Avery Dennison Corp. Q1 FY2024 results: revenue $2.2 billion, up 4.2% on the year

Avery Dennison Corp. (AVY) reported revenue of $2.2 billion for Q1 FY2024, the quarter ended 30 March 2024, up 4.2% on the same quarter a year earlier. Net income was $172 million, up 42.2% on the year, and diluted earnings per share $2.13. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$2.2 billionup 4.2%

Net income$172 millionup 42.2%

Diluted EPS$2.13

QuarterQ1 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,151	2,110	n/a	n/a
Cost of revenue	1,519	1,514	n/a	n/a
Gross profit	632	596	n/a	n/a
Gross margin	29.4%	28.2%	n/a
Selling, general and administrative	365	327	n/a	n/a
Interest expense	28.6	29.7	n/a	n/a
Pre-tax income	234	202	n/a	n/a
Income tax	62.0	58.5	n/a	n/a
Effective tax rate	26.5%	29.0%	n/a
Net income	172	143	n/a	n/a
Net margin	8.0%	6.8%	n/a
Diluted EPS	$2.13	$1.76	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	120	312	n/a	n/a
Capital expenditure	48.8	92.3	n/a	n/a
Free cash flow	71.0	220	n/a	n/a
Free cash flow margin	3.3%	10.4%	n/a
Depreciation and amortisation	77.3	71.0	n/a	n/a
Share-based compensation	7.5	4.9	n/a	n/a
Buybacks	15.6	20.4	n/a	n/a
Dividends paid	65.3	65.2	n/a	n/a
Dividend per share	$0.81	n/a	n/a	n/a
Diluted shares, weighted	81m	81m	n/a	n/a
Shares outstanding at period end	81m	80m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	8,255	8,210	n/a	n/a
Cash and equivalents	186	215	n/a	n/a
Receivables	1,478	1,415	n/a	n/a
Inventory	972	921	n/a	n/a
Goodwill	1,994	2,014	n/a	n/a
Long-term debt	n/a	2,615	n/a	n/a
Long-term debt including finance leases	2,070	2,622	n/a	n/a
Operating lease liabilities	n/a	152	n/a	n/a
Finance lease liabilities	n/a	7.0	n/a	n/a
Shareholders' equity	2,204	2,128	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,098	2,110	2,151	2,235	2,183	2,186	2,148	2,220	2,216	2,271	2,298	2,463
Cost of revenue	1,512	1,514	1,519	1,573	1,557	1,576	1,527	1,581	1,580	1,620	1,634	1,734
Gross profit	586	596	632	663	627	609	622	639	635	651	665	729
Gross margin	28%	28%	29%	30%	29%	28%	29%	29%	29%	29%	29%	30%
SG&A	333	327	365	374	347	329	347	352	354	369	375	395
Interest expense	31.0	29.7	28.6	29.2	30.0	29.2	30.9	34.0	33.3	37.2	35.6	35.9
Pre-tax income	185	202	234	238	239	241	227	256	235	208	240	283
Tax rate	25%	29%	26%	26%	24%	28%	27%	26%	29%	20%	30%	28%
Net income	138	143	172	177	182	174	166	189	166	166	168	204
Net margin	7%	7%	8%	8%	8%	8%	8%	9%	8%	7%	7%	8%
Diluted EPS	$1.71	$1.76	$2.13	$2.18	$2.25	$2.17	$2.09	$2.41	$2.13	$2.16	$2.18	$2.67
Operating cash flow	323	312	120	198	270	351	-16.3	209	312	377	136	408
Capital expenditure	57.1	92.3	48.8	47.5	43.0	69.5	36.0	30.0	35.9	67.1	28.3	39.2
Free cash flow	266	220	71.0	150	227	282	-52.3	179	276	310	108	369
Buybacks	27.6	20.4	15.6	25.1	66.8	140	262	98.4	93.6	119	60.6	138
Dividends paid	65.3	65.2	65.3	70.9	70.9	70.4	69.4	73.5	73.1	72.4	72.3	76.2
Shares outstanding	81m	80m	81m	81m	80m	80m	79m	78m	78m	77m	77m	76m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 30 April 2024, accession 0000008818-24-000009: the filing on EDGAR. All of Avery Dennison Corp.'s filings: EDGAR company page.

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