Avery Dennison Soars 10% After Q2 Blowout and Raised Profit Outlook
AVY sits 21% above its 52-week low of $152.42.
Summary
Avery Dennison delivered a strong Q2 beat and raised its full-year profit forecast, sending shares up 10% premarket. Adjusted EPS of $2.89 crushed the $2.47 consensus, driven by a 15.9% surge in materials segment sales to $1.8 billion. Total revenue hit $2.46 billion, well above the $2.3 billion estimate. The company now sees full-year adjusted EPS of $10.00–$10.30, with the midpoint above the $10.02 consensus. This follows the 8-K filed earlier today confirming the results and guidance raise. The materials business is benefiting from price increases and cost-saving measures, offsetting cautious industrial demand. The magnitude of the beat and the guidance raise signal accelerating momentum in the core label materials business.
Updates
· Dow Jones Newswires — Shares are up 6.5% midday, cooling from a 10% premarket surge.
At the time of this announcement, AVY was trading at $184.01 on NYSE in the Manufacturing sector, with a market capitalization of approximately $12.8B. The 52-week trading range was $152.42 to $199.54. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.