NYSE$AVY
Avery Dennison Corp · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Avery Dennison's financial performance was in line with expectations in Q1 2023, despite lower revenue due to higher-than-anticipated inventory destocking.
Avery Dennison reported a 12% decrease in net sales to $2.1 billion and EPS of $1.49. Adjusted EPS was $1.70, a 29% decrease. The company revised its full-year EPS guidance downwards, citing a softer outlook for the second quarter.
- Q1 2023 Reported EPS was $1.49.
- Adjusted EPS (non-GAAP) was $1.70, down 29%.
- Net sales declined 12% to $2.1 billion.
- The company revised FY 2023 EPS guidance.
Headline financials
Revenue & EPS history
Avery Dennison · Revenue · Quarterly
$2.07B
Forward guidance
The company has revised its guidance range for 2023 reported earnings per share from $8.85 to $9.25 to $8.35 to $8.70. Excluding an estimated $0.50 per share related to restructuring charges and other items, the company revised its guidance range for adjusted earnings per share from $9.15 to $9.55 to $8.85 to $9.20.
Tailwinds
- Intelligent label programs are expected to accelerate.
- Apparel volume is expected to rebound in the second half of 2023.
- Solutions Group adjusted EBITDA margin is expected to sequentially improve.
- The company anticipates label destocking to be largely complete by mid-year.
- Materials Group adjusted EBITDA margin is expected to improve sequentially throughout 2023.
Headwinds
- Underlying demand for products is impacted by global economic conditions.
- Cost and availability of raw materials.
- Competitors' actions, including pricing and expansion in key markets.
- Foreign currency fluctuations.
- Execution and integration of acquisitions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.9%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+1.3%
Avg return
30 days after
55%
37 / 67 earnings
Positive
+10.1%
Q2 2022
Best reaction
-8.3%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.6% | -1.2% | -2.6% | |
| Q4 2025 | +2.8% | +1.4% | -3.8% | |
| Q3 2025 | +9.5% | +10.4% | +4.2% | |
| Q2 2025 | +1.7% | +1.7% | -1.9% | |
| Q1 2025 | -2.6% | -2.6% | +1.6% | |
| Q4 2024 | -5.4% | -5.3% | -2.6% | |
| Q3 2024 | -3.5% | -2.5% | -4.6% | |
| Q2 2024 | -4.2% | -4.7% | -3.6% | |
| Q1 2024 | +2.8% | +3.3% | +7.4% | |
| Q4 2023 | -0.9% | -2.6% | +7.7% | |
| Q3 2023 | -1.3% | -0.3% | +9.6% | |
| Q2 2023 | +1.7% | +3.9% | +2.2% | |
| Q1 2023 | -0.8% | +2.3% | -4.6% | |
| Q4 2022 | -5.5% | -4.2% | -4.3% | |
| Q3 2022 | -4.8% | -4.2% | +8.7% | |
| Q2 2022 | +10.1% | +10.9% | +9.9% | |
| Q1 2022 | +7.5% | +7.1% | +0.1% | |
| Q4 2021 | -6.4% | -12.1% | -18.8% | |
| Q3 2021 | +1.6% | +3.5% | +1.0% | |
| Q2 2021 | +2.3% | +2.5% | +10.3% | |
| Q1 2021 | +5.1% | +4.6% | +8.0% | |
| Q3 2020 | +4.9% | +3.7% | +9.8% | |
| Q2 2020 | -2.3% | -5.9% | -3.9% | |
| Q1 2020 | -3.7% | -6.8% | -3.5% | |
| Q4 2019 | +5.3% | +3.7% | -11.4% | |
| Q3 2019 | +6.6% | +7.7% | +9.1% | |
| Q2 2019 | +3.8% | +4.4% | +2.4% | |
| Q1 2019 | -6.5% | -5.5% | -12.7% | |
| Q4 2018 | +5.8% | +5.0% | +11.1% | |
| Q3 2018 | -8.3% | -9.1% | -4.7% | |
| Q2 2018 | +9.1% | +9.2% | +2.3% | |
| Q1 2018 | +0.8% | -0.6% | +2.9% | |
| Q4 2017 | +2.6% | -3.0% | -1.8% | |
| Q3 2017 | +6.0% | +6.5% | +12.9% | |
| Q2 2017 | -1.7% | -2.1% | -1.1% | |
| Q1 2017 | +1.4% | +1.4% | +2.3% | |
| Q4 2016 | +9.6% | +8.9% | +12.0% | |
| Q3 2016 | -7.1% | -7.9% | -5.4% | |
| Q2 2016 | +8.7% | +7.8% | +7.8% | |
| Q1 2016 | +1.0% | — | — | |
| Q4 2015 | +7.5% | — | — | |
| Q3 2015 | +1.1% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | +7.2% | — | — | |
| Q4 2014 | -0.8% | — | — | |
| Q3 2014 | +2.4% | — | — | |
| Q2 2014 | -2.7% | — | — | |
| Q1 2014 | -5.3% | — | — | |
| Q4 2013 | -3.8% | — | — | |
| Q3 2013 | +8.6% | — | — | |
| Q2 2013 | -1.1% | — | — | |
| Q1 2013 | +0.6% | — | — | |
| Q4 2012 | +6.6% | — | — | |
| Q3 2012 | +9.1% | — | — | |
| Q2 2012 | +5.9% | — | — | |
| Q1 2012 | -0.4% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | -3.5% | — | — | |
| Q2 2011 | -1.1% | — | — | |
| Q4 2008 | +1.1% | — | — | |
| Q1 2011 | -1.2% | — | — | |
| Q3 2010 | +0.2% | — | — | |
| Q3 2009 | +0.2% | — | — | |
| Q2 2010 | -4.5% | — | — | |
| Q4 2010 | -4.5% | — | — | |
| Q2 2009 | -4.5% | — | — | |
| Q1 2010 | -1.9% | — | — |
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