Analyst Note
| Spencer Liberman |Narrow-moat-rated Avery Dennison reported solid third-quarter results that were largely in line with our expectations. Organic sales increased over 15% year over year on resilient end market demand. Adjusted operating margins came in at 12.4%, which was flat year over year as Avery's previous pricing actions were offset by higher input and operating costs. We expect additional selling price increases across Avery's product portfolio as it works to combat rising costs.