Why Avery Dennison Shares Are Falling Today
Portfolio Pulse from Lekha Gupta
Avery Dennison Corp (AVY) reported a Q2 FY23 sales decline of 10.9% Y/Y to $2.09 billion, missing the analyst consensus of $2.16 billion. Gross profit fell to $553.4 million from $643.5 million a year ago. Adjusted EPS of $1.92 missed the consensus of $1.99. The company repurchased 0.5 million shares for $90 million in H1 2023. AVY expects Q3 2023 adjusted EPS of $2.00-$2.20 vs consensus of $2.47. AVY shares are trading lower by 3.01% at $172.26.
July 25, 2023 | 2:57 pm
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NEGATIVE IMPACT
Avery Dennison's Q2 FY23 sales and EPS missed analyst expectations, leading to a drop in share price.
Avery Dennison reported lower than expected sales and EPS for Q2 FY23. This negative financial performance is likely to have a negative impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100