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Avery Dennison Corp AVY

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Morningstar’s Analysis

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Avery Dennison Announces $1.45 Billion Acquisition; Reports Strong Second-Quarter Earnings

Analyst Note

| Brian Bernard, CFA, CPA |

Avery Dennison reported strong second-quarter results that were ahead of our expectations. Organic sales increased 28% year over year, with all segments posting solid double-digit growth. Adjusted operating margins increased 210 basis points, driven by increased volume and a favorable mix. Management raised its 2021 guidance for a second straight quarter, now expecting adjusted EPS to be $8.80 (midpoint) versus $8.60 previously. Avery has benefited from the global economic recovery, and we believe this will continue through the second half of the year.

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Company Profile

Business Description

Avery Dennison manufactures pressure-sensitive materials, merchandise tags, and labels. The company also runs a specialty converting business that produces radio-frequency identification inlays and labels. Avery Dennison draws a significant amount of revenue from outside the United States, with international operations accounting for the majority of total sales.

207 Goode Avenue
Glendale, CA, 91203
T +1 626 304-2000
Sector Industrials
Industry Business Equipment & Supplies
Most Recent Earnings Jun 30, 2021
Fiscal Year End Jan 2, 2022
Stock Type Cyclical
Employees 32,000