AVY
Avery Dennison Corporation183.12
-0.57-0.31%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details IL growth levers
Q&A unpacked Materials margin dip to wage inflation, soft base volumes, one-timers, and calendar shifts, matching historical seasonality. Management detailed intelligent labels acceleration above 2025 via Walmart-fueled grocer pilots, logistics expansions (full automation at top customer, new pilots), and apparel rebound despite 7% Q4 drop from tariff-driven inventory caution. AI slashed inlay design cycles from 8-10 to two weeks. High-value categories eyed for mid-single-digit growth at premium margins; new chief digital officer hired. Temp savings headwind matches $50M restructuring tailwind, balanced quarterly. Confident tone on playbook, but investors track tariff impacts on apparel.
Key Stats
Market Cap
14.15BP/E (TTM)
20.79Basic EPS (TTM)
8.81Dividend Yield
0.02%Recent Filings
8-K
Bylaws amended, retirement age up
Avery Dennison amended its bylaws effective February 26, 2026, tightening stockholder notice rules with material interest disclosures and questionnaires. Directors' mandatory retirement age rose from 72 to 75, aligning with governance guidelines. Changes sharpen proxy oversight while extending board tenure.
10-K
FY2025 results
Avery Dennison posted FY2025 net sales of $8.9B, up 1% reported but flat organically as higher volumes offset raw material deflation pricing; Q4 drove sequential volume gains amid stabilizing demand. Materials Group sales edged down 1% organically on pricing, yet adjusted operating income held steady at $922M via productivity and restructuring savings exceeding $60M; Solutions grew 2% organically, led by mid-single-digit high-value category gains including intelligent labels. Adjusted free cash flow hit $707M on lower capex; debt rose to $3.7B post-$390M Taylor Adhesives buy in Q4, with $526M buyback authorization left. Q4 repurchases tallied 714K shares. Tariffs dented apparel sales low-single digits in H2.
10-Q
Q3 FY2025 results
Avery Dennison posted Q3 sales of $2.22B, up 1.5% y/y yet flat ex currency (derived), with gross profit climbing to $635M on productivity gains and volume/mix that offset raw material deflation pricing. Net income slipped to $166.3M or $2.13 diluted EPS from $181.7M or $2.25, reflecting higher taxes at 29.2% and elevated interest, while EPS reconciles cleanly to 78M shares. Cash swelled to $536.3M alongside $505M YTD operating cash flow, supporting $454M repurchases; total debt hit $3.78B including new €500M notes due 2035 at 4%, with $1.2B revolver fully available. Closed W.F. Taylor for $390M cash in October to bolster Materials Group. Tariffs crimp apparel demand.
8-K
Solid Q3 amid headwinds
Avery Dennison posted Q3 2025 net sales of $2.2 billion, up 1.5% reported but flat organically, with adjusted EPS climbing 2% to $2.37 amid deflation pressures and tariff uncertainty. Solutions Group grew 3.6% organically, fueled by high-value categories like Embelex and Vestcom surging over 10%, while Materials dipped 1.9% yet boosted margins via productivity. The $390 million Taylor Adhesives acquisition bolsters high-value adhesives; Q4 adjusted EPS guides $2.35-$2.45. Acquisition integration poses risks.
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