Highlights:
- 4Q20 Reported EPS of $2.28, up 19%
- Adjusted EPS (non-GAAP) of $2.27, up 31%
- 4Q20 Net sales increased 12.3% to $1.99 billion
- Sales change ex. currency (non-GAAP) of 5.2%
- Organic sales change (non-GAAP) of 3.2%
- FY20 Reported EPS of $6.61, up 85%
- Adjusted EPS of $7.10, up 8%
- FY20 Net sales declined 1.4% to $6.97 billion
- Sales change ex. currency of (1.7%)
- Organic sales change of (3.4%)
- Free Cash Flow of $548 million in 2020
Avery Dennison Corporation (NYSE:AVY) today announced
preliminary, unaudited results for its fourth quarter and year
ended January 2, 2021 and provided an update related to the impact
of the COVID-19 pandemic on the company. Non-GAAP financial
measures referenced in this document are reconciled to GAAP in the
attached tables. Unless otherwise indicated, comparisons are to the
same period in the prior year.
“We delivered another year of strong earnings growth in 2020,”
said Mitch Butier, Chairman, President and CEO. “In the face of an
unprecedented series of crises, our team demonstrated remarkable
preparedness and incredible agility in ensuring the health and
welfare of our employees, delivering for our customers, supporting
our communities, and minimizing the impact of the recession for our
shareholders.
“We were able to protect, even expand, margins, despite
pandemic-related market declines particularly in the second
quarter,” added Butier. “Underlying label demand in LGM, our
largest business, remained strong throughout the downturn, while
volume trends improved sequentially in RBIS and IHM in the second
half. RFID grew significantly due to continued strong organic
growth and the acquisition of Smartrac.
“As we enter 2021, we remain confident in our ability to
continue to make progress toward our long-term goals, including
consistent delivery of GDP+ growth and top-quartile return on
capital,” added Butier.
“We continue to prove our resilience across business cycles,”
said Butier. “I want to thank our entire team for their ongoing
efforts to keep one another safe while continuing to deliver for
all our stakeholders during this challenging period.”
COVID-19 Update
The safety and well-being of employees has been and will
continue to be the company’s top priority during this global health
crisis. The company has taken steps to both ensure employee safety,
as well as help mitigate the financial impact to employees
resulting from mandated facility closures and necessary layoffs in
early 2020. In addition, the company recently provided one-time
payments to frontline workers to express gratitude for their effort
and dedication throughout this difficult time.
Additionally, the company has increased community engagement
during the crisis, including electing to make a $10 million
incremental contribution for charitable causes in the fourth
quarter.
Throughout the pandemic, the company has continued to work
closely with customers to continue to deliver industry-leading
products and services. Operationally, all manufacturing sites
remained open during the second half of the year. Throughout the
health crisis, disruptions to the company’s supply chain have been
negligible.
Balance Sheet, Liquidity, and Capital
Deployment
The company’s balance sheet remains strong, with ample
liquidity. Net debt to adjusted EBITDA (non-GAAP) was 1.7 as of the
end of the fourth quarter, below our long-term target of 2.3 to
2.6.
The company’s long-term priorities for capital allocation
support its primary objectives of delivering faster growth in high
value categories alongside profitable growth of its base
businesses. These priorities are unchanged in the current
environment.
The company continues to protect its investments in high value
categories, particularly RFID, and increased its pace of capital
spending in the fourth quarter compared to previous expectations.
Total capital spending for the year was $219 million.
The company closed two strategic acquisitions during the year,
ACPO in the fourth quarter for $88 million and Smartrac in the
first quarter for $255 million.
Additionally, for the fourth quarter and full year 2020, the
company repurchased 0.4 and 0.8 million shares, respectively, at an
aggregate cost of $52 million and $104 million, respectively. Net
of dilution from long-term incentive awards, the company’s share
count at the end of the year was down by 0.9 million compared to
the same time last year. In 2020, the company returned $301 million
in cash to shareholders through a combination of share repurchases
and dividends.
Fourth Quarter 2020
Results
Net sales were $1.99 billion, up 12.3%. The extra week in 2020
increased sales 4.9%. Sales were up 5.2% ex. currency, and up 3.2%
on an organic basis.
Reported operating margin increased 350 basis points to 13.7%.
Adjusted EBITDA margin increased 180 basis points to 16.3%, while
adjusted operating margin increased 160 basis points to 13.5%.
Reported net income was $2.28 per share, up 19% and adjusted net
income was $2.27 per share, up 31%, both of which were above the
company’s expectations.
Year-to-date free cash flow was $548 million, up 6.9% compared
to last year.
Fourth Quarter 2020 Results by
Segment
Label and Graphic Materials
- Reported sales increased 10.1%. Sales were up 3.6% on an
organic basis.
- Label and Packaging Materials sales were up a mid-single digit
from prior year on an organic basis.
- Sales declined by a mid-single digit organically in the
combined Graphics and Reflective Solutions businesses.
- On an organic basis, sales were up a mid-single digit in North
America and emerging markets, and roughly flat in Western
Europe.
- Reported operating margin increased 390 basis points to 15.9%,
as the benefits of productivity, favorable volume/mix, lower
restructuring charges, as well as raw material deflation, net of
pricing more than offset higher employee-related costs. Adjusted
operating margin increased 210 basis points to 15.4%.
Retail Branding and Information Solutions
- Reported sales increased 19.0%. Sales were up 11.6% ex.
currency, and up 3.1% on an organic basis, as strong organic growth
in high value categories was partially offset by a
low-to-mid-single digit decline in the base business, driven by
overall lower apparel demand. Sales ex. currency growth also
reflected contribution from the Smartrac acquisition.
- Enterprise-wide sales of RFID products were up approximately
55% ex. currency with the benefit of the Smartrac acquisition, and
up approximately 21% organically, driven by new programs and
recovery in the value segment of the apparel market.
- Reported operating margin increased 380 basis points to 15.3%,
as the benefits of productivity, favorable volume, and lower
restructuring charges more than offset higher employee-related
costs. Adjusted operating margin increased 210 basis points to
15.7%.
Industrial and Healthcare Materials
- Reported sales increased 10.8%. On an organic basis, sales
increased 0.7%, reflecting a high-single digit increase in
industrial categories, and a mid-single digit decline in healthcare
categories.
