Avery Dennison (AVY) Earnings Top, Sales Lag Estimates In Q2
Zacks Investment Research | Jul 22, 2019 09:18PM ET
Avery Dennison Corporation (NYSE:AVY) reported adjusted earnings of $1.72 per share in second-quarter 2019, surpassing the Zacks Consensus Estimate of $1.68. The figure also increased around 3.6% year over year.
Including one-time items, the company posted net income of $1.69 per share compared to the year-ago quarter’s earnings per share of $1.07.
Total revenues declined 3.2% year over year to $1.79 billion, missing the Zacks Consensus Estimate of $1.83 billion. Organic sales growth came in at 1.6% in the reported quarter.
Cost of sales in the quarter was down 3% year over year to $1.31 billion. Gross profit slipped 3.8% year over year to $482.3 million. Gross margin edged down to 26.8% from 27% the prior-year quarter.
Marketing, general and administrative expenses came in at $265.7 million compared with $287.5 million reported in the year-ago quarter. Adjusted operating profit came in at $216.6 million, up from the $213.9 million recorded in the prior-year quarter. Adjusted operating margin inched up to 12.1% from the year-earlier quarter’s 11.5%.
Avery Dennison Corporation Price, Consensus and EPS Surprise
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