Avery Dennison (AVY) Tops Q2 EPS by 10c, Beats on Revenues; Raised FY17 Guidance Midpoint

Avery Dennison (NYSE: AVY) reported Q2 EPS of $1.31, $0.10 better than the analyst estimate of $1.21. Revenue for the quarter came in at $1.63 billion versus the consensus estimate of $1.61 billion.

• 2Q17 Reported EPS of $1.34
• Adjusted EPS (non-GAAP) of $1.31
• 2Q17 Net sales increased ~6% to $1.63 billion
• Sales change ex. currency (non-GAAP) of ~7%
• Organic sales change (non-GAAP) of ~3%
• Raised FY17 guidance midpoint for Reported and Adjusted EPS by $0.25

Outlook

In its supplemental presentation materials, “Second Quarter 2017 Financial Review and Analysis,” the company provides a list of factors that it believes will contribute to its 2017 financial results. Based on the factors listed and other assumptions, the company now expects 2017 reported earnings per share of $4.45 to $4.60. Excluding an estimated $0.30 per share for restructuring charges and other items, the company now expects adjusted earnings per share (non-GAAP) of $4.75 to $4.90.

GUIDANCE:

Avery Dennison sees FY2017 EPS of $4.75-$4.90, versus the consensus of $4.60.

For earnings history and earnings-related data on Avery Dennison (AVY) click here.

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