- 4Q14 Reported EPS (including discontinued operations) of $0.76
- Adjusted EPS (non-GAAP, continuing operations) of $0.90
- 4Q14 Net sales grew approximately 1 percent on reported and organic basis to $1.6 billion
- FY14 Reported EPS (including discontinued operations) of $2.60
- Adjusted EPS (non-GAAP, continuing operations) of $3.11
- FY14 Net sales grew approximately 3 percent on reported and organic basis to $6.3 billion
- Expect FY15 Reported EPS of $2.95 to $3.15
- Adjusted EPS (non-GAAP) of $3.20 to $3.40
Avery Dennison Corporation (NYSE:AVY) today announced preliminary, unaudited results for its fourth quarter and full year ended January 3, 2015. All non-GAAP financial measures referenced in this document are reconciled to GAAP in the attached tables. Unless otherwise indicated, the discussion of the company's results is focused on its continuing operations, and comparisons are to the same period in the prior year. Results reflect classification of former Office and Consumer Products (OCP) and Designed and Engineered Solutions (DES) businesses as discontinued operations. The company completed the sale of these businesses on July 1, 2013.
"I'm happy to report another year of solid progress toward our long-term goals, and I want to thank our employees for their contributions to our ongoing success," said Dean Scarborough, Avery Dennison chairman and CEO. "In 2014, we delivered 16 percent growth in adjusted earnings per share, significantly increased return on capital, and distributed over $480 million of cash to shareholders.
"Pressure-sensitive Materials delivered its third consecutive year of strong volume growth, while maintaining its profitability and high return on capital. We are taking further actions to improve PSM's long-term competitive position as we continue to invest in growth.
"Retail Branding and Information Solutions faced top-line growth challenges this year, reflecting share loss in the value and contemporary segments of the market, offset by solid growth in RFID and the performance segment," Scarborough added. "We are focusing our sales efforts to recapture share, while reducing fixed costs and aligning resources to better serve all segments of the market. We expect to see an improvement in our growth trajectory by mid-year and to resume our strong record for margin expansion, with no change to our 2018 goals for the business.
"We expect to increase earnings per share in 2015, despite a significant headwind from currency translation," said Scarborough. "We remain committed to achieving our long-term financial targets, growing through innovation and differentiated quality and service, with a continued focus on cost and capital discipline."
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