- 1Q15 Reported EPS of $0.77
- Adjusted EPS (non-GAAP) of $0.81
- 1Q15 Net sales declined approximately 1
percent to $1.53 billion
- Net sales up approximately 3 percent on
organic basis
- Returned $66 million to shareholders
via share repurchases and dividends
- Updated FY15 Reported EPS guidance to
$2.85 to $3.05, reflecting higher anticipated restructuring charges
and 1Q outperformance vs. Company expectations
- Increased Adjusted EPS (non-GAAP)
guidance by $0.05 to $3.25 to $3.45
Avery Dennison Corporation (NYSE:AVY) today announced
preliminary, unaudited results for its first quarter ended April 4,
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.
“We’re off to a good start, with earnings above our
expectations,” said Dean Scarborough, Avery Dennison chairman and
CEO. "Sales were up 3 percent on an organic basis, reflecting
another quarter of solid growth for Pressure-sensitive Materials,
and strong sequential improvement for Retail Branding and
Information Solutions. Despite the headwind from currency
translation, we delivered significant growth in adjusted earnings,
and expanded our operating margins through ongoing productivity
initiatives and improved product mix.
“We have raised our outlook for full-year adjusted earnings per
share, as we expect additional productivity improvement will offset
the incremental pressure we’ve seen from a stronger dollar,”
Scarborough added. “I am confident that the consistent execution of
our strategies for profitable growth, combined with our continued
focus on productivity and capital discipline, will enable us to
meet our long-term goals."
For more details on the company’s results, see the summary table
accompanying this news release, as well as the supplemental
presentation materials, “First Quarter 2015 Financial Review and
Analysis,” posted on the company’s website at
www.investors.averydennison.com, and furnished to the SEC on Form
8-K.
First Quarter 2015 Results by
Segment
All references to sales reflect comparisons on an organic basis,
which exclude the estimated impact of currency translation, product
line exits, acquisitions and divestitures, and, where applicable,
the extra week in the prior fiscal year. Adjusted operating margin
refers to income before interest expense and taxes, excluding
restructuring costs and other items, as a percentage of sales.
Pressure-sensitive Materials (PSM)
- PSM sales increased approximately 4
percent. Within the segment, Label and Packaging Materials
increased low-single digits. Combined sales of Graphics and
Performance Tapes increased mid-single digits.
- Operating margin improved 120 basis
points to 11 percent as the benefit of favorable product mix and
higher volume, combined with productivity, more than offset higher
employee-related costs and increased restructuring charges.
Adjusted operating margin improved 160 basis points.
Retail Branding and Information Solutions (RBIS)
- RBIS sales were up approximately 2
percent.
- Operating margin improved 60 basis
points to 4.9 percent as the benefit of productivity initiatives
and higher volume more than offset higher employee-related costs.
Adjusted operating margin also improved 60 basis points.
Other
Share Repurchases
The company repurchased 0.6 million shares in the first quarter
of 2015 at an aggregate cost of $34 million.
Income Taxes
The first quarter effective tax rate was 28 percent. The
adjusted tax rate for the first quarter was 34 percent, consistent
with the anticipated full year tax rate in the low to mid-thirty
percent range.
Cost Reduction Actions
In the first quarter, the company realized approximately $10
million in savings from restructuring, net of transition costs, and
incurred restructuring charges of approximately $14 million, nearly
all of which represent cash costs.
Outlook
In its supplemental presentation materials, “First Quarter 2015
Financial Review and Analysis,” the company provides a list of
factors that it believes will contribute to its 2015 financial
results. Based on the factors listed and other assumptions, the
company now expects 2015 earnings per share of $2.85 to $3.05.
Excluding an estimated $0.40 per share for restructuring costs and
other items, the company now expects adjusted (non-GAAP) earnings
per share of $3.25 to $3.45.
