Avery Dennison (NYSE:AVY) earnings for the manufacturing company’s second quarter of 2020 have AVY stock dipping lower on Monday. That comes even after reporting adjusted earnings per share of $1.27 on revenue of $1.53 billion. These are both better than Wall Street’s estimates of $1.13 on revenue of $1.52 billion.
Let’s take a closer look at the most recent Avery Dennison earnings report below.
- Adjusted per-share earnings are down 26.2% compared to $1.72 in the same period of the year prior.
- Revenue for the quarter is sitting 14.9% lower than the $1.8 billion reported in the second quarter of 2019.
- Operating income of $123.5 million is a 41% decline year-over-year from $209.1 million.
- The Avery Dennison earnings report also includes a net income of $79.7 million.
- That’s a 44% drop from the company’s net income of $143.4 million reported during the same time last year.
Mitch Butier, chairman, president and CEO of Avery Dennison, said this about the earnings report.
“Second quarter revenue came in better than we expected. Following a sharp decline in April, total company sales improved sequentially in May and June. In this environment, a key focus is protecting our profitability for the year, which we reported in the first half, with adjusted EBITDA margin above prior year.”
Avery Dennison doesn’t provide specific numbers for 2020 guidance. However, it expects earnings and revenue to decline in the second half of the year. That includes a 5% to 7% drop in revenue for the third quarter of 2020.
AVY stock was down 3.7% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.