Avery Dennison Q3 Highlights: Inline EPS, Lower Sales, Moderating Inventory Destocking & More
Portfolio Pulse from Nabaparna Bhattacharya
Avery Dennison Corporation (AVY) reported a Q3 FY23 sales decline of 9.4% Y/Y to $2.098 billion, missing the analyst consensus of $2.17 billion. The company's gross profit fell to $585.8 million from $619.2 million a year ago. However, the company expects further sequential improvement in the fourth quarter. AVY shares are trading lower by 3.53% at $166.96.
October 25, 2023 | 2:23 pm
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Avery Dennison's Q3 FY23 sales and gross profit declined, missing analyst expectations. However, the company expects Q4 improvement. AVY shares are trading lower.
Avery Dennison's Q3 FY23 sales and gross profit declined, which is a negative signal for investors. This has likely contributed to the drop in AVY's share price. However, the company's expectation of Q4 improvement could potentially mitigate further negative impact.
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IMPORTANCE 80
RELEVANCE 100