Note: 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 leader in labeling and
packaging materials and solutions. The company’s applications and
technologies are an integral part of products used in every major
market and industry. With operations in more than 50 countries and
over 25,000 employees worldwide, Avery Dennison serves customers
with insights and innovations that help make brands more inspiring
and the world more intelligent. Headquartered in Glendale,
California, the company reported sales from continuing operations
of $6.3 billion in 2014. 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. Actual results and trends may differ
materially from historical or anticipated results depending on a
variety of factors, including but not limited to risks and
uncertainties relating to the following: fluctuations in demand
affecting sales to customers; worldwide and local economic
conditions; fluctuations in currency exchange rates and other risks
associated with foreign operations, including in emerging markets;
the financial condition and inventory strategies of customers;
changes in customer preferences; fluctuations in cost and
availability of raw materials; our ability to generate sustained
productivity improvement; our ability to achieve and sustain
targeted cost reductions; the impact of competitive products and
pricing; loss of significant contracts or customers; collection of
receivables from customers; selling prices; business mix shift;
timely development and market acceptance of new products, including
sustainable or sustainably-sourced products; investment in
development activities and new production facilities; integration
of acquisitions and completion of potential dispositions; amounts
of future dividends and share repurchases; customer and supplier
concentrations; 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; fluctuations in interest and tax
rates; changes in tax laws and regulations, and uncertainties
associated with interpretations of such laws and regulations;
outcome of tax audits; fluctuations in pension, insurance, and
employee benefit costs; the impact of legal and regulatory
proceedings, including with respect to environmental, health and
safety; changes in governmental laws and regulations; protection
and infringement of intellectual property; changes in political
conditions; the impact of epidemiological events on the economy and
our customers and suppliers; acts of war, terrorism, and natural
disasters; and other factors.
We believe that the most significant risk factors that could
affect our financial performance in the near-term include: (1) the
impacts of economic conditions on underlying demand for our
products and foreign currency fluctuations; (2) competitors'
actions, including pricing, expansion in key markets, and product
offerings; and (3) the degree to which higher costs can be offset
with productivity measures and/or passed on to customers through
selling price increases, without a significant loss of volume.
For a more detailed discussion of these and other factors, see
“Risk Factors” and “Management’s Discussion and Analysis of Results
of Operations and Financial Condition” in our 2014 Form 10-K, filed
on February 25, 2015 with the Securities and Exchange Commission.
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.
First Quarter Financial Summary - Preliminary,
unaudited (in millions, except % and per share amounts)
1Q 1Q % Change vs.
P/Y 2015 2014
Reported Organic (a)
Net sales, by segment: Pressure-sensitive Materials $ 1,120.6 $
1,143.5 (2 %) 4 % Retail Branding and Information Solutions 388.1
387.7 0 % 2 % Vancive Medical Technologies 19.3
18.9 2 % 11 % Total net sales $ 1,528.0 $ 1,550.1 (1
%) 3 %
As Reported (GAAP) Adjusted Non-GAAP
(b) 1Q 1Q % of Sales 1Q
1Q % of Sales 2015
2014 % Change
2015 2014
2015 2014 %
Change 2015 2014
Operating income (loss) before interest
and taxes, by segment:
Pressure-sensitive Materials $ 122.9 $ 112.0 11.0 % 9.8 % $ 128.5 $
113.3 11.5 % 9.9 % Retail Branding and Information Solutions 19.2
16.6 4.9 % 4.3 % 24.7 22.6 6.4 % 5.8 % Vancive Medical Technologies
(2.1 ) (2.6 ) (10.9 %) (13.8 %) (1.0 ) (2.6 ) (5.2 %) (13.8 %)
Corporate expense (25.2 ) (22.8 ) (23.1 )
(22.8 )
Total operating income before interest and
taxes / operating margin
$ 114.8 $ 103.2 11 % 7.5 % 6.7 % $ 129.1 $ 110.5 17 % 8.4 % 7.1 %
Interest expense $ 15.3 $ 15.4 $ 15.3 $ 15.4 Income
from continuing operations before taxes $ 99.5 $ 87.8 13 % 6.5 %
5.7 % $ 113.8 $ 95.1 20 % 7.4 % 6.1 % Provision for income
taxes $ 27.9 $ 16.2 $ 38.7 $ 31.4 Income from continuing
operations $ 71.6 $ 71.6 0 % 4.7 % 4.6 % $ 75.1 $ 63.7 18 % 4.9 %
4.1 %
Loss from discontinued operations, net of
tax
--- ($0.4 ) n/m Net income $ 71.6 $ 71.2 1 % 4.7 % 4.6 %
Net income per common share, assuming dilution:
Continuing operations $ 0.77 $ 0.73 5 % $ 0.81 $ 0.65 25 %
Discontinued operations --- --- n/m Total Company $ 0.77 $
0.73 5 %
2015 2014
1Q Free Cash Flow from Continuing Operations (c) $ (16.0 ) $
(155.4 ) (a)
Percentage change in sales excluding the
estimated impact of currency translation, product line exits,
acquisitions and divestitures, and, where applicable, the extra
week in the prior fiscal year.
