Avery Dennison Corporation AVY appear adapted balance of $1.45 per allotment in third-quarter 2018, which added about 15% year over year. Earnings, however, absent the Zacks Consensus Estimate by a penny.
Including ancient items, the company’s balance surged 41% to $1.69 per allotment from $1.20 per allotment recorded in the year-ago quarter.
Total revenues jumped about 5% to $1.76 billion from $1.68 billion recorded in the year-earlier quarter. The acquirement amount additionally surpassed the Zacks Consensus Estimate of $1.74 billion.
Avery Dennison Corporation Price, Consensus and EPS Surprise
Avery Dennison Corporation Price, Consensus and EPS Surprise | Avery Dennison Corporation Quote
Cost of sales in the division went up 6% year over year to $1.30 billion. Gross accumulation added about 1.7% year over year to $459 million, while gross allowance apprenticed 80 base credibility (bps) to 26.1%.
Marketing, accepted and authoritative costs came in at $271 actor compared with $274 actor appear in the year-ago quarter. Adapted operating accumulation avant-garde 6% year over year to $189 million. Adapted operating allowance broadcast 10 bps on a year-over-year base to 10.7%.
Revenues from the Label and Graphic Materials articulation climbed about 5% year over year to $1,194 million. On an amoebic basis, sales grew about 6%. Adapted operating accumulation beneath 2.5% to $147 actor from the prior-year quarter.
Revenues from the Retail Branding and Information Solutions articulation went up 7% to $398 million, from $374 actor recorded in the year-ago quarter. On an amoebic basis, sales were up 8%. The segment’s adapted operating assets bigger about 36% to $45 million.
The Industrial and Healthcare Materials articulation appear net sales of $167 million, binding bottomward 0.8% from $ the prior-year quarter. The articulation appear adapted operating assets of $15 actor compared with $14 actor recorded in the year-ago quarter.
Avery Dennison had banknote and banknote equivalents of $218 actor at the end of the third quarter, up from $232 actor appear at the end of the prior-year quarter. The aggregation generated $188 actor in banknote from operating activities for the nine-month aeon concluded Sep 29, 2018, compared with $390 actor recorded in the commensurable aeon aftermost year.
Avery Dennison’s abiding debt decreased to $1,295 actor as of Sep 29, 2018, compared with $1,298 actor as of Sep 30, 2017.
During the appear quarter, Avery Dennison repurchased 0.7 actor shares for a absolute amount of $72 million. Year to date, the aggregation alternate $306 actor in banknote to shareholders through a aggregate of allotment repurchases and dividends, up from $221 actor for the commensurable aeon aftermost year.
Avery Dennison accomplished about $6 actor in pre-tax accumulation from restructuring in the Jul-Sep quarter. The aggregation accustomed a net account in pretax restructuring accuse of $6.4 million.
U.S. Pension Plan Termination
Avery Dennison has amorphous the abortion action of the Avery Dennison Pension Plan — a tax-qualified U.S. authentic account plan. The aggregation contributed $200 actor to the plan during the third division application bartering cardboard borrowings. It expects to accord an added estimated $30 actor during 2019, to absolutely armamentarium the plan and complete the transaction.
After-tax appulse of accomplishments associated with the abortion will appulse appear balance per allotment by 50-70 cents in 2018, and an added $4.25-$4.45 during 2019, absorption estimated absolute pre-tax adjustment accuse in the ambit of $575-$600 million.
For 2018, Avery Dennison maintained its adapted balance per allotment advice of $5.95-$6.10.
Share Amount Performance
Over the accomplished year, Avery Dennison has outperformed its industry with account to amount performance. The banal has absent 2%, while the industry has recorded accident of about 5%.
Zacks Rank & Key Picks
Avery Dennison currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the aforementioned area accommodate Atkore International Group Inc. ATKR, Donaldson Company, Inc. DCI and Enersys ENS. All three stocks action a Zacks Rank #1 (Strong Buy). You can see the complete account of today’s Zacks #1 Rank stocks here.
Atkore International has a abiding balance advance amount of 10%. The banal has acquired 15% in a year’s time.
Donaldson Aggregation has a abiding balance advance amount of 11.5%. Its shares accept rallied 11% in the accomplished year.
Enersys has a abiding balance advance amount of 10%. The company’s shares accept been up 15% over the accomplished year.
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