- Reported operating margin increased 520 basis points to 12.4%,
as the benefits of lower restructuring charges, favorable
volume/mix, and productivity more than offset the impact of higher
employee-related costs. Adjusted operating margin increased 210
basis points to 12.3%.
Other
Income Taxes
The company’s reported effective tax rate was 24.6% for the
fourth quarter and 24.1% for the full year. The company’s adjusted
(non-GAAP) tax rate was 24.1% for the fourth quarter and full
year.
The company’s 2021 adjusted tax rate is expected to be in the
mid-twenty percent range, based on current tax regulations.
Cost Reduction Actions
In the fourth quarter and full year 2020, the company realized
approximately $18 million and $65 million, respectively, in pre-tax
savings from restructuring, net of transition costs, and incurred
pre-tax restructuring charges of approximately $3 million and $55
million, respectively, the vast majority of which represents cash
charges. In addition, the company delivered approximately $135
million in net temporary savings in 2020, the majority of which are
expected to become a headwind as markets continue to recover.
Outlook
In its supplemental presentation materials, “Fourth Quarter and
Full Year 2020 Financial Review and Analysis,” the company provides
a list of factors that it believes will contribute to its 2021
financial results. Based on the factors listed and other
assumptions, the company expects 2021 reported earnings per share
of $7.50 to $7.90.
Excluding an estimated $0.15 per share impact of restructuring
charges and other items, the company expects 2021 adjusted earnings
per share of $7.65 to $8.05.
For more details on the company’s results, see the summary
tables accompanying this news release, as well as the supplemental
presentation materials, “Fourth Quarter and Full Year 2020
Financial Review and Analysis,” posted on the company’s website at
www.investors.averydennison.com, and furnished to the SEC on Form
8-K.
Throughout this release and the supplemental presentation
materials, amounts on a per share basis reflect fully diluted
shares outstanding.
About Avery Dennison
Avery Dennison (NYSE: AVY) is a global materials science company
specializing in the design and manufacture of a wide variety of
labeling and functional materials. The company’s products, which
are used in nearly every major industry, include pressure-sensitive
materials for labels and graphic applications; tapes and other
bonding solutions for industrial, medical, and retail applications;
tags, labels and embellishments for apparel; and radio frequency
identification (RFID) solutions serving retail apparel and other
markets. Headquartered in Glendale, California, the company employs
more than 30,000 employees in more than 50 countries. Reported
sales in 2020 were $7.0 billion. Learn more at
www.averydennison.com.
# # #
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995
Certain statements contained in this document are
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
and financial or other business targets, are subject to certain
risks and uncertainties. We believe that the most significant risk
factors that could affect our financial performance in the
near-term include: (i) the impacts to our business from global
economic conditions, political uncertainty, changes in
environmental standards and governmental regulations, including as
a result of the coronavirus/COVID-19 pandemic; (ii) competitors'
actions, including pricing, expansion in key markets, and product
offerings; (iii) the degree to which higher costs can be offset
with productivity measures and/or passed on to customers through
price increases, without a significant loss of volume; and (iv) the
execution and integration of acquisitions.
Actual results and trends may differ materially from historical
or anticipated results depending on a variety of factors, including
but are not limited to, risks and uncertainties relating to the
following: the coronavirus/COVID-19 pandemic; fluctuations in
demand affecting sales to customers; worldwide and local economic
and market conditions; changes in political conditions;
fluctuations in foreign currency exchange rates and other risks
associated with foreign operations, including in emerging markets;
changes in our markets due to competitive conditions, technological
developments, laws and regulations, and customer preferences;
fluctuations in the cost and availability of raw materials and
energy; changes in governmental laws and regulations; the impact of
competitive products and pricing; the financial condition and
inventory strategies of customers; our ability to generate
sustained productivity improvement; our ability to achieve and
sustain targeted cost reductions; loss of significant contracts or
customers; collection of receivables from customers; selling
prices; business mix shift; execution and integration of
acquisitions; product and service quality; timely development and
market acceptance of new products, including sustainable or
sustainably-sourced products; investment in development activities
and new production facilities; amounts of future dividends and
share repurchases; customer and supplier concentrations or
consolidations; fluctuations in interest and tax rates; changes in
tax laws and regulations, and uncertainties associated with
interpretations of such laws and regulations; retention of tax
incentives; outcome of tax audits; successful implementation of new
manufacturing technologies and installation of manufacturing
equipment; disruptions in information technology systems, including
cyber-attacks or other intrusions to network security; successful
installation of new or upgraded information technology systems;
data security breaches; volatility of financial markets; impairment
of capitalized assets, including goodwill and other intangibles;
credit risks; our ability to obtain adequate financing arrangements
and maintain access to capital; the realization of deferred tax
assets; fluctuations in interest rates; compliance with our debt
covenants; fluctuations in pension, insurance, and employee benefit
costs; goodwill impairment; the impact of legal and regulatory
proceedings, including with respect to environmental, health and
safety, anti-corruption and trade compliance; protection and
infringement of intellectual property; the impact of
epidemiological events on the economy and our customers and
suppliers; acts of war, terrorism, and natural disasters; and other
factors.
For a more detailed discussion of the more significant of these
factors, see “Risk Factors” and “Management’s Discussion and
Analysis of Results of Operations and Financial Condition” in our
2019 Form 10-K, filed with the Securities and Exchange Commission
on February 26, 2020, and subsequent quarterly reports on Form
10-Q.
The forward-looking statements included in this document are
made only as of the date of this document, and we undertake no
obligation to update these statements to reflect subsequent events
or circumstances, other than as may be required by law.
