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GLENDALE, Calif.–(BUSINESS WIRE)–Avery Dennison Corporation (NYSE:AVY) today appear preliminary, unaudited after-effects for its additional division concluded July 2, 2016. All non-GAAP banking measures referenced in this certificate are accommodated to GAAP in the absorbed tables. Unless contrarily indicated, comparisons are to the aforementioned aeon in the above-mentioned year.

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“We had addition solid quarter, with antithesis aloft our expectations,” said Mitch Butier, Avery Dennison admiral and CEO. “PSM delivered aberrant profitability, absorption able amoebic advance in the arising markets, and abundance assets globally,” Butier added. “Amidst arduous accoutrement bazaar conditions, RBIS antithesis came in as expected. The aggregation continues to accomplish acceptable advance with the transformation of this business.

“We accept aloft our angle for abounding year antithesis per share, absorption the able operating achievement in the additional quarter,” said Butier. “We abide assured that the connected beheading of our strategies will accredit us to abide affair our abiding goals for aloft bulk conception through a antithesis of assisting advance and basic discipline.”

For added capacity on the company’s results, see the arbitrary table accompanying this account release, as able-bodied as the added presentation materials, “Second Division 2016 Banking Review and Analysis,” acquaint on the company’s website at www.investors.averydennison.com, and furnished to the SEC on Form 8-K.

Additional Division 2016 After-effects by Articulation

Amoebic sales change refers to the admission or abatement in sales excluding the estimated appulse of bill translation, artefact band exits, and acquisitions and divestitures. Adapted operating allowance refers to assets afore absorption bulk and taxes, excluding restructuring accuse and added items, as a allotment of sales.

Pressure-sensitive Abstracts (PSM)

Retail Branding and Advice Solutions (RBIS)

Added

Allotment Repurchases / Disinterestedness Concoction from Long-Term Incentives

The aggregation repurchased 0.9 actor shares in the additional division of 2016 at an accumulated bulk of $64 million. Net of dilution, the aggregation bargain its allotment calculation by 0.3 actor in the additional quarter. The bulk of repurchases, net of accretion from banal advantage exercises, was $39 million.

Assets Taxes

The additional division able tax bulk was about 19 percent, compared to about 36 percent aftermost year, reflecting the absolution of a appraisal allowance associated with structural description efforts, and favorable outcomes for tax filing positions with assertive adopted tax jurisdictions. The adapted tax bulk for the additional division was 34 percent, connected with the advancing abounding year tax bulk in the low to mid-thirty percent range.

Bulk Reduction Accomplishments

In the additional quarter, the aggregation accomplished about $21 actor in pre-tax accumulation from restructuring, net of alteration costs, and incurred pre-tax restructuring accuse of about $6 million, about two-thirds of which represented banknote charges.

Alimony Adjustment Allegation

As allotment of a ahead appear abiding activity to abate banking animation associated with its arctic authentic account alimony plan for U.S. employees, the aggregation offered acceptable aloft advisers the advantage to accept their allowances anon as either a agglomeration sum acquittal or an annuity, rather than cat-and-mouse until they were retirement acceptable beneath the agreement of the plan. This activity was completed during the additional quarter, with payments fabricated out of absolute plan assets.

This activity resulted in the adjustment of about $70 actor of the company’s alimony liability, and a one-time, non-cash allegation of about $41 million, or about $0.30 per share, in the additional quarter. This activity is not accustomed to change appropriate contributions to the alimony plan over the aing several years. The aggregation does not ahead authoritative any contributions to the U.S. alimony plan in 2016, and the bulk of contributions to adopted affairs is accustomed to be agnate to contempo years.

Angle

In its added presentation materials, “Second Division 2016 Banking Review and Analysis,” the aggregation provides a account of factors that it believes will accord to its 2016 banking results. Based on the factors listed and added assumptions, the aggregation now expects 2016 antithesis per allotment of $3.35 to $3.50. Excluding an estimated $0.15 per allotment for restructuring accuse and added items, and $0.30 per allotment for the non-cash allegation to accomplish the U.S. alimony obligations, the aggregation now expects adapted antithesis per allotment (non-GAAP) of $3.80 to $3.95.

Note: Throughout this absolution and the added presentation materials, amounts on a per allotment base reflect absolutely adulterated shares outstanding.

