Avery Dennison's (AVY) Q4 Earnings Beat, Sales Lag Estimates
Zacks Investment Research | Jan 28, 2020 10:12PM ET
Avery Dennison Corporation (NYSE:AVY) reported adjusted earnings of $1.73 per share in fourth-quarter 2019, surpassing the Zacks Consensus Estimate of $1.68. The figure also increased around 13.8% year over year.
Including one-time items, the company posted net income of $1.92 per share compared with the year-ago quarter’s earnings per share (EPS) of $1.11.
Total revenues inched up nearly 0.2% year over year to $1,772.9 million. The top-line figure, however, missed the Zacks Consensus Estimate of $1,784 million. Organic sales growth came in at 2.1% in the reported quarter.
Cost of sales in the quarter edged down nearly 0.7% year over year to $1,288.2 million. Gross profit rose 2.8% year over year to $484.7 million. Gross margin increased to 27.3% from the prior-year quarter’s 26.6%.
Marketing, general and administrative expenses totaled $273.1 million compared with the $274.5 million incurred in the year-ago quarter. Adjusted operating profit came in at $212 million, up from the $197 million recorded in the prior-year quarter. Adjusted operating margin rose to 11.9% from the year-earlier quarter level of 11.1%.
Avery Dennison Corporation Price, Consensus and EPS Surprise
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