Avery Dennison Corp (AVY) CEO Mitchell Butier on Q2 2022 Results - Earnings Call Transcript

Avery Dennison Corp (NYSE:AVY) Q2 2022 Earnings Conference Call July 27, 2022 10:30 AM ET

Company Participants

John Eble - Executive, IR

Mitchell Butier - Chairman & CEO

Gregory Lovins - SVP & CFO

Conference Call Participants

George Staphos - Bank of America Merrill Lynch

Ghansham Panjabi - Robert W. Baird & Co.

John McNulty - BMO Capital Markets

Bryan Burgmeier - Citigroup

Michael Roxland - Truist Securities

Joshua Spector - UBS

Christopher Kapsch - Loop Capital Markets

Paretosh Misra - Berenberg

Operator

Greetings, and welcome to the Avery Dennison's earnings conference call for the second quarter ended on July 2, 2022. This call is being recorded and will be available for replay from 3:00 p.m. Eastern time today through midnight Eastern time July 30. To access the replay, please dial 800-633-8284 or +1 402-977-9140 for international callers. The conference ID number is to 21997966. [Operator Instructions].

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, Malika. 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 with 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 future performance and financial results. These forward-looking statements are made subject to the safe harbor statement included in today's earnings release.

We have 45 minutes for today's call and will conclude by 11:15 Eastern time. On the call today are Mitch Butier, Chairman and Chief Executive Officer; and Greg Lovins, Senior Vice President and Chief Financial Officer. I'll now turn the call over to Mitch.

Mitchell Butier

Thanks, John. Good day, everyone. We delivered another record in the second quarter with EPS of $2.64, well above our expectations, and are raising our full year guidance. We now expect earnings of $9.70 to $10 per share for the year, more than 10% above last year and 50% above pre-pandemic levels in 2019.

Our ability to consistently deliver impressive financial results rests both on the team's adaptability to execute amidst compounding crises and the strategic foundations we've laid to drive outsized growth in high-value categories, grow profitably in our base businesses, focus relentlessly on productivity, effectively allocate capital and lead in an environmentally and socially responsible manner.