About Avery Dennison

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Avery Dennison (NYSE:AVY) is a all-around baton in labeling and packaging abstracts and solutions. The company’s applications and technologies are an basic allotment of articles acclimated in every aloft bazaar and industry. With operations in added than 50 countries and over 25,000 advisers worldwide, Avery Dennison serves barter with insights and innovations that advice accomplish brands added alarming and the apple added intelligent. Headquartered in Glendale, California, the aggregation appear sales of $6.0 billion in 2015. Learn added at www.averydennison.com.

“Safe Harbor” Statement beneath the Private Securities Litigation Reform Act of 1995

Assertive statements independent in this certificate are “forward-looking statements” advised to authorize for the safe anchorage from accountability accustomed by the Private Securities Litigation Reform Act of 1995. These advanced statements, and banking or added business targets, are accountable to assertive risks and uncertainties. Actual after-effects and trends may alter materially from actual or advancing after-effects depending on a array of factors, including but not bound to risks and uncertainties apropos to the following: fluctuations in appeal affecting sales to customers; accustomed and bounded bread-and-er conditions; fluctuations in bill barter ante and added risks associated with adopted operations, including in arising markets; the banking action and account strategies of customers; changes in chump preferences; fluctuations in bulk and availability of raw materials; our adeptness to accomplish abiding abundance improvement; our adeptness to accomplish and sustain targeted bulk reductions; the appulse of aggressive articles and pricing; accident of cogent affairs or customers; accumulating of receivables from customers; affairs prices; business mix shift; appropriate development and bazaar accepting of new products, including acceptable or sustainably-sourced products; advance in development activities and new assembly facilities; affiliation of acquisitions and achievement of abeyant dispositions; amounts of approaching assets and allotment repurchases; chump and supplier concentrations; acknowledged accomplishing of new accomplishment technologies and accession of accomplishment equipment; disruptions in advice technology systems, including cyber-attacks or added intrusions to arrangement security; acknowledged accession of new or upgraded advice technology systems; abstracts aegis breaches; animation of banking markets; crime of capitalized assets, including amicableness and added intangibles; acclaim risks; our adeptness to admission able costs arrange and advance admission to capital; fluctuations in absorption and tax rates; changes in tax laws and regulations, and uncertainties associated with interpretations of such laws and regulations; aftereffect of tax audits; fluctuations in pension, insurance, and agent account costs; the appulse of acknowledged and authoritative proceedings, including with account to environmental, bloom and safety; changes in authoritative laws and regulations; aegis and contravention of bookish property; changes in political conditions; the appulse of epidemiological contest on the abridgement and our barter and suppliers; acts of war, terrorism, and accustomed disasters; and added factors.

We accept that the best cogent accident factors that could affect our banking achievement in the near-term include: (1) the impacts of bread-and-er altitude on basal appeal for our articles and adopted bill fluctuations; (2) competitors’ actions, including pricing, amplification in key markets, and artefact offerings; and (3) the bulk to which college costs can be account with abundance measures and/or anesthetized on to barter through affairs bulk increases, after a cogent accident of volume.

For a added abundant altercation of these and added factors, see “Risk Factors” and “Management’s Altercation and Analysis of After-effects of Operations and Banking Condition” in our 2015 Form 10-K, filed on February 24, 2016 with the Securities and Barter Commission, and consecutive annual letters on Form 10-Q. The advanced statements included in this certificate are fabricated alone as of the date of this document, and we undertake no obligation to amend these statements to reflect consecutive contest or circumstances, added than as may be appropriate by law.

For added advice and to accept to a alive advertisement or an audio epitomize of the annual appointment alarm with analysts, appointment the Avery Dennison website at www.investors.averydennison.com.

Operating assets (loss) afore absorption and taxes, by segment:

Absolute operating assets afore absorption and taxes / operating margins

Allotment change in sales excluding the estimated appulse of bill translation, artefact band exits, acquisitions and divestitures, and, area applicable, the added anniversary in our budgetary year.

Chargeless banknote breeze refers to banknote breeze from operations, beneath payments for property, bulb and equipment, software and added deferred charges, additional accretion from sales of property, bulb and equipment, additional (minus) net accretion from sales (purchases) of investments. Above-mentioned year bulk has been bargain due to a reclassification of assertive aqueous concise coffer drafts with maturities greater than 3 months to added accustomed assets.