For more information and to listen to a live broadcast or an
audio replay of the quarterly conference call with analysts, visit
the Avery Dennison website at
www.investors.averydennison.com
Fourth Quarter Financial Summary - Preliminary, unaudited
(In millions, except % and per share amounts) (14 weeks) (13
weeks)
4Q 4Q % Sales Change
vs. P/Y
2020
2019
Reported Ex. Currency Organic (a) (b) Net sales, by segment: Label
and Graphic Materials
$1,294.7
$1,176.2
10.1%
3.6%
3.6%
Retail Branding and Information Solutions
508.0
426.9
19.0%
11.6%
3.1%
Industrial and Healthcare Materials
188.2
169.8
10.8%
0.7%
0.7%
Total net sales
$1,990.9
$1,772.9
12.3%
5.2%
3.2%
As Reported (GAAP) Adjusted Non-GAAP (c) (14
weeks) (13 weeks) (14 weeks) (13 weeks)
4Q 4Q
% % of Sales 4Q 4Q % % of
Sales
2020
2019
Change
2020
2019
2020
2019
Change
2020
2019
Operating income (loss) / operating margins before interest, other
non-operating expense (income), and taxes, by segment: Label and
Graphic Materials
$205.7
$140.9
15.9%
12.0%
$199.6
$156.0
15.4%
13.3%
Retail Branding and Information Solutions
77.5
49.1
15.3%
11.5%
79.6
58.1
15.7%
13.6%
Industrial and Healthcare Materials
23.3
12.2
12.4%
7.2%
23.1
17.4
12.3%
10.2%
Corporate expense
(33.5)
(22.1)
(33.0)
(19.9)
Total operating income / operating margins before interest, other
non-operating expense (income), and taxes
$273.0
$180.1
52%
13.7%
10.2%
$269.3
$211.6
27%
13.5%
11.9%
Interest expense
$15.6
$17.8
$15.6
$17.8
Other non-operating expense (income), net (d)
$2.1
($3.0)
$1.6
($0.2)
Income before taxes
$255.3
$165.3
54%
12.8%
9.3%
$252.1
$194.0
30%
12.7%
10.9%
Provision for (benefit from) income taxes
$62.9
$2.2
$60.7
$46.9
Equity method investment (losses) gains
($0.9)
($0.6)
($0.9)
($0.6)
Net income
$191.5
$162.5
18%
9.6%
9.2%
$190.5
$146.5
30%
9.6%
8.3%
Net income per common share, assuming dilution
$2.28
$1.92
19%
$2.27
$1.73
31%
Free Cash Flow (e)
$205.8
$184.9
See accompanying schedules A-4 to A-9 for reconciliations from GAAP
to non-GAAP financial measures.
(a)
Sales change ex. currency refers to the increase or decrease in net
sales, excluding the estimated impact of foreign currency
translation, and, where applicable, an extra week in our fiscal
year, currency adjustment for transitional reporting of highly
inflationary economies and the reclassification of sales between
segments. The estimated impact of foreign currency translation is
calculated on a constant currency basis, with prior period results
translated at current period average exchange rates to exclude the
effect of currency fluctuations.
(b)
Organic sales change refers to sales change ex. currency, excluding
the estimated impact of product line exits, acquisitions and
divestitures.
(c)
Excludes impact of restructuring charges and other items. Corporate
expense excludes impact of severance and related costs of $.5 and
$2.2 in the fourth quarters of 2020 and 2019, respectively.
(d)
As reported "Other non-operating expense (income), net" includes
pension plan settlements and related charges, net of credits of $.5
and ($2.8) in the fourth quarters of 2020 and 2019, respectively.
(e)
Free cash flow refers to cash flow provided by operating
activities, less payments for property, plant and equipment,
software and other deferred charges, plus proceeds from sales of
property, plant and equipment, plus (minus) net proceeds from
insurance and sales (purchases) of investments. Free cash flow is
also adjusted for, where applicable, the cash contributions related
to the termination of our U.S. pension plan.
Full Year Financial
Summary - Preliminary, unaudited (in millions, except % and per
share amounts) (53 weeks) (52 weeks)
% Sales Change vs. P/Y
2020
2019
Reported Ex. Currency Organic (a) (b) Net sales, by segment: Label
and Graphic Materials
$4,715.1
$4,745.9
(0.6%)
(0.5%)
(0.5%)
Retail Branding and Information Solutions
1,630.9
1,650.3
(1.2%)
(2.3%)
(9.5%)
Industrial and Healthcare Materials
625.5
673.9
(7.2%)
(8.7%)
(8.7%)
Total net sales
$6,971.5
$7,070.1
(1.4%)
(1.7%)
(3.4%)
As Reported (GAAP) Adjusted Non-GAAP (c) (53
weeks) (52 weeks)
% % of Sales (53 weeks) (52 weeks)
% % of Sales
2020
2019
Change
2020
2019
2020
2019
Change
2020
2019
Operating income (loss) / operating margins before interest, other
non-operating expense (income), and taxes, by segment: Label and
Graphic Materials
$688.8
$601.5
14.6%
12.7%
$711.0
$629.8
15.1%
13.3%
Retail Branding and Information Solutions
144.7
196.6
8.9%
11.9%
167.4
206.5
10.3%
12.5%
Industrial and Healthcare Materials
58.2
60.0
9.3%
8.9%
66.6
69.4
10.6%
10.3%
Corporate expense
(82.5)
(87.6)
(82.2)
(82.0)
Total operating income / operating margins before interest, other
non-operating expense (income), and taxes
$809.2
$770.5
5%
11.6%
10.9%
$862.8
$823.7
5%
12.4%
11.7%
Interest expense
$70.0
$75.8
$70.0
$75.8
Other non-operating expense (income), net (d)
$1.9
$445.2
$1.4
$1.1
Income before taxes
$737.3
$249.5
196%
10.6%
3.5%
$791.4
$746.8
6%
11.4%
10.6%
Provision for (benefit from) income taxes (e)
$177.7
($56.7)
$190.7
$183.4
Equity method investment (losses) gains
($3.7)
($2.6)
($3.7)
($2.6)
Net income
$555.9
$303.6
83%
8.0%
4.3%
$597.0
$560.8
6%
8.6%
7.9%
Net income per common share, assuming dilution
$6.61
$3.57
85%
$7.10
$6.60
8%
Free Cash Flow (f)
$547.5
$512.3
See accompanying schedules A-4 to A-9 for reconciliations from GAAP
to non-GAAP financial measures.
(a)
Sales change ex. currency refers to the increase or decrease in net
sales, excluding the estimated impact of foreign currency
translation, and, where applicable, an extra week in our fiscal
year, currency adjustment for transitional reporting of highly
inflationary economies and the reclassification of sales between
segments. The estimated impact of foreign currency translation is
calculated on a constant currency basis, with prior period results
translated at current period average exchange rates to exclude the
effect of currency fluctuations.
