison Q3 sales up 4%
25
Oct '13
Avery Dennison Corporation announced preliminary, unaudited results for its third quarter ended September 28, 2013.

Highlights:

- 3Q13 Reported EPS (including discontinued operations) of $0.37

- Adjusted EPS (non-GAAP, continuing operations) of $0.69

- 3Q13 Net sales grew approximately 4 percent to $1.50 billion

- Net sales up approximately 4 percent on organic basis

-Returned $308 million of cash to shareholders through end of 3Q, including the repurchase of 5.2 million shares for $224 million

-OCP and DES sale completed July 1; net proceeds of approximately $400 million

- Raised adjusted 2013 EPS guidance to $2.60 to $2.70, an increase of 33% to 38% compared to prior year

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.

“I’m happy to once again report strong double-digit adjusted earnings growth for the quarter,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “Both of our core businesses are delivering solid sales growth, as well as outstanding operating margin expansion.”

“With another strong quarter behind us, we increased our earnings guidance for the year, and we remain committed to our disciplined capital allocation strategy,” Scarborough added. “We will return the vast majority of the net proceeds from our recent divestitures to shareholders, along with the solid free cash flow generated by our ongoing business. During the first nine months, we distributed over $300 million through dividends and the repurchase of 5.2 million shares.”

Third 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.

Pressure-sensitive Materials (PSM)

PSM segment sales increased approximately 4 percent. Within the segment, Label and Packaging Materials sales increased low single digits. Combined sales for Graphics, Reflective, and Performance Tapes increased mid-single digits.

Operating margin improved 220 basis points to 10.2 percent as the benefit of productivity initiatives, lower restructuring costs, and higher volume more than offset the impact of changes in product mix. Adjusted operating margin improved 120 basis points.

Click here to read full results

Avery Dennison


Must ReadView All

Japanese capital pouring into textile, garments in Vietnam

Apparel/Garments | On 12th Dec 2018

Japanese capital pouring into textile, garments in Vietnam

Several Japanese companies, including Itochu and Sakai Amiori, are...

Chanel bans fur, exotic animal skins in its products

Fashion | On 12th Dec 2018

Chanel bans fur, exotic animal skins in its products

French fashion retailer Chanel recently announced it will stop using...

Apparel, footwear brands failing to tackle exploitation

Apparel/Garments | On 12th Dec 2018

Apparel, footwear brands failing to tackle exploitation

Apparel and footwear firms are failing to tackle exploitation of...

Interviews View All

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search