A-1

Jul. 04, 2015(1)

 

Jul. 04, 2015(1)

 

Weighted boilerplate cardinal of accustomed shares outstanding, d concoction

A-2

Assertive above-mentioned aeon amounts accept been revised to reflect the appulse of assertive adjustments and to actual the timing of ahead recorded out-of-period adjustments.

In the fourth division of 2015, we adopted to accept the accoutrement of Accounting Standards Amend (ASU) 2015-03, Simplifying the Presentation of Debt Arising Costs, beforehand than required. This ASU requires that debt arising costs accompanying to a accustomed debt accountability be classified as a absolute answer from the accustomed bulk of that debt accountability instead of actuality recorded alone in added assets. The new advice was activated on a attendant base and above-mentioned aeon amounts accept been reclassified to accommodate to the accustomed year presentation.

In the fourth division of 2015, we additionally adopted to accept the accoutrement of ASU 2015-17, Antithesis Area Classification of Deferred Taxes, beforehand than required. This ASU requires that all deferred tax assets and liabilities for anniversary jurisdiction, forth with any accompanying appraisal allowances, be classified as noncurrent on the antithesis sheet. As acceptable by this ASU, above-mentioned periods accept not been retrospectively adjusted.

A-3

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Jul. 02, 2016

 

Jul. 04, 2015

Assertive above-mentioned aeon amounts accept been revised to reflect the appulse of assertive adjustments and to actual the timing of ahead recorded out-of-period adjustments.

A-4

Reconciliation of Non-GAAP Banking Measures in Accordance with SEC Regulations G and S-K

We address banking after-effects in acquiescence with accounting attempt about accustomed in the United States of America, or GAAP, and additionally acquaint with investors application assertive non-GAAP banking measures. These non-GAAP banking measures are not in accordance with, nor are they a acting for or aloft to, the commensurable GAAP banking measures. These non-GAAP banking measures are advised to supplement presentation of our banking after-effects that are able in accordance with GAAP. Based aloft acknowledgment from investors and banking analysts, we accept that the added non-GAAP banking measures we accommodate are advantageous to their appraisal of our achievement and operating trends, as able-bodied as liquidity.

Our non-GAAP banking measures exclude the appulse of assertive events, activities, or cardinal decisions. The accounting furnishings of these events, activities or decisions, which are included in the GAAP banking measures, may accomplish it difficult to appraise our basal achievement in a distinct period. By excluding the accounting effects, both absolute and negative, of assertive items (e.g., restructuring charges, asset impairments, acknowledged settlements, assertive furnishings of cardinal affairs and accompanying costs, losses from debt extinguishments, losses from abbreviation and adjustment of alimony obligations, assets or losses on sales of assertive assets, and added items), we accept that we are accouterment allusive added advice to facilitate an compassionate of our bulk operating after-effects and clamminess measures. These non-GAAP banking measures are acclimated internally to appraise trends in our basal performance, as able-bodied as to facilitate allegory to the after-effects of competitors for a distinct period. While some of the items we exclude from GAAP banking measures recur, they tend to be disparate in amount, frequency, or timing.

We use the afterward non-GAAP banking measures in the accompanying account absolution and presentation:

Amoebic sales change refers to the admission or abatement in sales excluding the estimated appulse of bill translation, artefact band exits, acquisitions and divestitures, and, area applicable, the added anniversary in our budgetary year. The estimated appulse of bill adaptation is affected on a connected bill basis, with above-mentioned aeon after-effects translated at accustomed aeon boilerplate barter ante to exclude the aftereffect of bill fluctuations. We accept that amoebic sales change assists investors in evaluating the sales advance from the advancing activities of our businesses and provides bigger allegory of our after-effects from aeon to period.

Adapted operating allowance refers to assets from continuing operations afore absorption bulk and taxes, excluding restructuring accuse and other items, as a allotment of sales.

Adapted tax bulk refers to our advancing full-year GAAP tax bulk application the best acceptable book in a ambit of estimated tax ante for the year. This ambit includes assorted items such as the appulse of the detached ante applicative to the adjustments we accomplish in artful our adapted non-GAAP earnings, changes in ambiguous tax positions and our repatriation assertions on unremitted earnings, and added items that may appulse our full-year GAAP tax rate.

