FX.co ★ Avery Dennison Cuts FY24 Earnings View; Backs Adj. Earnings Outlook - Update

Avery Dennison Corp., a company specializing in materials science and digital identification solutions, revised its earnings prediction for fiscal 2024 on a reported basis earlier this Wednesday. However, it has retained its forecast for adjusted earnings.

The company's updated fiscal 2024 reported earnings per share (EPS) are now projected to be between $8.60 and $9.10. This is a slight change from the previous prediction of $8.65 to $9.15. Avery Dennison remains confident about hitting the expected 2024 adjusted EPS of $9.00 to $9.50.

According to data compiled by Thomson Reuters, analysts, on average, predict the company to achieve an EPS of $9.32. These estimates usually do not include unique items.

Deon Stander, Avery Dennison's president and CEO, expressed confidence in the company's prospects. He said, "We continue to foresee robust earnings growth in 2024. We remain confident that our consistent strategies' execution will enable us to fulfill our long-term goals for superior value creation, striking a balance between profitable growth and capital discipline."

Avery Dennison outdid Street's estimates and reported elevated earnings from the previous year in its first quarter. Total earnings for the company reached $172.4 million or $2.13 per share, compared to $121.2 million or $1.49 per share in the same quarter last year.

Adjusted earnings for the period were $185.1 million or $2.29 per share, exceeding analysts' expected EPS of $2.15. Moreover, the company's revenue for this quarter witnessed a 3.9% increase, climbing to $2.15 billion from $2.07 billion last year.