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Avery Dennison (AVY) Beats On Q3 Earnings & Revenues

ByZacks Investment Research
Published 10/26/2016, 07:10 AM
Updated 07/09/2023, 06:31 AM

Avery Dennison Corporation (NYSE:AVY) is a global leader in labeling and packaging materials and solutions. Its applications and technologies are an integral part of products used across every major market and industry. Its products are sold under the Avery, Avery Dennison, Avery Graphics and Fasson brands.

Avery Dennison continues to focus on expanding in emerging markets and developing innovative new products to enable share gain and application growth. The Pressure Sensitive Materials and Retail Brandings segments are poised for long-term growth. Further, Avery Dennison will gain from constant focus on productivity and capital discipline. Continued focus on execution of strategies, cost control and share repurchases will also drive results.

Let’s have a quick look at the third-quarter 2016 earnings release of this Pasadena Calif. based manufacturer of pressure-sensitive materials.

Estimate Trend & Surprise History: You should note that the earnings estimate revisions for Avery Dennison have moved north prior to the earnings release. The Zacks Consensus Estimate has moved up 1% over the last 30 days and currently stands at $1.00 for the third quarter.

Coming to earnings surprise history, Avery Dennison has an impressive track record. In the past 4 quarters, the company has outpaced the Zacks Consensus Estimate on all occasions, with an average beat of 7.44%.

AVERY DENNISON Price and EPS Surprise

AVERY DENNISON Price and EPS Surprise | AVERY DENNISON Quote

Earnings: Avery Dennison beat on earnings by 1% in the third-quarter. Our consensus called for EPS of $1.00, and the company reported EPS of $1.01.

Revenue: It reported third-quarter revenues of $1,509 million, ahead of the Zacks Consensus Estimate of $1,503 million.

Key Developments to Note: For 2016, Avery Dennison raised its adjusted earnings per share guidance to a new range of $3.95 to $4.00 from the previous range of $3.80 to $3.95, due to lower tax rate. The company remains confident about the consistent execution of strategies that continues to enhance its competitive advantage, while driving profitable growth and improving returns.

Zacks Rank: Currently Avery Dennison has a Zacks Rank #2 (Buy). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change.

Market Reaction: Shares remained flat in pre-market trading following the release, at the time of this write-up.

Check back later for our full write up on this Avery Dennison earnings report later!

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AVERY DENNISON (AVY): Free Stock Analysis Report

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