(b) Excludes restructuring costs and other items (see accompanying
schedules A-2 to A-4 for reconciliation to GAAP financial
measures). (c)
Free cash flow refers to cash flow from
operations, 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 sales
(purchases) of investments. Free cash flow excludes uses of cash
that do not directly or immediately support the underlying
business, such as discretionary debt reductions, dividends, share
repurchases, and certain effects of acquisitions and divestitures
(e.g., cash flow from discontinued operations, taxes, and
transaction costs).
A-1
AVERY DENNISON PRELIMINARY CONSOLIDATED STATEMENTS OF
INCOME (In millions, except per share amounts)
(UNAUDITED) Three Months Ended
Apr. 04, 2015
Mar. 29, 2014
Net sales
$
1,528.0
$
1,550.1
Cost of products sold
1,098.0
1,142.9
Gross
profit 430.0 407.2 Marketing, general & administrative
expense 300.9 296.7 Interest expense 15.3 15.4
Other expense, net (1)
14.3 7.3
Income from continuing operations before taxes 99.5 87.8
Provision for income taxes 27.9 16.2
Income from continuing operations 71.6
71.6 Loss from discontinued operations, net of tax --- (0.4
)
Net
income $ 71.6 $ 71.2
Per share amounts: Net income per
common share, assuming dilution Continuing operations $ 0.77
$ 0.73 Discontinued operations --- ---
Net income per common share,
assuming dilution $ 0.77 $ 0.73
Weighted-average common shares
outstanding, assuming dilution
92.4 98.0
(1)
"Other expense, net" for the first quarter of 2015 includes
severance and related costs of $13.5, asset impairment charges of
$.4, impairment charges on assets held for sale of $2, and
transaction costs related to a product line divestiture of $.6,
partially offset by gain on sale of asset of $1.7 and legal
settlement of $.5. "Other expense, net" for the first
quarter of 2014 includes severance and related costs of $7 and
asset impairment charges of $.3.
A-2
Reconciliation of Non-GAAP Financial Measures in
Accordance with SEC Regulations G and S-K We report
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 presentation of our financial results that
are prepared in accordance with GAAP. Based upon feedback from
investors and financial analysts, we believe that supplemental
non-GAAP financial measures provide information that is useful to
the assessment of our performance and operating trends, as well as
liquidity. Our non-GAAP financial measures exclude the
impact of certain events, activities, or strategic 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, both positive and negative, of
certain items (e.g., restructuring costs, asset impairments, legal
settlements, certain effects of strategic transactions and related
costs, losses from debt extinguishments, losses from curtailment
and settlement of pension obligations, gains or losses on sale of
certain assets, and other items), we believe that we are providing
meaningful supplemental information to facilitate an understanding
of our core operating results and liquidity measures. These
non-GAAP financial measures are used internally to evaluate trends
in our underlying performance, as well as to facilitate comparison
to the results of competitors for a single period. While some of
the items we exclude from GAAP financial measures recur, they tend
to be disparate in amount, frequency, or timing. We use the
following non-GAAP financial measures in the accompanying news
release and presentation: Organic sales change refers to the
increase or decrease in sales excluding the estimated impact of
currency translation, product line exits, acquisitions and
divestitures, and, where applicable, the extra week in the prior
fiscal year. Adjusted operating margin refers to income from
continuing operations before interest expense and taxes, excluding
restructuring costs and other items, as a percentage of sales.
Adjusted tax rate refers to the anticipated full-year GAAP
tax rate adjusted for certain events. Adjusted income from
continuing operations refers to reported income from continuing
operations adjusted for tax-effected restructuring costs and other
items. Adjusted EPS refers to reported income from
continuing operations per common share, assuming dilution, adjusted
for tax-effected restructuring costs and other items. Free
cash flow refers to cash flow from operations, 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 sales (purchases) of investments. Free
cash flow excludes uses of cash that do not directly or immediately
support the underlying business, such as discretionary debt
reductions, dividends, share repurchases, and certain effects of
acquisitions and divestitures (e.g., cash flow from discontinued
operations, taxes, and transaction costs). The
reconciliations set forth below and in the accompanying
presentation 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-3
AVERY DENNISON PRELIMINARY
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In
millions, except % and per share amounts)
(UNAUDITED) Three Months Ended Apr.
