Published on 25 Oct 2023 on Zacks via Yahoo Finance
Avery Dennison (AVY) Q3 Earnings Beat Estimates, Dip Y/Y
Avery Dennison Corporation AVY has delivered adjusted earnings of $2.10 per share in third-quarter 2023, beating the Zacks Consensus Estimate of $2.07. The bottom line, however, marked a 15% year-over-year decline.Including one-time items, the company reported earnings per share (EPS) of $1.71 compared with the year-ago quarter’s $2.70.Total revenues decreased 9.4% year over year to $2,098 million, and missed the Zacks Consensus Estimate of $2,124 million.
Cost of sales in the quarter dropped 10.9% year over year to $1,512.5 million. The gross profit fell 5.4% year over year to $586 million.Marketing, general and administrative expenses were $332.6 million compared with the $330.8 million incurred in the year-ago quarter. The adjusted operating profit was around $253 million compared with the prior-year quarter’s $228 million. The adjusted operating margin was 12.1% compared with the year-ago quarter’s 12.4%.
Avery Dennison Corporation Price, Consensus and EPS Surprise