11.11.22
CCL Industries Inc. reported 2022 third quarter results.
Sales for the third quarter of 2022 increased 11.4% to $1,658.1 million compared to $1,488.2 million for the third quarter of 2021, with organic growth of 8.8% and acquisition-related growth of 4.9%, partially offset by 2.3% negative impact from foreign currency translation.
Checkpoint’s sales increased 3.5% to $196 million, on organic growth of 5%, 4.2% acquisition contribution partially offset by 5.7% negative impact from foreign currency translation.
Operating income for the third quarter of 2022 improved 10.2% to $246.8 million compared to $223.9 million for the comparable quarter of 2021. Operating income increased 11.6%, excluding currency translation.
“In the context of extraordinary inflationary pressures in the developed world, including highly volatile energy markets, plus COVID restrictions in China, I am pleased to report strong third quarter results with a record $0.95 adjusted basic earnings per class B share,” said Geoffrey T. Martin, president and CEO of CCL.
“The CCL Segment carried the quarter, posting 13.2% organic sales growth driving over 25.5% improvement in operating income. Checkpoint delivered double digit organic sales growth in ALS on RFID driven gains, but solid MAS sales progress in the Americas could not offset profitability declines in soft European and Asian markets. Results for Checkpoint included an $11.9 million gain on disposition of excess real estate in China,” Martin added.
Sales for the third quarter of 2022 increased 11.4% to $1,658.1 million compared to $1,488.2 million for the third quarter of 2021, with organic growth of 8.8% and acquisition-related growth of 4.9%, partially offset by 2.3% negative impact from foreign currency translation.
Checkpoint’s sales increased 3.5% to $196 million, on organic growth of 5%, 4.2% acquisition contribution partially offset by 5.7% negative impact from foreign currency translation.
Operating income for the third quarter of 2022 improved 10.2% to $246.8 million compared to $223.9 million for the comparable quarter of 2021. Operating income increased 11.6%, excluding currency translation.
“In the context of extraordinary inflationary pressures in the developed world, including highly volatile energy markets, plus COVID restrictions in China, I am pleased to report strong third quarter results with a record $0.95 adjusted basic earnings per class B share,” said Geoffrey T. Martin, president and CEO of CCL.
“The CCL Segment carried the quarter, posting 13.2% organic sales growth driving over 25.5% improvement in operating income. Checkpoint delivered double digit organic sales growth in ALS on RFID driven gains, but solid MAS sales progress in the Americas could not offset profitability declines in soft European and Asian markets. Results for Checkpoint included an $11.9 million gain on disposition of excess real estate in China,” Martin added.