Avery Dennison Announces Third Quarter 2020 Results
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Avery Dennison (AVY) Tops Q3 EPS by 41c; 'Expects Sales to Decline in 2020 on Lower Demand, 2Q Representing Trough'
October 21, 2020 6:47 AM EDTAvery Dennison (NYSE: AVY) reported Q3 EPS of $1.91, $0.41 better than the analyst estimate of $1.50. Revenue for the quarter came in at $1.73 billion versus the consensus estimate of $1.7 billion.
Highlights:
3Q20 Reported EPS of $1.79, up 5%Adjusted EPS (non-GAAP) of $1.91, up 15%3Q20 Net sales declined 1.8% to $1.73 billionSales change ex. currency (non-GAAP) of (1.3%)Organic sales change (non-GAAP) of (3.6%)Strong balance sheet (net debt to adj. EBITDA ratio of 1.9) with ample liquidityFree cash flow proving resilient targeting more than $500 mil. for the yearIncreasing distributions... More