- Avery Dennison (NYSE:AVY) reports organic sales growth of 1.6% in Q2.
- Label and Graphic Materials sales declined 4.1% to $1.206B.
- Retail Branding and Information Solutions sales +0.4% to $418.3M.
- Industrial and Healthcare Materials sales decreased 5% to $171.1M.
- Gross margin rate down 10 bps to 26.9%.
- Adjusted operating margin rate improved 60 bps to 12.1%.
- The company expects FY2019 GAAP EPS to be in the range of $3.15 to $3.30 and adjusted EPS of $6.50 to $6.65.
- The company’s 2019 adjusted tax rate is expected to be in the mid-twenty percent range.
- “We are reaffirming the midpoint of our previous guidance for 2019 earnings per share, with organic growth improving modestly over the balance of the year, along with continued margin expansion,” said Mitch Butier, President and CEO. “Once again, our ongoing confidence in our ability to achieve our guidance and long-term targets reflects the resilience of our business and ability of our team to adapt to changing market conditions.”
- AVY +0.39% premarket.
- Previously: Avery Dennison EPS beats by $0.04, misses on revenue (July 23)