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.
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.