Avery Dennison Corp. (AVY) Q4 2022 Earnings Call Transcript

Avery Dennison Corp. (NYSE:AVY) Q4 2022 Earnings Conference Call February 2, 2023 1:00 PM ET

Company Participants

John Eble - Head of Investor Relations

Mitch Butier - Chairman and CEO

Greg Lovins - Senior Vice President and CFO

Deon Stander - President and COO

Conference Call Participants

Ghansham Panjabi - Robert W. Baird

Adam Josephson - KeyBanc Capital Markets

George Staphos - BofA Securities

John McNulty - BMO Capital Markets

Bryan Burgmeier - Citigroup

Mike Roxland - Truist Securities

Jeffrey Zekauskas - JPMorgan Securities

Josh Spector - UBS Securities

Operator

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

Welcome to Avery Dennison's Earnings Conference Call for the Fourth Quarter and Full Year ended on December 31, 2022. This call is being recorded and will be available for replay from 4:00 PM Eastern Time today through midnight Eastern Time, February 05. To access the replay, please dial (800) 633-8284 or 1 (402) 977-9140 for international callers. The conference ID number is 2202-0690.

I would now like to turn the conference over to John Eble, Avery Dennison's Head of Investor Relations. Please go ahead.

John Eble

Thank you, Frank. 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 A4 to A10 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 made subject to the safe harbor statement included in today's earnings release.

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

I'll now turn the call over to Mitch.

Mitch Butier

Thanks, John, and good day, everyone. We posted impressive results in 2022 in the face of an extremely challenging environment. We delivered another year of double-digit EPS growth on a constant currency basis. EPS is up 40% from 2019 levels, reflecting our consistent ability to deliver year-over-year earnings growth, despite concurrent and compounding challenges. Both our Materials Group and Solutions Group delivered solid top and bottom line results last year, while driving further acceleration in the pace of Intelligent Labels adoption.