(b)
Organic sales change refers to sales change ex. currency, excluding
the estimated impact of product line exits, acquisitions and
divestitures.
(c)
Excludes impact of restructuring charges and other items. Corporate
expense excludes impact of severance and related costs and legal
settlement of $.3 and $5.6 in 2020 and 2019, respectively.
(d)
As reported "Other non-operating expense (income), net" includes
pension plan settlements and related charges, net of credits of $.5
and $444.1 in 2020 and 2019, respectively.
(e)
As reported "Provision for (benefit from) income taxes" for 2019
includes then-estimated tax benefit of $178.9 related to the
termination of our U.S. pension plan.
(f)
Free cash flow refers to cash flow provided by operating
activities, less payments for property, plant and equipment,
software and other deferred charges, plus proceeds from sales of
property, plant and equipment, plus (minus) net proceeds from
insurance and sales (purchases) of investments. Free cash flow is
also adjusted for, where applicable, the cash contributions related
to the termination of our U.S. pension plan.
A-1
AVERY DENNISON CORPORATION PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per
share amounts) (UNAUDITED) Three Months
Ended Twelve Months Ended Jan. 2, 2021
Dec. 28, 2019 Jan. 2, 2021 Dec. 28, 2019 (14
weeks) (13 weeks) (53 weeks) (52 weeks) Net sales $
1,990.9
$
1,772.9
$
6,971.5
$
7,070.1
Cost of products sold
1,419.8
1,288.2
5,048.2
5,166.0
Gross profit
571.1
484.7
1,923.3
1,904.1
Marketing, general and administrative expense
301.8
273.1
1,060.5
1,080.4
Other expense (income), net(1)
(3.7)
31.5
53.6
53.2
Interest expense
15.6
17.8
70.0
75.8
Other non-operating expense (income), net(2)
2.1
(3.0)
1.9
445.2
Income before taxes
255.3
165.3
737.3
249.5
Provision for (benefit from) income taxes(3)
62.9
2.2
177.7
(56.7)
Equity method investment (losses) gains
(0.9)
(0.6)
(3.7)
(2.6)
Net income $
191.5
$
162.5
$
555.9
$
303.6
Per share amounts: Net income per common share, assuming
dilution $
2.28
$
1.92
$
6.61
$
3.57
Weighted average number of common shares outstanding,
assuming dilution
84.1
84.5
84.1
85.0
(1)
"Other expense (income), net" for the fourth quarter of 2020
includes gain on investment of $6.9 and gain on sale of assets of
$.5, partially offset by severance and related costs of $2.7 and
transaction costs of $1.
"Other expense (income), net" for the fourth quarter of 2019
includes severance and related costs of $25.5, asset impairment
charges of $3.4, and transaction costs of $2.6.
"Other expense (income), net" for fiscal year 2020 includes
severance and related costs of $49.1, asset impairment charges of
$6.2, and transaction and related costs of $4.2, partially offset
by net gain on investments of $5.4 and gain on sale of assets of
$.5.
"Other expense (income), net" for fiscal year 2019 includes
severance and related costs of $45.3, asset impairment and lease
cancellation charges of $5.1, legal settlement of $3.4, and
transaction costs of $2.6, partially offset by gain on sales of
assets of $3.2.
(2)
"Other non-operating expense (income), net" includes pension plan
settlements and related charges, net of credits of $.5 and ($2.8)
in the fourth quarters of 2020 and 2019, respectively, and $.5 and
$444.1 in fiscal years 2020 and 2019, respectively.
(3)
"Provision for (benefit from) income taxes" for fiscal year 2019
includes then-estimated tax benefit of $178.9 related to the
termination of our U.S. pension plan.
A-2
AVERY DENNISON CORPORATION PRELIMINARY CONDENSED
CONSOLIDATED BALANCE SHEETS (In millions)
(UNAUDITED) ASSETS
Jan. 2, 2021
Dec. 28, 2019 Current assets: Cash and cash
equivalents $
252.3
$
253.7
Trade accounts receivable, net
1,235.2
1,212.2
Inventories, net
717.2
663.0
Other current assets
211.5
211.7
Total current assets
2,416.2
2,340.6
Property, plant and equipment, net
1,343.7
1,210.7
Goodwill and other intangibles resulting from business
acquisitions, net
1,361.3
1,057.3
Deferred tax assets
212.7
225.4
Other assets
765.0
654.8
$
6,098.9
$
5,488.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Short-term borrowings and current portion of
long-term debt and finance leases $
64.7
$
440.2
Accounts payable
1,050.9
1,066.1
Other current liabilities
810.4
747.5
Total current liabilities
1,926.0
2,253.8
Long-term debt and finance leases
2,052.1
1,499.3
Other long-term liabilities
620.9
531.7
Shareholders' equity: Common stock
124.1
124.1
Capital in excess of par value
862.1
874.0
Retained earnings
3,349.3
2,979.1
Treasury stock at cost
(2,501.0)
(2,425.1)
Accumulated other comprehensive loss
(334.6)
(348.1)
Total shareholders' equity
1,499.9
1,204.0
$
6,098.9
$
5,488.8
A-3
AVERY DENNISON CORPORATION PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)
(UNAUDITED) Twelve Months Ended
Jan. 2, 2021 Dec. 28, 2019 (53 weeks) (52 weeks)
Operating Activities: Net income $
555.9
$
303.6
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation
154.2
140.3
Amortization
51.1
38.7
Provision for credit losses and sales returns
64.0
58.7
Stock-based compensation
24.0
34.5
Pension plan settlements and related charges
0.5
444.1
Deferred taxes and other non-cash taxes
9.3
(216.9
)
Other non-cash expense and loss (income and gain), net
44.9
28.3
Changes in assets and liabilities and other adjustments
(152.6
)
(84.8
)
Net cash provided by operating activities
751.3
746.5
Investing Activities: Purchases of property, plant
and equipment
(201.4
)
(219.4
)
Purchases of software and other deferred charges
(17.2
)
(37.8
)
Proceeds from sales of property, plant and equipment
9.2
7.8
Proceeds from insurance and sales (purchases) of investments, net
5.6
4.9
Payments for acquisitions, net of cash acquired, and investments in
businesses
(350.4
)
(6.5
)
Net cash used in investing activities
(554.2
)
(251.0
)
Financing Activities: Net increase (decrease) in
borrowings (maturities of three months or less)
(110.4
)
(5.3
)
Additional borrowings under revolving credit facility
500.0
---
Repayments of revolving credit facility
(500.0
)
---
Additional long-term borrowings
493.7
---
Repayments of long-term debt and finance leases
(270.2
)
(18.6
)
Dividends paid
(196.8
)
(189.7
)
Share repurchases
(104.3
)
(237.7
)
Net (tax withholding) proceeds related to stock-based compensation
(19.7
)
(17.4
)
Payments of contingent consideration
---
(1.6
)
Net cash used in financing activities
(207.7
)
(470.3
)
Effect of foreign currency translation on cash balances
9.2
(3.5
)
Increase (decrease) in cash and cash equivalents
(1.4
)
21.7
Cash and cash equivalents, beginning of year
253.7
232.0
Cash and cash equivalents, end of year $
252.3
$
253.7
A-4
Reconciliation of Non-GAAP Financial Measures to GAAP We
report our financial results in conformity with accounting
principles generally accepted in the United States of America, or
GAAP, and also communicate with investors using certain non-GAAP
financial measures. These non-GAAP financial measures are not in
accordance with, nor are they a substitute for or superior to, the
comparable GAAP financial measures. These non-GAAP financial
measures are intended to supplement the presentation of our
financial results that are prepared in accordance with GAAP. Based
upon feedback from investors and financial analysts, we believe
that the supplemental non-GAAP financial measures we provide are
useful to their assessment of our performance and operating trends,
as well as liquidity.