04, 2015 Mar. 29, 2014
Reconciliation of Operating
Margins: Net sales $ 1,528.0 $ 1,550.1
Income from continuing operations before taxes
$ 99.5 $ 87.8
Income from continuing operations before
taxes as a percentage of sales
6.5
%
5.7 %
Adjustment: Interest expense $ 15.3 $ 15.4
Operating income from continuing
operations before interest expense and taxes $ 114.8 $ 103.2
Operating
Margins 7.5 % 6.7 %
Income from continuing
operations before taxes $ 99.5 $ 87.8 Adjustments:
Restructuring costs: Severance and related costs 13.5 7.0 Asset
impairment charges 0.4 0.3 Other items(1) 0.4 --- Interest expense
15.3 15.4 Adjusted operating income
from continuing operations before interest expense and taxes
(non-GAAP) $ 129.1 $ 110.5
Adjusted Operating Margins (non-GAAP)
8.4 % 7.1 %
Reconciliation of GAAP to
Non-GAAP Income from Continuing Operations: As reported
income from continuing operations $ 71.6 $ 71.6 Non-GAAP
adjustments, net of tax: Restructuring costs and other items(2) 3.5
(7.9 )
Adjusted Non-GAAP Income from Continuing Operations $ 75.1 $
63.7
A-3
(continued)
AVERY DENNISON PRELIMINARY
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In
millions, except % and per share amounts)
(UNAUDITED) Three Months Ended
Apr. 04, 2015
Mar. 29, 2014
Reconciliation of GAAP to Non-GAAP Income per Common Share from
Continuing Operations:
As reported income per common share from
continuing operations, assuming dilution
$
0.77
$
0.73
Non-GAAP adjustments per common share, net of tax: Restructuring
costs and other items(2) 0.04 (0.08 )
Adjusted Non-GAAP Income per Common
Share from Continuing Operations, assuming dilution
$
0.81
$
0.65
Weighted-average common shares outstanding, assuming dilution 92.4
98.0
(1) Includes impairment charges on assets
held for sale, transaction costs related to a product line
divestiture, gain on sale of asset, and legal settlement.
(2) Reflects restructuring costs and other
items, tax-effected at the full-year tax rate.
(UNAUDITED) Three Months Ended
Apr. 04, 2015
Mar. 29, 2014
Reconciliation
of GAAP to Non-GAAP Free Cash Flow:
Net cash provided by (used in) operating
activities
$
8.3
$
(108.0
)
Purchases of property, plant and equipment (25.3 ) (38.7 )
Purchases of software and other deferred charges (1.4 ) (8.9 )
Proceeds from sales of property, plant and equipment 2.8 0.1
(Purchases) sales of investments, net (0.4 ) 0.1
Free Cash Flow -
Continuing Operations
$
(16.0
)
$
(155.4
)
A-4
AVERY
DENNISON PRELIMINARY SUPPLEMENTARY INFORMATION (In
millions, except %) (UNAUDITED) First Quarter
Ended NET SALES OPERATING INCOME OPERATING MARGINS 2015
2014
2015 (1)
2014 (2)
2015 2014 Pressure-sensitive Materials $ 1,120.6 $ 1,143.5 $
122.9 $ 112.0 11.0 % 9.8 % Retail Branding and Information
Solutions 388.1 387.7 19.2 16.6 4.9 % 4.3 % Vancive Medical
Technologies 19.3 18.9 (2.1 ) (2.6 ) (10.9 %) (13.8 %) Corporate
Expense N/A N/A (25.2 ) (22.8 ) N/A
N/A TOTAL FROM CONTINUING OPERATIONS $ 1,528.0
$ 1,550.1 $ 114.8 $ 103.2 7.5 % 6.7 % (1)
Operating income for the first quarter of 2015 includes severance
and related costs of $13.5, asset impairment charges of $.4,
impairment charges on assets held for sale of $2, and transaction
costs related to a product line divestiture of $.6, partially
offset by gain on sale of asset of $1.7 and legal settlement of
$.5. Of the total $14.3, the Pressure-sensitive Materials segment
recorded $5.6, the Retail Branding and Information Solutions
segment recorded $5.5, the Vancive Medical Technologies segment
recorded $1.1, and Corporate recorded $2.1. (2) Operating
income for the first quarter of 2014 includes severance and related
costs of $7 and asset impairment charges of $.3. Of the total $7.3,
the Pressure-sensitive Materials segment recorded $1.3 and the
Retail Branding and Information Solutions segment recorded $6.
