04.30.21
With sizable gains across all of its segments, Avery Dennison Corporation announced preliminary, unaudited results for its first quarter ended April 3, 2021.
Label and Graphic Materials segment sales increased 17.3% to $1.38 billion. Reported operating margin increased 170 basis points to 16.4%.
Retail Branding and Information Solutions (RBIS) sales increased 20.1% to $483 million. Intelligent Labels were up approximately 40% ex. currency with the benefit of the Smartrac acquisition, and up approximately 20% organically. Reported operating margin increased 470 basis points to 12.4%. Adjusted operating margin increased 440 basis points to 12.9.
Industrial and Healthcare Materials sales increased 29.8% to $192 million. Reported operating margin increased 220 basis points to 12.3%.
“We are off to a strong start to the year, with earnings growth well above expectations, driven by higher volume and productivity gains across the portfolio,” said Mitch Butier, Avery Dennison president and CEO.
“All three of our operating segments delivered strong sales growth and significant margin expansion. Our strong performance comes at a time when the global health crisis is resurging in many parts of the world and supply chains are tightening,” Butier added.
Label and Graphic Materials segment sales increased 17.3% to $1.38 billion. Reported operating margin increased 170 basis points to 16.4%.
Retail Branding and Information Solutions (RBIS) sales increased 20.1% to $483 million. Intelligent Labels were up approximately 40% ex. currency with the benefit of the Smartrac acquisition, and up approximately 20% organically. Reported operating margin increased 470 basis points to 12.4%. Adjusted operating margin increased 440 basis points to 12.9.
Industrial and Healthcare Materials sales increased 29.8% to $192 million. Reported operating margin increased 220 basis points to 12.3%.
“We are off to a strong start to the year, with earnings growth well above expectations, driven by higher volume and productivity gains across the portfolio,” said Mitch Butier, Avery Dennison president and CEO.
“All three of our operating segments delivered strong sales growth and significant margin expansion. Our strong performance comes at a time when the global health crisis is resurging in many parts of the world and supply chains are tightening,” Butier added.