Our non-GAAP financial measures exclude the impact of certain
events, activities or decisions. The accounting effects of these
events, activities or decisions, which are included in the GAAP
financial measures, may make it difficult to assess our underlying
performance in a single period. By excluding the accounting
effects, positive or negative, of certain items (e.g.,
restructuring charges, legal settlements, certain effects of
strategic transactions and related costs, losses from debt
extinguishments, gains or losses from curtailment or settlement of
pension obligations, gains or losses on sales of certain assets,
gains or losses on investments, and other items), we believe that
we are providing meaningful supplemental information that
facilitates an understanding of our core operating results and
liquidity measures. While some of the items we exclude from GAAP
financial measures recur, they tend to be disparate in amount,
frequency, or timing.
We use these non-GAAP financial measures internally to evaluate
trends in our underlying performance, as well as to facilitate
comparison to the results of competitors for a single period and
full year.
We use the following non-GAAP financial measures in the
accompanying news release and presentation:
Sales change ex. currency refers to the increase or decrease in net
sales, excluding the estimated impact of foreign currency
translation, and, where applicable, an extra week in our fiscal
year, currency adjustment for transitional reporting of highly
inflationary economies, and the reclassification of sales between
segments. The estimated impact of foreign currency translation is
calculated on a constant currency basis, with prior period results
translated at current period average exchange rates to exclude the
effect of currency fluctuations.
Organic sales change refers to sales change ex. currency, excluding
the estimated impact of product line exits, acquisitions and
divestitures.
We believe that sales change ex. currency and organic sales change
assist investors in evaluating the sales change from the ongoing
activities of our businesses and enhance their ability to evaluate
our results from period to period.
Adjusted operating income refers to income before taxes; interest
expense; other non-operating expense (income), net; and other
expense (income), net.
Adjusted EBITDA refers to adjusted operating income before
depreciation and amortization.
Adjusted operating margin refers to adjusted operating income as a
percentage of net sales.
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of
net sales.
Adjusted tax rate refers to the full-year GAAP tax rate, adjusted
to exclude certain unusual or infrequent events that are expected
to significantly impact that rate, such as our U.S. pension plan
termination, effects of certain discrete tax planning actions,
impacts related to the enactment of the U.S. Tax Cuts and Jobs Act
("TCJA"), where applicable, and other items.
Adjusted net income refers to income before taxes, tax-effected at
the adjusted tax rate, and adjusted for tax-effected restructuring
charges and other items.
Adjusted net income per common share, assuming dilution (adjusted
EPS) refers to adjusted net income divided by weighted average
number of common shares outstanding, assuming dilution.
We believe that adjusted operating margin, adjusted EBITDA margin,
adjusted net income, and adjusted EPS assist investors in
understanding our core operating trends and comparing our results
with those of our competitors.
Net debt to adjusted EBITDA ratio refers to total debt (including
finance leases) less cash and cash equivalents, divided by adjusted
EBITDA for the last twelve months.
We believe that the net debt to adjusted EBITDA ratio assists
investors in assessing our leverage position.
Free cash flow refers to cash flow provided by operating
activities, less payments for property, plant and equipment,
software and other deferred charges, plus proceeds from sales of
property, plant and equipment, plus (minus) net proceeds from
insurance and sales (purchases) of investments. Free cash flow is
also adjusted for, where applicable, the cash contributions related
to the termination of our U.S. pension plan. We believe that free
cash flow assists investors by showing the amount of cash we have
available for debt reductions, dividends, share repurchases, and
acquisitions.
The following reconciliations are provided in accordance with
Regulations G and S-K and reconcile our non-GAAP financial measures
with the most directly comparable GAAP financial measures.