RECONCILIATION OF GAAP TO NON-GAAP SUPPLEMENTARY
INFORMATION First Quarter Ended OPERATING INCOME
OPERATING MARGINS 2015 2014 2015 2014
Pressure-sensitive Materials
Operating income and margins, as reported $
122.9 $ 112.0 11.0 % 9.8
% Adjustments: Restructuring costs: Severance and related
costs 6.9 1.3 0.6 % 0.1 % Asset impairment charges 0.4 --- --- ---
Gain on sale of asset (1.7 ) --- (0.1 %) ---
Adjusted operating income and margins (non-GAAP)
$ 128.5 $ 113.3
11.5 % 9.9 %
Retail Branding
and Information Solutions
Operating income and margins, as reported $
19.2 $ 16.6 4.9 % 4.3
% Adjustments: Restructuring costs: Severance and related
costs 3.4 5.7 0.9 % 1.5 % Asset impairment charges --- 0.3 --- ---
Impairment charges on assets held for sale 2.0 --- 0.5 % ---
Transaction costs related to a product line divestiture 0.6 --- 0.2
% --- Legal settlement (0.5 ) --- (0.1 %) ---
Adjusted operating income and margins (non-GAAP)
$ 24.7 $ 22.6 6.4
% 5.8 %
Vancive Medical
Technologies
Operating loss and margins, as reported $ (2.1
) $ (2.6 ) (10.9 %)
(13.8 %) Adjustments: Restructuring costs: Severance
and related costs 1.1 --- 5.7 % ---
Adjusted operating loss and margins (non-GAAP)
$ (1.0 ) $ (2.6 )
(5.2 %) (13.8 %)
A-5
AVERY DENNISON PRELIMINARY
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions)
(UNAUDITED) ASSETS
Apr. 04, 2015
Mar. 29, 2014
Current
assets: Cash and cash equivalents $ 212.5 $ 205.1 Trade accounts
receivable, net 988.0 1,086.2 Inventories, net 508.9 547.6 Assets
held for sale 17.7 1.3 Other current assets 237.0 232.8
Total current
assets 1,964.1 2,073.0 Property, plant and equipment, net
831.2 919.0 Goodwill 697.0 760.0 Other intangibles resulting from
business acquisitions, net 60.9 89.7 Non-current deferred income
taxes 305.8 261.6 Other assets 453.6 488.0
$ 4,312.6 $ 4,591.3
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities: Short-term borrowings and
current portion of long-term debt and capital leases $ 265.7 $
167.9 Accounts payable 825.1 887.3 Liabilities held for sale 17.8
--- Other current liabilities 498.2 485.3
Total current liabilities
1,606.8 1,540.5 Long-term debt and capital leases 945.3
950.4 Other long-term liabilities 734.5 605.4 Shareholders' equity:
Common stock 124.1 124.1 Capital in excess of par value 810.4 803.9
Retained earnings 2,175.4 2,051.8 Treasury stock at cost (1,470.2 )
(1,207.0 ) Accumulated other comprehensive loss (613.7 ) (277.8 )
Total
shareholders' equity 1,026.0 1,495.0
$ 4,312.6 $ 4,591.3
A-6
AVERY DENNISON PRELIMINARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In
millions) (UNAUDITED) Three Months
Ended
Apr. 04, 2015
Mar. 29, 2014
Operating Activities: Net income $ 71.6 $ 71.2
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation 33.2 33.6 Amortization 16.1
16.4 Provision for doubtful accounts and sales returns 9.8 7.3 Net
losses from asset impairments and sales/disposals of assets 1.1 0.8
Stock-based compensation 7.4 6.0 Other non-cash expense and loss
13.6 11.8 Changes in assets and liabilities and other adjustments
(144.5 ) (255.1 )
Net cash provided by (used in) operating activities 8.3
(108.0 )
Investing Activities: Purchases of property, plant and
equipment (25.3 ) (38.7 ) Purchases of software and other deferred
charges (1.4 ) (8.9 ) Proceeds from sales of property, plant and
equipment 2.8 0.1 (Purchases) sales of investments, net (0.4 ) 0.1
Net cash
used in investing activities (24.3 ) (47.4 )
Financing Activities: Net
increase in borrowings (maturities of 90 days or less) 64.2 90.4
Payments of debt (maturities longer than 90 days) (0.2 ) (0.4 )
Dividends paid (31.8 ) (27.8 ) Shares repurchases (33.8 ) (59.2 )
Proceeds from exercises of stock options, net 16.0 12.5 Other (8.4
) (3.2 )
Net cash provided by financing activities 6.0 12.3
Effect of foreign
currency translation on cash balances (4.5 ) (3.4 )
Decrease in cash and cash
equivalents (14.5 ) (146.5 ) Cash and cash equivalents, beginning
of year 227.0 351.6
Cash and cash equivalents, end of period $ 212.5 $
205.1
Avery Dennison CorporationMedia Relations:Heather Rim,
626-304-2067heather.rim@averydennison.comorInvestor
Relations:Cynthia S. Guenther,
626-304-2204investorcom@averydennison.com
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