Avery Dennison Corporation (NYSE:AVY) Q2 2024 Results Conference Call July 23, 2024 12:00 PM ET

Company Participants

John Eble - Vice President, Finance and Investor Relations
Deon Stander - President and Chief Executive Officer
Gregory Lovins - Senior Vice President and Chief Financial Officer

Conference Call Participants

John McNulty - BMO Capital Markets
Ghansham Panjabi - Baird
George Staphos - Bank of America
Michael Roxland - Truist Securities
Josh Spector - UBS
Matt Roberts - Raymond James
Jeff Zekauskas - JPMorgan
Anthony Pettinari - Citi

Operator

Ladies and gentlemen, thank you for standing by. During this presentation, all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions].

Welcome to Avery Dennison's Earnings Conference Call for the Second Quarter Ended on June 29, 2024. This call is being recorded and will be available for replay after 4:00 p.m. Eastern Time today and until midnight, Eastern Time, July 30, 2024. To access the replay, please dial + 1-800-770-2030 or + 1-609-800-9909 for international callers. The conference ID number is 5855706.

I'd now like to turn the call over to John Eble, Avery Dennison's Vice President of Finance and Investor Relations. Please go ahead, sir.

John Eble

Thank you, Angela. Please note that throughout today's discussion, we'll be making references to non-GAAP financial measures. The non-GAAP measures that we use are defined, qualified and reconciled from GAAP on schedules A-4 to A-9 of the financial statements accompanying today's earnings release. We remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results. These forward-looking statements are subject to the safe harbor statement included in today's earnings release.

On the call today are Deon Stander, President and Chief Executive Officer; and Greg Lovins, Senior Vice President and Chief Financial Officer.

I'll now turn the call over to Deon.

Deon Stander

Thanks, John. And hello everyone. We delivered another strong quarter with EPS of $2.42 in the second quarter above our expectations and are raising our full-year guidance. We now expect earnings of $9.30 to $9.50 per share for the year, and are targeting roughly 20% earnings growth compared to prior year. Materials group continue to demonstrate its resilience in the second quarter. Again, delivering significant volume and margin expansion as we lap the impact of downstream inventory destocking last year and drive productivity across the business. Label volumes in Europe and Asia were above our expectations, while slightly below expectations for North America.