A-5
AVERY DENNISON CORPORATION PRELIMINARY RECONCILIATION
FROM GAAP TO NON-GAAP FINANCIAL MEASURES (In millions,
except % and per share amounts)
(UNAUDITED)
Three Months Ended
Twelve Months Ended
Jan. 2, 2021
Dec. 28, 2019
Jan. 2, 2021
Dec. 28, 2019
(14 weeks)
(13 weeks)
(53 weeks)
(52 weeks)
Reconciliation from GAAP to Non-GAAP operating margins:
Net sales
$
1,990.9
$
1,772.9
$
6,971.5
$
7,070.1
Income before taxes
$
255.3
$
165.3
$
737.3
$
249.5
Income before taxes as a percentage of net sales
12.8%
9.3%
10.6%
3.5%
Adjustments:
Interest expense
$
15.6
$
17.8
$
70.0
$
75.8
Other non-operating expense (income), net
2.1
(3.0)
1.9
445.2
Operating income before interest expense, other non-operating
expense (income), and taxes
$
273.0
$
180.1
$
809.2
$
770.5
Operating margins
13.7%
10.2%
11.6%
10.9%
Income before taxes
$
255.3
$
165.3
$
737.3
$
249.5
Adjustments:
Restructuring charges:
Severance and related costs
2.7
25.5
49.1
45.3
Asset impairment and lease cancellation charges
---
3.4
6.2
5.1
Net gain on investments
(6.9)
---
(5.4)
---
Transaction and related costs
1.0
2.6
4.2
2.6
Legal settlement
---
---
---
3.4
Gain on sales of assets
(0.5)
---
(0.5)
(3.2)
Interest expense
15.6
17.8
70.0
75.8
Other non-operating expense (income), net
2.1
(3.0)
1.9
445.2
Adjusted operating income (non-GAAP)
$
269.3
$
211.6
$
862.8
$
823.7
Adjusted operating margins (non-GAAP)
13.5%
11.9%
12.4%
11.7%
Reconciliation from GAAP to Non-GAAP net income:
As reported net income
$
191.5
$
162.5
$
555.9
$
303.6
Adjustments:
Restructuring charges and other items(1)
(3.7)
31.5
53.6
53.2
Pension plan settlements and related charges
0.5
(2.8)
0.5
444.1
Tax benefit from pension plan settlements and related charges
---
0.8
---
(179.0)
Tax benefit from discrete foreign tax structuring and planning
transactions
---
(47.9)
---
(47.9)
Tax effect on restructuring charges and other items and impact of
adjusted tax rate
2.2
2.4
(13.0)
(13.2)
Adjusted net income (non-GAAP)
$
190.5
$
146.5
$
597.0
$
560.8
(1)
Includes pretax restructuring and related
charges, transaction and related costs, legal settlement, net gain
on investments, and gain on sales of assets.
A-5 (continued)
AVERY DENNISON CORPORATION PRELIMINARY RECONCILIATION
FROM GAAP TO NON-GAAP FINANCIAL MEASURES (In millions,
except % and per share amounts) (UNAUDITED)
Three Months Ended Twelve Months Ended
Jan. 2, 2021 Dec. 28, 2019 Jan. 2, 2021
Dec. 28, 2019 (14 weeks) (13 weeks) (53 weeks) (52 weeks)
Reconciliation from GAAP to Non-GAAP net income per
common share: As reported net income per common share, assuming
dilution $
2.28
$
1.92
$
6.61
$
3.57
Adjustments per common share, net of tax: Restructuring charges and
other items(1)
(0.05)
0.37
0.64
0.63
Pension plan settlements and related charges
0.01
(0.02)
0.01
3.12
Tax benefit from discrete foreign tax structuring and planning
transactions
---
(0.57)
---
(0.56)
Tax effect on restructuring charges and other items and impact of
adjusted tax rate
0.03
0.03
(0.16)
(0.16)
Adjusted net income per common share, assuming dilution
(non-GAAP) $
2.27
$
1.73
$
7.10
$
6.60
Weighted average number of common shares outstanding, assuming
dilution
84.1
84.5
84.1
85.0
Our adjusted tax rate was 24.1% for the three and twelve
months ended Jan. 2, 2021, and 24.2% and 24.6% for the three and
twelve months ended Dec. 28, 2019, respectively. (1)
Includes pretax restructuring and related charges, transaction and
related costs, legal settlement, net gain on investments, and gain
on sales of assets.
(UNAUDITED) Three
Months Ended Twelve Months Ended Jan. 2,
2021 Dec. 28, 2019 Jan. 2, 2021 Dec. 28,
2019 (14 weeks) (13 weeks) (53 weeks) (52 weeks)
Reconciliation of free cash flow: Net cash provided
by operating activities $
309.5
$
279.5
$
751.3
$
746.5
Purchases of property, plant and equipment
(109.7)
(86.5)
(201.4)
(219.4)
Purchases of software and other deferred charges
(3.4)
(10.4)
(17.2)
(37.8)
Proceeds from sales of property, plant and equipment
9.0
0.1
9.2
7.8
Proceeds from insurance and sales (purchases) of investments, net
0.4
1.4
5.6
4.9
Contributions for U.S. pension plan termination
---
0.8
---
10.3
Free cash flow (non-GAAP) $
205.8
$
184.9
$
547.5
$
512.3
A-6
AVERY DENNISON CORPORATION PRELIMINARY SUPPLEMENTARY
INFORMATION (In millions, except %) (UNAUDITED)
Fourth Quarter Ended NET SALES OPERATING
INCOME (LOSS) OPERATING MARGINS
2020
2019
2020
2019
2020
2019
(14 weeks) (13 weeks) (14 weeks) (13 weeks) (14 weeks) (13 weeks)
Label and Graphic Materials
$
1,294.7
$
1,176.2
$
205.7
$
140.9
15.9
%
12.0
%
Retail Branding and Information Solutions
508.0
426.9
77.5
49.1
15.3
%
11.5
%
Industrial and Healthcare Materials
