05.12.23
CCL Industries Inc. reported 2023 first quarter results. Sales for the first quarter of 2023 increased 8.6% to $1,652.1 million, compared to $1,521.7 million for the first quarter of 2022, with organic growth of 1.4%, acquisition-related growth of 3.0% and 4.2% positive impact from foreign currency translation.
Operating income for the first quarter of 2023 increased 12.7% to $257.7 million compared to $228.6 million for the comparable quarter of 2022.
“I am pleased to report first quarter results ahead of internal expectations,” said Geoffrey T. Martin, president and CEO. “The CCL Segment and Checkpoint both posted organic sales growth and solid improvements in profitability while Avery had an outstanding quarter. Innovia results improved sequentially compared to the fourth quarter of 2022 but were below prior year first quarter.”
Checkpoint’s sales increased 3.6% to $210.4 million, on organic growth of 1.5% and 2.1% positive impact from foreign currency translation. Operating income was $30.8 million, up 15.8%, with a 14.6% operating margin, up 150 bps.
“Checkpoint’s strong results in MAS products more than offset slower end market demand for apparel labels; nevertheless, RFID volumes continued to grow,” Martin reported.
Operating income for the first quarter of 2023 increased 12.7% to $257.7 million compared to $228.6 million for the comparable quarter of 2022.
“I am pleased to report first quarter results ahead of internal expectations,” said Geoffrey T. Martin, president and CEO. “The CCL Segment and Checkpoint both posted organic sales growth and solid improvements in profitability while Avery had an outstanding quarter. Innovia results improved sequentially compared to the fourth quarter of 2022 but were below prior year first quarter.”
Checkpoint’s sales increased 3.6% to $210.4 million, on organic growth of 1.5% and 2.1% positive impact from foreign currency translation. Operating income was $30.8 million, up 15.8%, with a 14.6% operating margin, up 150 bps.
“Checkpoint’s strong results in MAS products more than offset slower end market demand for apparel labels; nevertheless, RFID volumes continued to grow,” Martin reported.