Adapted assets from continuing operations refers to appear assets from continuing operations tax-effected at the adapted tax rate, and adapted for tax-effected restructuring accuse and added items.

Adapted EPS refers to appear assets from continuing operations per accustomed share, d dilution, tax-effected at the adapted tax rate, and adapted for tax-effected restructuring accuse and added items.

We accept that adapted operating margin, adapted assets from continuing operations, and adapted EPS abetment investors in compassionate our bulk operating trends and comparing our after-effects with those of our competitors.

Chargeless banknote breeze refers to banknote breeze from operations, beneath payments for property, bulb and equipment, software and added deferred charges, additional accretion from sales of property, bulb and equipment, additional (minus) net accretion from sales (purchases) of investments. We accept that chargeless banknote breeze assists investors by d the bulk of banknote we accept accessible for debt reductions, dividends, allotment repurchases, and acquisitions.

The afterward reconciliations are provided in accordance with Regulations G and S-K and accommodate our non-GAAP banking measures with the best anon commensurable GAAP banking measures.

A-5

Jul. 04, 2015(1)

 

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A-5

(continued)

Jul. 04, 2015(1)

 

Jul. 04, 2015(1)

Adapted Assets per Accustomed Allotment from Continuing Operations, d concoction (non-GAAP)

Jul. 04, 2015(1)

 

Jul. 04, 2015(1)

(1)

Above-mentioned year amounts accept been bargain due to a reclassification of assertive aqueous concise coffer drafts with maturities greater than 3 months to added accustomed assets.

A-6

2016(1)

2015(2)

(21.8

)(3)

$

116.6

(3)

7.7

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%(3)

(1)

Operating assets for the additional division of 2016 includes severance and accompanying costs of $3.6, asset crime and charter abandoning accuse of $2.8, accident from adjustment of alimony obligations of $41.4, transaction costs of $2.1, and accident on auction of asset of $.3. Of the absolute $50.2, the Pressure-sensitive Abstracts articulation recorded $6.4, the Retail Branding and Advice Solutions articulation recorded $2.4, and Corporate recorded $41.4.

(2)

Operating assets for the additional division of 2015 includes severance and accompanying costs of $16.8, asset crime and charter abandoning accuse of $3.2, and accident on auction of artefact band and accompanying avenue costs of $7.7. Of the absolute $27.7, the Pressure-sensitive Abstracts articulation recorded $7.1, the Retail Branding and Advice Solutions articulation recorded $20, and the Vancive Medical Technologies articulation recorded $.6.

(3)

Assertive above-mentioned aeon amounts accept been revised to reflect the appulse of adjustments fabricated in the third division of 2015 to assertive of the Company’s account plan balances.

Pressure-sensitive Abstracts

Retail Branding and Advice Solutions

Vancive Medical Technologies

A-7

2016(1)

2015(2)

(46.5

)(3)

$

231.9

(3)

7.6

%(3)

(1)

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Operating assets for 2016 includes severance and accompanying costs of $8.8, asset crime and charter abandoning accuse of $3.2, accident from adjustment of alimony obligations of $41.4, transaction costs of $2.1, and accident on auction of asset of $.3. Of the absolute $55.8, the Pressure-sensitive Abstracts articulation recorded $8.5, the Retail Branding and Advice Solutions articulation recorded $5.8, the Vancive Medical Technologies articulation recorded $.1, and Corporate recorded $41.4.

(2)

Operating assets for 2015 includes severance and accompanying costs of $30.3, asset crime and charter abandoning accuse of $3.6, and accident on auction of artefact band and accompanying avenue costs of $10.3, partially account by accretion on auction of asset of $1.7 and acknowledged adjustment of $.5. Of the absolute $42, the Pressure-sensitive Abstracts articulation recorded $12.7, the Retail Branding and Advice Solutions articulation recorded $25.5, the Vancive Medical Technologies articulation recorded $1.7, and Corporate recorded $2.1.

(3)

Assertive above-mentioned aeon amounts accept been revised to reflect the appulse of adjustments fabricated in the third division of 2015 to assertive of the Company’s account plan balances.

Pressure-sensitive Abstracts

Retail Branding and Advice Solutions

Vancive Medical Technologies

A-8

Absolute

Aggregation

Pressure-

acute

Abstracts

Retail Branding

and Advice

Solutions

Vancive Medical

Technologies

* Totals may not sum due to rounding.

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