188.2
169.8
23.3
12.2
12.4
%
7.2
%
Corporate Expense
N/A
N/A
(33.5
)
(22.1
)
N/A
N/A
TOTAL FROM OPERATIONS
$
1,990.9
$
1,772.9
$
273.0
$
180.1
13.7
%
10.2
%
RECONCILIATION FROM GAAP TO NON-GAAP
SUPPLEMENTARY INFORMATION Fourth Quarter Ended
OPERATING INCOME OPERATING MARGINS
2020
2019
2020
2019
Label and Graphic Materials
Operating income and margins, as reported
$
205.7
$
140.9
15.9
%
12.0
%
Adjustments:
Restructuring charges:
Severance and related costs
0.3
15.1
---
1.3
%
Transaction costs
1.0
---
0.1
%
---
Gain on investment
(6.9
)
---
(0.5
%)
---
Gain on sale of assets
(0.5
)
---
(0.1
%)
---
Adjusted operating income and
margins (non-GAAP)
$
199.6
$
156.0
15.4
%
13.3
%
Retail Branding and Information
Solutions Operating income and margins, as reported
$
77.5
$
49.1
15.3
%
11.5
%
Adjustments: Restructuring charges: Severance and related costs
2.1
6.3
0.4
%
1.5
%
Asset impairment charges
---
0.1
---
---
Transaction costs
---
2.6
---
0.6
%
Adjusted operating income and margins (non-GAAP)
$
79.6
$
58.1
15.7
%
13.6
%
Industrial and Healthcare
Materials Operating income and margins, as reported
$
23.3
$
12.2
12.4
%
7.2
%
Adjustments: Restructuring charges: Severance and related costs
(0.2
)
1.9
(0.1
%)
1.1
%
Asset impairment charges
---
3.3
---
1.9
%
Adjusted operating income and margins (non-GAAP)
$
23.1
$
17.4
12.3
%
10.2
%
A-7
AVERY DENNISON CORPORATION PRELIMINARY SUPPLEMENTARY
INFORMATION (In millions, except %) (UNAUDITED)
Twelve Months Ended NET SALES OPERATING INCOME
(LOSS) OPERATING MARGINS
2020
2019
2020
2019
2020
2019
(53 weeks) (52 weeks) (53 weeks) (52 weeks) (53 weeks) (52 weeks)
Label and Graphic Materials
$
4,715.1
$
4,745.9
$
688.8
$
601.5
14.6
%
12.7
%
Retail Branding and Information Solutions
1,630.9
1,650.3
144.7
196.6
8.9
%
11.9
%
Industrial and Healthcare Materials
625.5
673.9
58.2
60.0
9.3
%
8.9
%
Corporate Expense
N/A
N/A
(82.5
)
(87.6
)
N/A
N/A
TOTAL FROM OPERATIONS
$
6,971.5
$
7,070.1
$
809.2
$
770.5
11.6
%
10.9
%
RECONCILIATION FROM GAAP TO NON-GAAP
SUPPLEMENTARY INFORMATION Twelve Months Ended
OPERATING INCOME OPERATING MARGINS
2020
2019
2020
2019
Label and Graphic Materials
Operating income and margins, as reported
$
688.8
$
601.5
14.6
%
12.7
%
Adjustments: Restructuring charges: Severance and related costs
27.0
27.7
0.6
%
0.6
%
Asset impairment and lease cancellation charges
0.9
1.3
---
---
Transaction and related costs
1.7
---
---
---
Gain on investment
(6.9
)
---
(0.1
%)
---
Gain on sales of assets
(0.5
)
(0.7
)
---
---
Adjusted operating income and margins (non-GAAP)
$
711.0
$
629.8
15.1
%
13.3
%
Depreciation and amortization
107.0
99.9
2.2
%
2.1
%
Adjusted EBITDA and margins (non-GAAP)
$
818.0
$
729.7
17.3
%
15.4
%
Retail Branding and Information
Solutions Operating income and margins, as reported
$
144.7
$
196.6
8.9
%
11.9
%
Adjustments: Restructuring charges: Severance and related costs
17.1
9.3
1.0
%
0.6
%
Asset impairment charges
1.6
0.5
0.1
%
---
Transaction and related costs
2.5
2.6
0.2
%
0.2
%
Loss on investment
1.5
---
0.1
%
---
Gain on sale of assets
---
(2.5
)
---
(0.2
%)
Adjusted operating income and margins (non-GAAP)
$
167.4
$
206.5
10.3
%
12.5
%
Depreciation and amortization
71.6
52.9
4.4
%
3.2
%
Adjusted EBITDA and margins (non-GAAP)
$
239.0
$
259.4
14.7
%
15.7
%
Industrial and Healthcare
Materials Operating income and margins, as reported
$
58.2
$
60.0
9.3
%
8.9
%
Adjustments: Restructuring charges: Severance and related costs
4.7
6.1
0.7
%
0.9
%
Asset impairment charges
3.7
3.3
0.6
%
0.5
%
Adjusted operating income and margins (non-GAAP)
$
66.6
$
69.4
10.6
%
10.3
%
Depreciation and amortization
26.7
26.2
4.3
%
3.9
%
Adjusted EBITDA and margins (non-GAAP)
$
93.3
$
95.6
14.9
%
14.2
%
A-8
AVERY DENNISON CORPORATION PRELIMINARY SUPPLEMENTARY
INFORMATION ($ in millions) (UNAUDITED)
Reconciliation of Adjusted EBITDA Margins and Net Debt to
Adjusted EBITDA QTD YTD QTD YTD
Total
Company
1Q19
2Q19
3Q19
4Q19
2019
1Q20
2Q20
3Q20
4Q20
2020
Net sales
$
1,740.1
$
1,795.7
$
1,761.4
$
1,772.9
$
7,070.1
$
1,723.0
$
1,528.5
$
1,729.1
$
1,990.9
$
6,971.5
Operating income before interest expense, other non-operating
expense (income), and taxes, as reported
181.6
209.1
199.7
180.1
770.5
199.2
123.5
213.5
273.0
809.2
Operating margins, as reported
10.4%
11.6%
11.3%
10.2%
10.9%
11.6%
8.1%
12.3%
13.7%
11.6%
Non-GAAP adjustments: Restructuring
charges: Severance and related costs
10.4
6.1
3.3
25.5
45.3
2.4
37.5
6.5
2.7
49.1
Asset impairment and lease cancellation charges
0.3
1.4
-
3.4
5.1
-
1.8
4.4
-
6.2
Other items
(3.2)
-
3.4
2.6
2.8
2.5
0.7
1.5
(6.4)
(1.7)
Adjusted operating income (non-GAAP)
$
189.1
$
216.6
$
206.4
$
211.6
$
823.7
$
204.1
$
163.5
$
225.9
$
269.3
$
862.8
Adjusted operating margins (non-GAAP)
10.9%
12.1%
11.7%
11.9%
11.7%
11.8%
10.7%
13.1%
13.5%
12.4%
Depreciation and amortization
$
44.5
$
44.9
$
44.0
$
45.6
$
179.0
$
47.5
$
50.3
$
52.0
$
55.5
$
205.3
Adjusted EBITDA (non-GAAP)
$
233.6
$
261.5
$
250.4
$
257.2
$
1,002.7
$
251.6
$
213.8
$
277.9
$
324.8
$
1,068.1
Adjusted EBITDA margins (non-GAAP)
13.4%
14.6%
14.2%
14.5%
14.2%
14.6%
14.0%
16.1%
16.3%
15.3%
Total Debt
$
2,820.3
$
2,266.2
$
2,144.1
$
2,116.8
Less: Cash and cash equivalents
742.0
262.6
284.7
252.3
Net Debt
$
2,078.3
$
2,003.6
$
1,859.4
$
1,864.5
Net Debt to Adjusted EBITDA LTM* (non-GAAP)
1.7
*LTM = Last twelve months (1Q20 to 4Q20)
A-9
AVERY DENNISON CORPORATION PRELIMINARY SUPPLEMENTARY
INFORMATION (UNAUDITED) Fourth Quarter
2020 TotalCompany
Label and Graphic
Materials
RetailBranding andInformationSolutions Industrial
andHealthcareMaterials
Reconciliation from GAAP to Non-GAAP
sales change Reported net sales change
12.3%
10.1%
19.0%
10.8%
Foreign currency translation
(2.3%)
(2.5%)
(0.9%)
(4.0%)
Extra week impact
(4.9%)
(4.1%)
(6.6%)
(6.1%)
Sales change ex. currency (non-GAAP)(1)
5.2%
3.6%
11.6%
0.7%
Acquisitions
(2.0%)
---
(8.4%)
---
Organic sales change (non-GAAP)(1)
3.2%
3.6%
3.1%
0.7%
Full Year 2020 TotalCompany Label
andGraphicMaterials RetailBranding andInformationSolutions
Industrial andHealthcareMaterials
Reconciliation from GAAP to
Non-GAAP sales change Reported net sales change
(1.4%)
(0.6%)
(1.2%)
(7.2%)
Foreign currency translation
0.9%
1.2%
0.6%
0.1%
Extra week impact
(1.3%)
(1.0%)
(1.7%)
(1.6%)
Sales change ex. currency (non-GAAP)(1)
(1.7%)
(0.5%)
(2.3%)
(8.7%)
Acquisitions
(1.7%)
---
(7.2%)
---
Organic sales change (non-GAAP)(1)
(3.4%)
(0.5%)
(9.5%)
(8.7%)
(1) Totals may not sum due to rounding.
A-9 (continued)
AVERY DENNISON CORPORATION PRELIMINARY SUPPLEMENTARY
INFORMATION 2020 Monthly Sales Trends (comparisons to prior
year) (UNAUDITED) Total Company Mar Apr
May Jun Jul Aug Sep Oct Nov Dec
Reconciliation from GAAP
to Non-GAAP sales change Reported net sales change(1)
2
%
(18
%)
(15
%)
(12
%)
(7
%)
(1
%)
1
%
7
%
23
%
9
%
Foreign currency translation
3
%
3
%
3
%
3
%
3
%
1
%
(1
%)
(2
%)
(2
%)
(3
%)
Extra week impact
---
---
---
---
---
---
---
---
(16
%)
---
Sales change ex. currency (non-GAAP)(2)
5
%
(16
%)
(11
%)
(10
%)
(4
%)
---
---
5
%
5
%
6
%
Acquisitions
(2
%)
(2
%)
(2
%)
(2
%)
(3
%)
(2
%)
(2
%)
(2
%)
(2
%)
(2
%)
Organic sales change (non-GAAP)(2)
3
%
(17
%)
(13
%)
(11
%)
(7
%)
(2
%)
(2
%)
3
%
3
%
4
%
Label and Graphic Materials Mar Apr May Jun Jul Aug Sep Oct
Nov Dec
Reconciliation from GAAP to Non-GAAP sales
change Reported net sales change(1)
1
%
(7
%)
(7
%)
(11
%)
(9
%)
(2
%)
---
4
%
19
%
9
%
Foreign currency translation
4
%
4
%
5
%
3
%
3
%
1
%
(1
%)
(2
%)
(2
%)
(3
%)
Extra week impact
---
---
---
---
---
---
---
---
(13
%)
---
Sales change ex. currency (non-GAAP)(2)
5
%
(4
%)
(2
%)
(8
%)
(6
%)
(1
%)
(1
%)
2
%
3
%
6
%
Acquisitions
---
---
---
---
---
---
---
---
---
---
Organic sales change (non-GAAP)(2)
5
%
(4
%)
(2
%)
(8
%)
(6
%)
(1
%)
(1
%)
2
%
3
%
6
%
Retail Branding and Information Solutions Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
Reconciliation from GAAP to
Non-GAAP sales change Reported net sales change(1)
8
%
(48
%)
(32
%)
(10
%)
5
%
5
%
4
%
15
%
34
%
12
%
Foreign currency translation
2
%
1
%
1
%
1
%
2
%
1
%
---
---
(1
%)
(1
%)
Extra week impact
---
---
---
---
---
---
---
---
(23
%)
---
Sales change ex. currency (non-GAAP)(2)
9
%
(47
%)
(30
%)
(9
%)
7
%
6
%
4
%
15
%
10
%
10
%
Acquisitions
(7
%)
(7
%)
(7
%)
(8
%)
(12
%)
(11
%)
(8
%)
(9
%)
(8
%)
(8
%)
Organic sales change (non-GAAP)(2)
2
%
(54
%)
(38
%)
(17
%)
(5
%)
(5
%)
(5
%)
6
%
2
%
2
%
Industrial and Healthcare Materials Mar Apr May Jun Jul Aug
Sep Oct Nov Dec
Reconciliation from GAAP to Non-GAAP
sales change Reported net sales change(1)
(8
%)
(19
%)
(27
%)
(22
%)
(17
%)
(5
%)
(1
%)
6
%
26
%
2
%
Foreign currency translation
3
%
2
%
2
%
2
%
2
%
---
(2
%)
(3
%)
(4
%)
(4
%)
Extra week impact
---
---
---
---
---
---
---
---
(20
%)
---
Sales change ex. currency (non-GAAP)(2)
(6
%)
(17
%)
(25
%)
(21
%)
(15
%)
(5
%)
(4
%)
3
%
2
%
(3
%)
Acquisitions
---
---
---
---
---
---
---
---
---
---
Organic sales change (non-GAAP)(2)
(6
%)
(17
%)
(25
%)
(21
%)
(15
%)
(5
%)
(4
%)
3
%
2
%
(3
%)
(1) Includes an extra week in Nov. (2) Totals may not sum
due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210203005247/en/
Media Relations: Rob Six (626) 304-2361
rob.six@averydennison.com
Investor Relations: John Eble (440) 534-6290
john.eble@averydennison.com
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